Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") today
announces that it has closed the second and final tranche of its previously
announced non-brokered Private Placement. A total of 602,000 Units have been
sold at a price of $0.55 per unit for gross proceeds of C$331,100.  


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$0.80 per share, exercisable for a period of 24 months from the date
of issuance. 


All securities issued pursuant to the second tranche closing of the private
placement are subject to a hold period and may not be traded until February 5,
2012.


In total, 5,319,184 Units have been sold for gross proceeds of C$2,925,551.
Finders' fees of $190,992 have been paid in cash in connection with the two
tranches of the Private Placement. In addition, 347,257 finders' warrants have
been issued, each finders' warrant entitling a finder to purchase one Unit at a
price of $0.80 per Unit for a period of 24 months. Each Unit issuable pursuant
to the finders' warrants shall have the same terms and conditions as the Units
issued to investors. 


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


In addition, 338,000 stock options and 306,200 warrants have been exercised for
proceeds of C$183,130. 


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 60%) 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 jeremy@chfir.com and mention "Glass
Earth news" in the subject line. 


To view the Map associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/SouthIsland.pdf.
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