Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth" or the
"Company"), a New Zealand hard-rock gold explorer, is pleased to announce that
TSX Venture Exchange approval has been granted for the issue of shares (reported
15 March 2012) for acquisition of full ownership of its placer gold production
joint venture. Settlement of the transactions took place on March 19, 2012.


As reported on 15 March 2012, taking full control of these placer mining
activities will enable the Company to significantly accelerate and increase gold
production capacity. Glass Earth is continuing with gold production at the
"Gunclub" mining operation while preparing for additional operations to commence
nearby in New Zealand's Otago region. Site preparation has commenced at the
"Drybread" minesite, with a second placer mining operation expected to commence
within three weeks. The Company is also refurbishing and upgrading a third Gold
Recovery Unit ("GRU") which is expected to be installed and running as another
operation at Drybread by June.


Glass Earth Gold also announces today that it has filed its December 31, 2011
Year End Financial Statements and associated Management's Discussion and
Analysis ("MD&A") report pertaining to that period with appropriate regulatory
authorities.


During 2011, the Company announced the completion of two fundraising exercises
which raised $2.9 million (before issuance costs), together with an additional
$0.25m upon the exercise of warrants and options. As at 31 December 2011, the
Company held $3.6m in cash. All dollars reported in this News Release are in
Canadian Dollars.


The Company recorded a net loss for 2011 totaling $1.714 million (2010 - $1.467
million). Placer mining continued with only one Gold Recovery Unit effectively
operating at a time. Cash contribution from the Company's 50% owned placer
mining operation(s) totaled $316,000 for the year ended December 31, 2011.
Placer mining expansion in 2012 should see a significant increase in both gross
and net revenue.


Glass Earth is a gold exploration company and therefore classified as being at
the 'development stage'. With all general and administration expenses being
expensed, Glass Earth currently records losses each year arising from the
expensing of these cash operating costs as well as other non-cash expense items.


The net loss for the year can include significant non-cash items (all in
Canadian $'s):-




                                     12 months ended        12 months ended 
                                    December 31 2011       December 31 2010 
Revenue                                      752,000                584,000 
Cost of sales                               (523,000)              (381,000)
                                 ---------------------  --------------------
Gross profit                                 229,000                203,000 
                                                                            
Cash operating costs                                                        
Operating loss                             1,260,000                933,000 
Foreign exchange (gain)                      (18,000)               (27,000)
                                 ---------------------  --------------------
                                           1,242,000                906,000 
Non- Cash expenses                                                          
Write down Mineral Properties                695,000                574,000 
Stock based compensation                      43,000                178,000 
Income tax (benefit)/expense -                                              
 deferred                                    (37,000)                12,000 
                                 ---------------------  --------------------
                                             701,000                764,000 
                                 ---------------------  --------------------
                                 ---------------------  --------------------
Net loss for the year                      1,714,000              1,467,000 
                                 ---------------------  --------------------
                                 ---------------------  --------------------



About Glass Earth Gold

Glass Earth is one of New Zealand's largest gold exploration companies, with its
experienced geological team exploring promising gold prospects across a land
position of approximately 10,000 square kilometres, in both the North and South
Islands.


In the North Island, exploration efforts are focused on large epithermal gold
systems in the Hauraki Region, host to the 10 million ounce Martha Hill mine,
(Newmont Mining).


In the Hauraki Region Glass Earth Gold has identified and developed significant
ground positions around Newmont Mining's currently active Martha gold operations
at Waihi. The Newmont-Glass Earth Gold Waihi West JV (Newmont earning in) and
Hauraki JV (65/35), including drilling at the WKP discovery, is being actively
explored and managed by Newmont in concert with Glass Earth Gold.


Glass Earth Gold has also defined several significant epithermal gold targets to
independently explore in this region including the Muirs Reef project.
Containing a historical resource of 390,000 oz (non NI 43-101-compliant, at 1.5
g/t Au and cut-off grade of 0.5 g/t Au), further drilling is being undertaken to
prove up the resource.


In the South Island, exploration efforts are focused on the Otago Region, home
to OceanaGold's 7 million ounce Macraes Goldfield, for identification of
mesothermal "Macraes-style" gold targets and revenue generation through placer
(alluvial) gold production.


For more information on Glass Earth Gold, please visit www.glassearthgold.com.
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