AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

I've added up most of the new additions from the third quarter MD&A. From the management side, it's easy to add to the existing file and send it off, but from the reader's point of view, this could be done a lot better, and it would be more interesting.

Mining at Gunclub encountered a lower grade section of the resource, as indicated by drilling and trenching results, with consequent lower production. The rebuild of GRU #3 is nearing completion and will be mining at Drybread in Q4. The leasing out of Gold Recovery Unit #1, ceased in mid-June as planned. This unit is to be reconfigured and is planned to also commence mining at Drybread in early 2012.

Q3 2011 Muirs Exploration Activity
A 17 hole drill program of approximately 2,345m at the Massey Reef has been approved and will commence in late November. When completed, it is expected that this programme would enable a resource calculation to be undertaken at Massey Reef.

Q3 2011 WKP Exploration Activity
Assay results from the 720m diamond drill hole, WKP 30 were received after some delays at the laboratory. These results will be the subject of a separate press release. The intersection of andesites (the preferred host for epithermal mineralization) with rhyolites, in this large and fertile system, is encouraging. A substantial infill/expansion drill program is warranted.

Q3 2011 Placer Exploration & Mining Activity
South Island placer mining at Gunclub continued although, inhibited somewhat by winter snows and the building of a large water storage dam. Production was down although the
high New Zealand gold price almost offset this. Exploration continued at Drybread with further shallow drilling and sample processing. A Mining Permit was granted for Drybread on 26 August 2011. The drilling results are very encouraging and a Gold Recovery Unit and associated plant has been moved on site with gold production expected to commence in late November. Stage 1 drilling was completed at Shepherds Flat (57 holes for 709m) and results were encouraging. Stage 2 has been planned and is expected to start in December.
Shallow drilling has also been carried out on 3 other prospects in the adjoining Maniototo Valley with good results.

Q3 2011 Other Otago Exploration Activity
A shallow drill program was undertaken at the Ophir project (50% GENZL) consisting of 17 holes across 8 individual shears identified by geochemistry and rock chip sampling, along
with complementary mapping and geophysical surveying. Initial samples have been dispatched in order to assess the best assay method, whereupon the remaining 90% of
assays will be dispatched. A draft mining plan suitable for a pilot mining program has been prepared for the Wai-iti shear zone and a plant design prepared to allow resource consenting to commence for this project.

Results from the Hindon work were encouraging with rock chip samples returning highest values of 7.4ppm Au and 6.6ppm Au which support a plan to drill late in the 4th quarter.
Overall, results from the Nokomai rock chip samples were discouraging.
All results from channel sampling at Sparrowhawk, Manorburn and Sonora Creek Quarry have been received and they do not indicate the presence of a new pre-enriched protolith as postulated.

Note to management: shareholders would like to know how all of these areas are going now, well before the late April timeframe..