Glass Earth Gold Announces Financial Statements and Management's Discussion & Analysis for the Third Quarter Ended September ...
November 29 2012 - 11:43PM
Marketwired Canada
Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth" or the
"Company") announced today that it has filed its September 30, 2012 third
quarter Financial Statements and associated Management's Discussion and Analysis
("MD&A") report pertaining to that period with regulatory authorities.
Revenues from placer mining operations increased significantly for the quarter
to $1,079,000 (June quarter: $349,000). Gold production in September and October
was considerably higher than for the winter period with the December quarter
expected to increase further.
The Company had a net loss for the three months ending September 30, 2012 of
$456,000 vs $670,000 for the similar period in 2011.
Three months ended Nine months ended Notes
September 30, September 30,
2012 2011 2012 2011
$'s $'s $'s $'s
Revenue 1,079,000 180,000 1,595,000 607,000
Cost of revenue (1,360,000) (114,000) (2,408,000) (352,000)
----------------------------------------------------
Gross
(Loss)/Profit (281,000) 66,000 (813,000) 255,000 1
Administrative
expenses (122,000) (334,000) (821,000) (769,000) 2
Salaries (net of
exploration
costs) (65,000) (69,000) (190,000) (183,000)
Finance income 12,000 (6,000) 18,000 31,000
Non-cash items
Stock based
compensation - - (556,000) -
Write down of
mineral
properties - (327,000) (6,590,000) (327,000)
----------------------------------------------------
Loss before &
after Income
Taxes (456,000) (670,000) (8,952,000) (993,000)
----------------------------------------------------
Notes:
1. Revenues from mining operations increased significantly for the
quarter to $1,079,000 (June quarter: $349,000) but was less than
budgeted due to the extended commissioning of the GRU#1 plant and
lower 'wash' grades for both sites. Mining and processing costs were
higher during this settling down process which coincided with 2 of
the 3 months of winter in the South Island. Gold production in
September and October was considerably higher than the winter period
and the December quarter is expected to increase further.
All commissioning costs have been written off as incurred. The
increased production in September - November has resulted in a
turnaround to monthly profits. Attention will now focus on costs
reduction, which combined with a move to higher grade areas for both
sites, should see a marked improvement in cash generation and
profitability.
2. The lower administrative expenses for the quarter reflect the
significant decrease in investor relations costs.
The Company's cash position as at September 30, 2012 was $522,000 compared to
$3,614,000 for the same date in 2011. The Company completed a private placement
financing for gross proceeds of $360,000 in October and announced it is
undertaking a non-brokered private placement financing for gross proceeds of up
to $3,000,000.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration companies
exploring a large land position in the North and South Islands (refer attached
map).
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 in collaboration with Glass
Earth Gold. Glass Earth Gold also intends to progress activities at the newly
announced Neavesville prospect.
Glass Earth Gold has also defined several significant epithermal gold targets to
independently explore in this region, including the Muirs Reef Gold project.
In the South Island, exploration efforts are focused on the Otago Region for
mesothermal "Macraes-style" gold targets and placer/alluvial gold.
For more information on Glass Earth Gold, please visit www.glassearthgold.com.
To receive Company news via email, contact erica@chfir.com and mention "Glass
Earth news" in the subject line.
FOR FURTHER INFORMATION PLEASE CONTACT:
Glass Earth Gold Limited
Simon Henderson
President and Chief Executive Officer
+64 4 903 4980
info@glassearthgold.com
www.glassearthgold.com
CHF Investor Relations
Jeanny So
Director of Operations
+1 416 868 1079 x 225
jeanny@chfir.com
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