Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") announced
today that it is undertaking Private Placements financings for gross proceeds of
up to C$3,000,000. 


The Private Placements will consist of up to 10,000,000 Units at a price of
C$0.30 per Unit. Each Unit will consist of one common share and one half of a
common share purchase Warrant. Each Warrant will entitle the holder to purchase
one common share at a price of C$0.50 per share, exercisable for a period of 24
months from the date of issuance. 


Brokered Private Placement 

Glass Earth has entered into an engagement letter with D&D Securities Inc. (the
"Agent"), pursuant to which D&D will assist Glass Earth on a marketed Private
Placement basis in raising a total of $2.1m through the issuance of up to 7
million Units of Glass Earth (the "Brokered Private Placement"). 


Non-Brokered Private Placement 

Glass Earth has also arranged a Non-Brokered Private Placement (the
"Non-Brokered Private Placement") to raise up to $0.9m through the issuance of
up to 3 million Units.


The Private Placements may be increased by an additional 4 million Units (the
"Oversubscription") in the event that subscriptions for Units are received for
greater than $3 million.


Glass Earth will pay the Agent and Finders (the latter in respect of the
Non-brokered portion) a cash commission of 8% of the funds raised. In addition,
Glass Earth will issue to the Agent and Finders, non-transferable warrants
("Compensation Warrants") to acquire Units in the amount that is equal to 8% of
the number of Units sold. Each of the Compensation Warrants will entitle the
holder to acquire one Unit of Glass Earth having the same terms and conditions
as the Units sold. 


All of the Units issued will be subject to a four month hold period. 

The Private Placement is subject to acceptance by the TSX Venture Exchange. The
proceeds of this financing will be used for mineral exploration and general
working capital purposes. 


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 2,800 square kilometres in the North and South
Islands. 


In the North Island, exploration efforts are focused on large epithermal gold
systems in the Hauraki/Central Volcanic Region. This Region is host to the 10
million ounce Martha Gold Mine, (Newmont Mining).


Hauraki Region - Glass Earth occupies a significant ground position around the
Waihi/Martha Gold Mine; The Newmont-Glass Earth Waihi West JV (65/35) is
currently being explored and managed by Newmont. The Newmont-Glass Earth Hauraki
JV (65/35) has recently announced significant results on its WKP - West Project
(August 25th press release).


WKP West - Follow-up drilling campaigns planned for the last quarter 2010 will
now commence in early 2011, following delays in site access and drill equipment
scheduling. 


Central Volcanic Region - Glass Earth has defined several significant epithermal
gold targets in this region, drilling is currently underway on the Muirs Reef
project (Mamaku district) where the strike and depth potential of the Muirs
Massey Reefs are being tested, as well as the new East and West vein systems
interpreted from 3D resistivity surveying. Two rigs have been drilling, with
results anticipated in early 2011.


In the South Island, exploration efforts are focused on the Otago Region for
mesothermal "Macraes-style" gold targets and alluvial gold. 


Otago Region - Field programmes to commence the drilling of highly ranked
Serpentine and Game Hen gold targets is planned for early 2011. 


Two alluvial mining operations continue into the 2011 year, coupled with an
acceleration of alluvial exploration and resource definition; Glass Earth /
Dunstan Mining (placer mining 50/50 partner) plan to treble gold output in 2011.


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