Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") announced
today that it is undertaking a Private Placement financing for gross proceeds of
up to C$5,000,000. 


The non-brokered Private Placement will consist of approximately 9.1 million
Units at a price of C$0.55 per Unit. Each Unit will consist of one common share
and one half of a common share purchase Warrant. Each whole Warrant will entitle
the holder to purchase one common share at a price of C$0.80 per share,
exercisable for a period of 24 months from the date of issuance. 


Glass Earth will pay Finders a cash finder's fee of 7% of the funds raised. In
addition, Glass Earth will issue to qualified Finders, non-transferable finder's
warrants ("Finders' Warrants") to acquire Units in the amount that is equal to
7% of the number of Units sold. Each of the Finders' 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 and Finders' Warrants 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 drilling, mineral exploration and
general working capital purposes. 


About Glass Earth Gold Limited 

Glass Earth is one of the largest New Zealand-based gold exploration companies
exploring a land position of approximately 10,800 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     
    adjacent to the Waihi/Martha Gold Mine; The Newmont-Glass Earth Waihi   
    West JV (Newmont earning 65%) and Hauraki JV (North and Central Areas - 
    65/35) are currently being explored and managed by Newmont.             
                                                                            
    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 placer/alluvial gold. 


Visit the Company's website at www.glassearthgold.com. 

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