AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

ODT article for today:

Glass Earth after more exploration cash
Home » News » Business
By Simon Hartley on Tue, 4 May 2010
News: Business | Glass Earth | gold mining
Click photo to enlarge
Listed Glass Earth Gold - which has spent more than $24 million in gold exploration during the past three years - is seeking a private placement of up to $4.2 million to finance exploration, including four gold targets in Central Otago.
Glass Earth has already raised more than $2 million of the $4.2 million and chief executive Simon Henderson is confident the balance will be raised during the next two weeks.

"We have five good targets in mind, one in the North Island and four in the South," he said.

The $4.2 million would be used for exploration drilling at one site in Te Puke in the North Island and four others in Central Otago, including a hard-rock target in Ophir.

Craigs Investment Partners broker Peter McIntyre said the placement was timely for Glass Earth, considering the amount of cash poured into the past three years' exploration.

"Their [financial] situation is looking a lot more promising than it was 12 months ago.

They have been whittling away [cash reserves] but some of that exploration work is taking shape and showing good potential," Mr McIntyre said.

Separately, in mid-March Glass Earth went into partnership with Placer Gold International Corp, with the pair holding permits for adjacent prospects in the Manuherikia Valley, near Alexandra.

Placer Gold is expected to fund initial development costs up to $250,000, for a 30% stake in the targets, and has an option to put $500,000 in for plant and equipment to gain a total 50% stake.

Mr Henderson yesterday said access was still being negotiated for the Manuherikia targets, and if that was finalised soon, exploration work could possibly begin by the end of the month.

Glass Earth's cash in hand had fallen below $1 million by December last year, the company having spent more than $24 million since dual-listing on the Toronto and New Zealand stock exchanges in October 2006, focusing mainly on exploration around Otago.

To create cash flow it is processing ore, recovering "modest" amounts of gold from its McAdies Ida Valley permit, and expects to cover the year's expenses.

Mr Henderson said the results from bulk testing at Ophir were sent to a Canadian company to determine recovery rates and assist in designing a bigger gold-recovery plant.

He expected the report to be released soon.

• In early December, Glass Earth posted a third-quarter loss of $218,000, leaving working capital of $934,000.

A month earlier, it completed a Canadian private placement, raising $640,000.

In the previous full year to December 2008, Glass Earth spent $4.1 million on exploration and booked a $1.3 million loss, having a year earlier recorded a $2.68 million loss.

[elZorro]

The full annual report and MD&A was posted to the GEL website yesterday, by the look of it.

http://www.glassearthlimited.com/financial.html

I had a good look, no numbers for any income from the placer mining. There is some new mining equipment on the asset list, at $88,000 for 2009. Doesn't look like we own much of the leased-out GRU then. Lots of drilling costs coming up to keep the permits alive, a few have been dropped. Most interest is in the Otago areas for 2010. That $3mill will be needed.

So, who is Placer Gold International Corp? Is it connected with Placer Gold Resources Ltd, who have a 50% shareholder Abonus S.A. based in Switzerland (or in the Bahamas, 2007, according to Google).
Placer Gold Resources Ltd are shown to have a permit on the West Coast, but not near Alexandra.

So many questions....

[elZorro]

How to find gold with a metal detector near Poolburn, German Hill, Moa Creek, etc.

http://forum.treasurenet.com/index.p...c=278115.0;all

[Cannibal]

You are correct - well worth reading.

They make it all look so easy.

As an aside GEL up 40% in Toronto in the last 2 weeks. Admittedly off a low base.

[elZorro]

You are correct - well worth reading.

They make it all look so easy.

As an aside GEL up 40% in Toronto in the last 2 weeks. Admittedly off a low base.

Hi Cannibal, yes, that glittering gold...maybe GEL should try some of these as plant. I was thinking that JBMurc could get one of these detectors, trade in his gold pan..

Should we be looking harder at Serpentine and Game Hen?

http://www.odt.co.nz/news/business/3...ago?page=0%2C0

[elZorro]

Spotted on the Crown Minerals site: GEL has today been granted the discovery appraisal extension on EP40667 for Muirs. It will last until 3rd October 2013. This is for 595Ha, encompassing the main Muirs site, which is already covered. I'm still in the dark about what a discovery appraisal means, but I think it's a step up as far as findings go, from a standard EP.

[Cannibal]

GEL
17/05/2010
GENERAL

REL: 0830 HRS Glass Earth Gold Limited

GENERAL: GEL: CLOSING OF FIRST TRANCHE OF C$3M PRIVATE PLACEMENT

Wellington, New Zealand, May 14, 2010.

GLASS EARTH GOLD ANNOUNCES CLOSING OF FIRST TRANCHE OF C$3M
PRIVATE PLACEMENT

- FOR DRILLING ON FOUR TARGETS

Glass Earth Limited (TSX-V: GEL; NZAX: GEL) ("Glass Earth") is pleased to
announce the completion of the first tranche of a non-brokered private
placement previously announced on April 29, 2010.

In the first tranche a total of 8,667,500 units (the "Units") at a price of
C$0.20 per Unit were issued, for gross proceeds of C$1,733,500. Each Unit
consists of one common share priced at C$0.20 and one share purchase warrant;
each warrant entitling the holder to purchase one additional common share at
a price of C$0.35 expiring two years from the closing date.

All the securities are subject to a 4 month hold period and may not be traded
until September 5, 2010.

A further announcement will be made when the second
tranche of the private
placement is completed.

The proceeds from the financing will be used to complement cash generated
from the Company's placer mining operations and to drill the following
targets:

North Island, New Zealand (Epithermal gold targets)

Muirs Reef (GEG 100%)
A 27 hole drill program is planned to confirm the historical resource and to
test new east and west vein systems defined by ultra detailed 3D resistivity
and geochemistry. This advanced gold project lies 65km SE of Newmont's Martha
Gold Mine (Waihi).

Central Otago, South Island, New Zealand (Mesothermal Gold targets)

Serpentine (GEG 90%)
A 12 hole program is planned to test a 12 km long shear zone, in a 1.5 km
zone with gold in soils up to 1500ppb Gold, and rock chips ranging from 2 -
30 g/t gold.

Game Hen / Hindon (GEG 90%)
A 12 hole program is scheduled to test a 12 m wide quartz shear, and
co-incident carbonaceous shear, with individual rock chips in the 7-40 g/t
gold range.

Ophir (GEG earning 50%)
Drill
ing is planned on the Wai-iti vein systems and extensive high grade soil
geochemistry on a 600m long shear zone.

Central Otago, South Island, New Zealand (Placer Gold targets)

Expansion of its Ida Valley placer mining operations and the development of
new placer operations in the Manuherikea Valley is scheduled in concert with
GEG's placer partner Dunstan Mining, and PGIC, a Swiss based gold exploration
and development company.

WKP (Newmont 65/35 JV) Drilling in progress:

Glass Earth also announced that drilling on the first drill hole on this gold
target has reached a depth of 200m; progress has been hampered by lack of
water (drought conditions). (This target is managed and funded by GEG's JV
partner Newmont).

Qualified Persons
Glass Earth's exploration programmes are carried out under the supervision of
Glass Earth's President and CEO, Simon Henderson, M.Sc, M.AUSIMM, F.SEG. Mr.
Henderson meets the qualified person requirements (as defined by National
Instrument 43-101) with m
ore than 30 years of experience in the gold mining
and exploration industry.

About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration
companies exploring a land position of over 11,500 km2 in the North and South
Islands. With its main office in Wellington, New Zealand, Glass Earth Gold
Limited is listed on the TSX Venture Exchange (TSX.V: GEL) and the New
Zealand Alternative Stock Exchange (NZAX: GEL).

For additional information on the company, please contact:
- Simon Henderson, President and Chief Executive Officer, at +64 4 903 4980
or info@glassearthlimited.com;
- Jeanny So, Director of Operations, CHF Investor Relations, at +1 416 868
1079 x225 or jeanny@chfir.com;
- Visit the Company's website at www.glassearthgold.com.
To receive Company news via email, contact jeanny@chfir.com and mention
"Glass Earth
news" in the subject line.
End CA:00194930 For:GEL Type:GENERAL Time:2010-05-17:08:30:15

[JBmurc]

How to find gold with a metal detector near Poolburn, German Hill, Moa Creek, etc.

http://forum.treasurenet.com/index.p...c=278115.0;all

Yeah that sounds like the go better get one for next summer too bloody cold now- have many places to go with me 4wd an Dirtbike -family owns large farm in poolburn

[elZorro]

Yeah that sounds like the go better get one for next summer too bloody cold now- have many places to go with me 4wd an Dirtbike -family owns large farm in poolburn

Best of luck with that JB, you are in a fortunate position. Gold trumps silver?
Let us know how it goes.

[JBmurc]

Best of luck with that JB, you are in a fortunate position. Gold trumps silver?
Let us know how it goes.

Yes will do Have been looking on trademe for a good detector looks like I have to spend 2k+ still finding a couple Oz will soon pay off