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.
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
CHF Investor Relations Jeanny So Director of Operations +1 416 868
1079 x225 jeanny@chfir.com Visit the Company's website at
www.glassearthgold.com
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