Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") announced
today that it has filed its June 30 2010, second quarter Financial Statements
and associated Management's Discussion and Analysis ("MD&A") report pertaining
to that period with appropriate regulatory authorities. 


FINANCIAL STATEMENTS and MANAGEMENT'S DISCUSSION & ANALYSIS for the six months
ended 30 June 2010


In April 2010, the Company embarked on a fundraising exercise and on June 10,
2010 the Company announced the completion of the fundraising exercise which
raised a gross $2.7million. 


The Company is an exploration company and therefore classified as being at a
'development stage', as it has limited mining or other significant income. With
all general and administration expenses being expensed, the Company records
losses each year arising from the expensing of these cash operating costs as
well as other non-cash expense items. Periodical reviews of capitalised
exploration expenditures is undertaken and write offs and provisions are
expensed to the Consolidated Statements of Operations, Comprehensive Loss and
Deficit.


Mineral exploration costs, which form the bulk of the Company's expenditures,
were maintained at a low level during the first quarter as cash was conserved
and placer mining development efforts progressed. Exploration activities
increased slightly in the second quarter and, subsequent to refinancing in June
2010, increased exploration activity is planned.


Revenue from Mining Operations

The cash contribution from the Company's initial placer mining operation
(including the lease of a Gold Recovery Unit on a 5 day week basis) totaled
$119,000 for the quarter. 


The Gold Recovery Unit has been leased out on a 24/7 basis since mid July and an
approximate doubling of revenue from that source is anticipated in the third
quarter. An additional placer mine is expected to be put into production in
September.


Significant Expenses of a Corporate Nature

The net loss for the six months ended June 30, 2010 was $866,000, including a
write off of accumulated exploration expenditures totaling $574,000 (2009:
$1,779,000 - exploration write-offs being $1,717,000). 


Significant expense categories are discussed as per below: 



--------------------------------------------------------------------------
Expenditure                                   2010          2009      Note
----------------------------------------------------------------          
General and administration                     133           111         1
Professional fees                               31            13         2
Net salaries (after exploration charges)       120            93         3
Consulting fees                                 50            52          
Travel and accommodation                        10            17          
Amortization                                    26            34          
All others                                      47            20          
--------------------------------------------------    ----------          
Total                                          417           340          
----------------------------------------------------------------          
                                           --------   ----------          
Note

1.  General and Administration costs include accounting services ($46,000),
    insurances ($30,000) and New Zealand office costs ($25,000). 

2.  Professional fees are audit fees and legal fees. 

3.  Net salaries after exploration recharges are principally composed of the
    costs of the full time Chief Financial Officer, most of the costs of the
    Data/IT manager, and 25% of the Chief Executive Officer's salary (to
    reflect the split between exploration activities and the other corporate
    based work that he undertakes). 



INCENTIVE STOCK OPTIONS GRANTED

Glass Earth, pursuant to its rolling stock option plan approved by shareholders
at the annual general meeting held on 29 June 2010, granted incentive stock
options to directors, executives, employees and consultants entitling them to
purchase up to an aggregate of 1,755,000 common shares, exercisable at a price
of C$0.21 per common share and expiring 17 August 2015.


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 12,000 km2 in the North and South Islands. The
Company maintains its objective to discover new large gold deposits in New
Zealand, and it is currently mining placer gold under its Otago permits to
provide funding for its hard rock gold exploration. 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). 


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