Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") today
announces that it has closed the non-brokered portion of its previously
announced Private Placement. A total of 10,016,299 units have been sold at a
price of $0.30 per unit for gross proceeds of C$3,004,890.  


Each Unit consists of one common share and one half of a common share purchase
Warrant. Each whole Warrant entitles 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. The units are subject to a four month hold period expiring on April
24, 2011.


The Company anticipates closing the brokered portion of the private placement in
early January.


The proceeds of this financing will be used for mineral exploration and general
working capital purposes. 


Market Liquidity Program

Glass Earth Gold Limited has initiated a Market Liquidity Program (more commonly
known as market-making), as part of investor relations' services provided by CHF
Investor Relations. First retained in June 2008, CHF Investor Relations has
offered its clients market-making since 2002. Subject to TSX Venture approval,
fees paid to CHF will increase, accordingly, to C$7,500 per month while all
other terms of their IR agreement remain unchanged (see news release dated June
20, 2008). Simon Henderson, Glass Earth President and CEO, has provided 100,000
GEL shares, in certificate form from his personal holdings, for the purposes of
this program. 


The market-making activity is undertaken using a registered broker, Mackie
Research Capital, in compliance with the guidelines established by the TSX
Venture Exchange Policy 3.4 and other relevant policies so that trading orders
in the Issuer's stock are made to manage volatility and improve liquidity. 


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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