GEL Graphano Energy Ltd

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

The Company recorded a net loss for the three months ended September 30, 2010 of $266,000, which included a non-cash expense of $174,000 being the deemed value of options granted to employees and directors. The Company's cash position as at September 30, 2010 was $1,322,000.

Placer gold mining operations provided a net cash contribution of $138,000 for the quarter.

Exploration activities were steady in Q3, but subsequent to refinancing in June 2010, increased exploration and operational activity is planned including:

--  WKP West - surface mapping and additional geophysical data planned to
    assist in the targeting of additional step-out drilling. Decision on
    further drilling pending.
--  Muirs - multi-hole drilling program commenced in October 2010.
--  Ophir - completion of an evaluation study by 30 November. Mining
    decision pending.
--  Placer production - A replacement placer mine is expected to be put into
    production in early December. Resource definition on several other
    prospects is underway. Third gold recovery unit being built.

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 at reduced levels during the early part of the year as cash was conserved and placer mining development efforts progressed. Increased exploration activity is planned for Q4.

The net loss for the year to date includes significant non-cash items:-

                               Three        Three
                              months       months  Nine months  Nine months
                           ended Sep    ended Sep    ended Sep    ended Sep
                             30 2010      30 2009      30 2010      30 2009

Cash operating costs
General & Admin costs
 (net)                           195          173          612          496
Placer mining (profit)           (99)           -         (201)         (35)
                         ---------------------------------------------------
                                  96          173          411          461

Non - Cash expenses
Write down Mineral
 Properties                        -            -          574        1,717
Stock-based compensation
 (note4)                         174            -          174            -
Exchange translation
 (gains)                          (4)          (9)         (27)        (235)
                         ---------------------------------------------------
                                 170           (9)         721        1,482
                         ---------------------------------------------------
                         ---------------------------------------------------
Net loss for the year to
 date                            266          164        1,132        1,943
                         ---------------------------------------------------
                         ---------------------------------------------------


Significant expense categories are discussed as per below:

----------------------------------------------------------------------------
                                         Three   Three    Nine    Nine
Expenditure                             months  months  months  months
                                          2010    2009    2010    2009  Note
------------------------------------------------------------------------

General and administration
                                            36      46     169     157     1
Professional fees                            4       9      35      22     2
Net salaries (after exploration
 charges)                                   52      56     172     149     3
Consulting fees                             25      29      75      81
Travel and accommodation                     8       9      18      26
Amortization                                13      16      39      50
Directors fees                              38       -      38       -     5
All others                                  19       8      66      11
------------------------------------------------------------------------
Total                                      195     173     612     496
--------------------------------------==================================----

Note

1.  General and Administration costs include accounting services ($67,000),
    insurances ($30,000) and New Zealand office costs ($44,000).
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).
4.  2,270,000 stock options were granted to directors, consultants and
    employees of the Company. (2009: No options granted).
5.  Cash compensation for non-executive directors was reinstituted, this
    being the annual rate.

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 km(2)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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor New Zealand Exchange Limited has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

Contacts: Glass Earth Gold Limited Simon Henderson President and Chief Executive Officer +64 4 903 4980 info@glassearthlimited.com www.glassearthgold.com CHF Investor Relations Jeanny So Director of Operations +1 416 868 1079 x225 jeanny@chfir.com