Quote:
The Company is conducting feasibility studies to mine placer gold under its giant Otago permits (historical placer production 8 M ounces gold) with the objective of providing funding of its continuing hard rock gold exploration. Glass Earth announced in June 2009 that it has optioned into Golden Fern Resources Ltd.’s Rise & Shine Gold prospect. In August 2009, Glass Earth entered into an option agreement to acquire a 50% equity interest in the Ophir project with Ophir Gold Ltd, a private Company based in New Zealand, which will allow Glass Earth to be hard rock mining by the end of 2009.
In the Otago region, initial vectors to the major controlling structures, recognized to host significant hard rock gold; have proven to lie directly under placer gold deposits. To determine the significance of this relative to a major new discovery and, as a secondary bonus, to secure exploration funds, Glass Earth plans to move rapidly to small scale mining of these placer resources. Feasibility studies are currently underway to demonstrate that GEL could be placer mining by the Canadian fall; such plans will be thoroughly scrutinized by the GEL Board, to ensure that the primary objective of a major hard rock gold discovery is not compromised.
............skipped some known data..
Glass Earth is now at the target specific drilling stage in three regions: Hauraki; Mamaku and Otago.
Key targets in those areas are:
• WKP in Hauraki (Newmont funded)
• Muirs in Mamaku
• Serpentine in Otago.
• Rise & Shine gold prospect in Otago.
The same day the CHFIR profile was changed, 1mill GEL shares were purchased in one parcel for CDN5.5c.