Glass Earth Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") is pleased to
announce the completion of the second and final tranche of a non-brokered
private placement previously announced on April 29, 2010.


Simon Henderson, President and CEO commented, "This year, so far, has been very
gratifying. We have been operating our placer gold mining site at McAdies since
December 2009, from which gold sales are offsetting our G & A expenses, for the
most part. As a result, the private placement funds we have raised will be
predominantly spent on the ground, drilling four identified and ready to drill
targets. We are planning a 27-drill hole program at Muirs Reef to confirm and
hope to expand its historical non NI 43-101 resource of 390,000 oz @ 1.5 g/t Au.
Elsewhere in the South Island, we will drill three other targets that we believe
have 'game-changing' potential for our Company."


In the final tranche a total of 4,981,500 units (the "Units") at a price of
C$0.20 per Unit were issued, for gross proceeds of C$996,300. Each Unit consists
of one common share priced at C$0.20 and one share purchase warrant; each
warrant entitling the holder to purchase one additional common share at a price
of C$0.35 expiring two years from the closing date. 


All the securities are subject to a 4-month hold period and may not be traded
until October 8, 2010.


Combined with the first tranche, Glass Earth issued a total of 13,650,500 Units
for a total cash consideration of $2,730,100. The Company now has 46,335,026
common shares issued and outstanding; 63,822,526 fully diluted.


As mentioned, the proceeds from the financing will be used to complement cash
generated from the Company's placer mining operations and for drilling,
exploration and development purposes.


The Company also announces that, pursuant to an agreement dated April 21, 2010,
it has agreed to issue 100,000 common shares to an arm's length lender for
loaning the Company NZ$100,000 (approx. C$79,780) on an interest free basis. The
loan is to be repaid to the lender, without interest, on or before September 30,
2010 and the shares are to be issued in lieu of interest on the loan. The
issuance of the shares to the lender is subject to acceptance by the TSX Venture
Exchange. 


Qualified Persons 

Glass Earth's exploration programmes are carried out under the supervision of
Glass Earth's President and CEO, Simon Henderson, M.Sc., M.AUSIMM., F.SEG. Mr.
Henderson meets the qualified person requirements (as defined by National
Instrument 43-101) with more than 30 years of experience in the gold mining and
exploration industry. 


About Glass Earth Gold Limited 

Glass Earth is one of the largest New Zealand-based gold exploration companies
exploring a land position of over 11,500 km2 in the North and South Islands.
With its main office in Wellington, New Zealand, Glass Earth Gold Limited is
listed on the TSX Venture Exchange (TSX VENTURE:GEL) and the New Zealand
Alternative Stock Exchange (NZAX:GEL). 


Visit the Company's website at www.glassearthgold.com.

To receive Company news via email, contact jeanny@chfir.com and mention "Glass
Earth news" in the subject line. 


To view the map associated with this Press Release, please visit the following
link: http://media3.marketwire.com/docs/GELFigure1map610.pdf
Graphano Energy (TSXV:GEL)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Graphano Energy Charts.
Graphano Energy (TSXV:GEL)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Graphano Energy Charts.