Glass Earth Gold Limited: FINANCIAL STATEMENTS and MANAGEMENT'S DISCUSSION & ANALYSIS for the Second Quarter Ended June 30, 2...
August 29 2011 - 11:32AM
Marketwired Canada
Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth" or the
"Company") announced today that it has filed its June 30, 2011 second quarter
Financial Statements and associated Management's Discussion and Analysis
("MD&A") report pertaining to that period with regulatory authorities.
Glass Earth is a gold exploration company and therefore classified as being at
the 'development stage', as it currently has modest mining income. With all
general and administration expenses being expensed, Glass Earth records losses
each quarter/year arising from the expensing of these cash operating costs as
well as other non-cash expense items.
The Company has a net loss for the six months ending June 30, 2011 of $323,000
vs $866,000 for the similar period in 2010. The Company's cash position as at
June 30, 2011 was $2,486,000 compared to $1,602,000 for the same date in 2010.
Three Three Six Six
months months months months
ended ended ended ended
June 30 June 30 June 30 June 30
2011 2010 2011 2010
Revenue 176,000 171,000 427,000 271,000
Cost of revenue (116,000) (75,000) (238,000) (169,000)
-------------------------------------------
Gross Profit 60,000 96,000 189,000 102,000
Administrative and Personnel
expenses (346,000) (211,000) (549,000) (417,000)
Write down of mineral properties - (574,000) - (574,000)
-------------------------------------------
Results from operating
activities (286,000) (689,000) (360,000) (889,000)
Finance income 24,000 16,000 37,000 23,000
-------------------------------------------
Loss before Income Taxes (262,000) (673,000) (323,000) (866,000)
Income taxes - - - -
-------------------------------------------
Net Loss for the period (262,000) (673,000) (323,000) (866,000)
-------------------------------------------
-------------------------------------------
Operational Activities
The Company has had an active and successful quarter as described in the
Quarterly Overview and Near Term Outlook below.
Field operations concentrated on the testing of Glass Earth's two most advanced
prospects WKP (35% Glass Earth / 65% Newmont Mining; Newmont managed) and Muirs
Reef (100% Glass Earth) in the North Island. Encouraging assay results for drill
holes WKP 28 and 29 were released August 26, 2011, with assay results awaited in
respect of WKP 30.
In addition, further metallurgical testing on the Ophir Project (50% Glass
Earth/50% Ophir Gold) gave very good recoveries based on gravity separation
processes.
Expansion of alluvial/placer gold mining in the Central Otago region is a strong
focus as current mining operations bed down.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration companies
exploring a land position of approximately 10,000 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
Newmont's currently active Waihi gold operations; The Newmont-Glass Earth Waihi
West JV (Newmont earning 60%) and Hauraki JV (North and Central Areas - 65/35)
are currently being explored and managed by Newmont. Exploration at the WKP gold
prospect is ongoing following the very encouraging 2010 drilling results on that
prospect.
Central Volcanic Region - Glass Earth has defined several significant epithermal
gold targets in this region including the Muirs Reef project (Mamaku district).
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 support the drilling of highly ranked Game
Hen gold target is underway.
Placer/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) anticipate a significant increase
in gold output in 2011.
To receive Company news via email, contact jennie@chfir.com and mention "Glass
Earth news" in the subject line.
GLASS EARTH GOLD LIMITED
for the three months ended 30 June 2011
QUARTERLY OVERVIEW
- Exploration - WKP gold prospect in Hauraki, New Zealand (Glass Earth
35%) Follow-up diamond drilling of the encouraging results from the 2010
diamond drilling at WKP West (WKP 28) continued and a new zone was
discovered at WKP South (WKP 29).
- WKP 28, intersected 49m @ 1.08 g/t Au and 3.32 g/t Ag;
- WKP 29, intersected 3.2 m @ 37.0 g/t Au and 17.0 g/t Ag.
WKP 30, a 720m hole below WKP 29, has been completed and assaysare
awaited.
- Ophir gold prospect in Otago, New Zealand (Glass Earth 50%) -
Metallurgical work on Ophir ore samples is encouraging, with between 82-
85% of gold recovered in gravity separation processes. Additional work
is being undertaken as a pre-requisite to a formal proposal for capex
and mining for the consideration of the Joint Venture.
- Mining Operations - cash contribution from the Company's placer mining
operation (including the lease of a Gold Recovery Unit #1) totaled
$90,000 for the three months ended June 30, 2011 (June 30, 2010 -
$96,000).
- Financial results - The net loss for the three months ended June 30,
2011 was $262,000 (June 30, 2010 - $673,000).
The Company's cash position as at June 30, 2011 was $2,486,000.
NEAR TERM OUTLOOK
- WKP South - WKP30 drill hole - drilling assays awaited; additional step-
out drilling planned.
- Muirs - Further trenching and drilling being undertaken.
- Ophir - Shallow drilling program to be undertaken and mining decision
pending.
- Placer production - Mining commencement at Drybread in September with
rebuilt Gold Recovery Unit #3. GRU#1 off lease and being reconfigured
for mining at Drybread in Q4. GRU#2 continuing mining at Gunclub.
Resource definition on several other prospects is continuing.
To view the map associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/gel829MAP1.pdf.
Graphano Energy (TSXV:GEL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Graphano Energy (TSXV:GEL)
Historical Stock Chart
From Jul 2023 to Jul 2024
