Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth"
or the "Company") announced today that it has filed its September
30, 2011 third 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 had a net loss for the nine months ending September
30, 2011 of $993,000 vs $1,132,000 for the similar period in 2010.
The Company's cash position as at September 30, 2011 was $4,579,000
compared to $1,322,000 for the same date in 2010.
Three Three Nine Nine
months months months months
ended ended ended ended
Sep 30 Sep 30 Sep 30 Sep 30
2011 2010 2011 2010
Revenue 180,000 196,000 607,000 467,000
Cost of revenue (114,000) (97,000) (352,000) (266,000)
-------------------------------------------------
Gross Profit 66,000 99,000 255,000 201,000
Administrative and
Personnel expenses (403,000) (369,000) (952,000) (786,000)
Write down of mineral
properties (327,000) - (327,000) (574,000)
-------------------------------------------------
Results from operating
activities (664,000) (270,000) (1,024,000) (1,159,000)
Finance income (6,000) 4,000 31,000 27,000
-------------------------------------------------
Loss before Income Taxes (670,000) (266,000) (993,000) (1,132,000)
Income taxes - - - -
-------------------------------------------------
Net Loss for the period (670,000) (266,000) (993,000) (1,132,000)
-------------------------------------------------
-------------------------------------------------
Operational Activities
The Company's corporate and exploration activities for the
quarter are summarized in the attached Exploration Overview and
Near Term Outlook.
Placer cash generation was down as Gold Recovery Unit #1 came
off lease and has not yet been redeployed to another mine site.
GRU#2 remains operating at Gunclub and GRU #3 is currently being
commissioned at Drybread (all in central Otago in the South Island
of New Zealand - see attached map). Expansion of alluvial/placer
gold mining in the Central Otago region is a strong focus as 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 2010/2011
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 drilling targets 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
2012.
To receive Company news via email, contact jeremy@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
-- Successful Fundraising - the Company raised a gross $2.9m by private
placement in late Sep/early October together with an additional $0.25m
upon the exercise of warrants and options. The Company's cash position
as at September 30, 2011 was $4,579,000.
-- Exploration -WKP gold prospect in Hauraki, New Zealand (Glass Earth 35%)
Diamond drilling results from WKP 30, a 720m hole below WKP 29, have
been recently received and will be the subject of a separate press
release.
-- Ophir gold prospect in Otago, New Zealand (Glass Earth 50%) - Additional
drilling was undertaken (17 holes for 446m) across 8 shear zones. Assays
are awaited. Plant design and mine design advanced.
-- Mining Operations - cash contribution from the Company's placer mining
operation totaled $85,000 for the three months ended September 30, 2011
(September 30, 2010 - $61,000).
-- Financial results - The net loss for the three months ended September
30, 2011 was $670,000 ($266,000 3 months 2010) including a non-cash
write off accumulated exploration expenditures of $327,000); nine months
loss was $993,000 (9 months to September 30, 2010 - $1,132,000).
Near Term Outlook
-- WKP South - additional step-out drilling planned.
-- Muirs - Further drilling being undertaken.
-- Ophir - Plant and mine designs to be finalized.
-- Placer production - Mining commencement at Drybread in November with
rebuilt Gold Recovery Unit #3. GRU#1 off lease and being reconfigured
for mining at Drybread in early 2012. GRU#2 continuing mining at
Gunclub. Resource definition on several other prospects is continuing.
To view the map associated with this release, please visit the
following link:
http://media3.marketwire.com/docs/GEL2511fig1.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
4980info@glassearthlimited.comwww.glassearthgold.com CHF Investor
Relations Jeanny So Director of Operations +1 416 868 1079
x225jeanny@chfir.com
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
