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27-03-2010, 09:23 AM
#321
Progress at WKP - news release
Glass Earth's WKP Joint Venture With Newmont Commences Drilling
8:30 AM ET, March 26, 2010
WELLINGTON, NEW ZEALAND, Mar 26, 2010 (MARKETWIRE via COMTEX) -- Glass Earth Gold Limited (GEL)(NZAX: GEL) ("Glass Earth") today announced that Newmont has commenced drilling at the WKP prospect in the Hauraki Goldfield.
'WKP' GOLD PROSPECT
Glass Earth's joint venture partner, Newmont, continues with its active drilling programme on Glass Earth's Hauraki prospects and has now commenced diamond drilling at the highly prospective Wharekirauponga ('WKP') gold prospect.
The WKP area is a 2km mineralised alteration zone, just 10km from Newmont's Martha gold mine at Waihi (see map below) and 5 km north east of the Golden Cross deposit (634,000 oz gold production in the 1990's). The WKP epithermal system has magnetic/alteration characteristics similar to the Martha mine and has open-along-strike potential for several kilometres southward, being at least 900m long, 150m wide, and unconstrained to over 300m depth.
Exploration in the late 1980's and early 1990's identified a very extensive altered and gold mineralized system with multiple intersections including:
150m @ 0.93 g/t Au, including 17.7m at 4.0 g/t Au; 17.1m @ 3.87 g/t Au; 32m @1.45 g/t Au; 2m @ 7.7g/t Au; 3.1m @ 9.7g/t Au; 1m @48 g/t Au.
Initial drilling by Newmont is to target a zone of strong silicification and veining between 180-380m, with further drilling also targeting a second parallel 500m+ vein system not previously drill tested.
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 more 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 12,000 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 VENTURE: GEL) and the New Zealand Alternative Stock Exchange (NZAX: GEL).
To receive Company news via email, contact jeanny@chfir.com and mention "Glass Earth news" in the subject line.
To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/GELmap.pdf
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor New Zealand Exchange Limited has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.
Contacts:Glass Earth Gold LimitedSimon HendersonPresident and Chief Executive Officer+64 4 903 4980info@glassearthlimited.com www.glassearthgold.com CHF Investor Relations Jeanny So Director of Operations+1 416 868 1079 x225 jeanny@chfir.com
SOURCE: Glass Earth Gold Limited
mailto:info@glassearthlimited.com
I guess the references to WKP in GEL reports were strong hints as to continuing interest. None more surprised than me, that the press release followed my post yesterday..
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29-03-2010, 11:49 AM
#322
Originally Posted by Yankiwi
Well timed eZ!
Maybe someone from Glass Earth views our forum and read your post. After that sighting it might have rewoken a memory that GEL and Newmont are working together.
Maybe, more likely just a coincidence Yankiwi, as GEL did say they were looking to drill that one next. As far as getting major work done on the permits, looks like external money (Newmont, JV, shareholders) is needed at the moment. The other permit to keep an eye on is Hindon, permit EP40739, near Dunedin, Otago. I think that has the drill site Game Hen. It expires on 19 May 2010.
http://paperspast.natlib.govt.nz/cgi...10--1----0-all
Another 10 or so will also complete their CM terms this year. There has been some purchasing interest on the TSX over the weekend.
Last edited by elZorro; 29-03-2010 at 02:21 PM.
Reason: To add link about Game Hen
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30-03-2010, 07:55 PM
#323
Those shares are a bargain!
The Glass Earth website was updated today, at the least the page relating to the new share numbers was adjusted. However, Yankiwi, there do appear to be some remarkable value in the share options, which I assume will be adjusted upwards by a factor of 5 later...
http://www.glassearthlimited.com/investors.html
There are still plenty of old figures on the website, including the 17,000 km2 of permit area (home page): that is certainly now cropped down to 12,000 odd, as noted in the latest press releases.
Note: website amended by 31 March, these items fixed. Cheers Andrew? (GEL IT dept)
Last edited by elZorro; 31-03-2010 at 01:08 PM.
Reason: Website adjusted
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31-03-2010, 08:31 AM
#324
Stock market notice late yesterday:
SSH: GEL: SSH (Morgan Stanley & Co. International plc) 04:34pm
GEL
30/03/2010
SSH
REL: 1634 HRS Glass Earth Gold Limited
SSH: GEL: SSH (Morgan Stanley & Co. International plc)
Disclosure of ceasing to have substantial holding
Section 25, Securities Markets Act 1988
To: The New Zealand Stock Exchange
And: Glass Earth Gold Limited
Date this disclosure made: 29 March 2010
Date last disclosure made: 19 October 2006
Substantial security holder(s) giving disclosure
Name(s): Morgan Stanley & Co. International plc
Contact details: Wendy Tsui, +852 2848 5217, Email
wendy.tsui@morganstanley.com
Date on which substantial security holder(s) ceased to have substantial
holding: 25 March 2010
Summary of previous substantial holding to which disclosure relates
Class of listed voting securities: Ordinary share (GEL.NZ)
Summary for: Morgan Stanley & Co. International plc
For last disclosure,--
(a) total number held in class: 8,000,000
(b) total in class: 129,902,633
(c) total percentage held in class: 6.16%
For current holding after ceasing to have substantial holding,--
(a) total number held in class: 1,600,000
(b) total in class: 32,684,526
(c) total percentage held in class: 4.90%
Details of transactions and events giving rise to person ceasing to have
substantial holding: The decrease in holding is due to an increase in total
number of outstanding shares as a result of new shares issued by issuer.
Details of the transactions or other events requiring disclosure under the
instructions to this form:
Additional information
Nature of connection between substantial security holders: NA
Address(es) of substantial security holder(s): NA
Name of any other person believed to have given, or believed to be required
to give, a disclosure under the Act in relation to the securities to which
this disclosure relates: NA
Declaration
I, May Wong, declare that, to the best of my knowledge and belief, the
information contained in this disclosure is correct and that I am duly
authorised to make this disclosure by all persons for whom it is made.
End CA:00193137 For:GEL Type:SSH Time:2010-03-30:16:34:59
Morgan Stanley were 6.16% shareholders in GEL, and have not sold down. But because of dilution recently (25 March), they are now just under the threshold for 5% holdings (have 4.9%). Morgan Stanley runs equity funds for investors, among other activities.
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31-03-2010, 08:30 PM
#325
Today, Crown Minerals granted a five year extension of EP40702 - this is Manorburn, and stretches south below Ophir, the site of JV EP40427 and GEL's permit EP40870, also a JV with Ophir Gold. The area has been halved to 4220Ha, but this is still a big block of land. Unsure if the outline on the CM site has been adjusted yet. There has been very little posted anywhere about the Ophir area recently. Perhaps there will be some details in the annual report, which must be due soon.
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06-04-2010, 02:46 PM
#326
The CM map for EP40702, below Ophir, has now been updated. Looks like GEL have kept all the area near to the Ophir ground, which is shown as either side of a range of hills and with numerous watercourses (when it rains) running through them. No sign of the annual report yet, and I guess they'll be wanting to put out a tidy report on all sorts of aspects, ready for a capital raising. Looking forward to seeing it.
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10-04-2010, 12:12 PM
#327
New press release from Canada
The CHFIR website page for GEL has been updated overnight. Here is a press release that has been linked in over there. It answers a few questions.
Level 7, TeRenCo House, 86-96 Victoria Street,
Wellington, New Zealand, 6142
Tel: +64.9360.8211 Fax: +64.2150.0735
Web: www.glassearthlimited.com
Placer Mining Commenced – Second Unit Planned, Hard Rock Drilling Campaigns and Fundraising Planned
New Zealand has a successful mining industry and a variety of mineral deposits including iron sands and coal. Total mineral production is around 40 million tonnes with gold production worth more than $480 million each year. Because of its diverse geology and dynamic tectonic history, New Zealand has a wide variety of potentially profitable mineral deposits, although relatively few have been extensively exploited. Glass Earth Gold Limited is a greenfields gold exploration company with one of the largest land packages in both the North and South Islands.
In the North Island, the Company has an extensive land package around the Martha Hill Gold Mine at Waihi, 110 km southeast of Auckland. Martha Hill is a Newmont mine that has been producing gold since it was reopened in 1988 and is approaching 2 million ounces in total current production (historical production was around 6 million ounces).
To capitalize on its holdings, Glass Earth negotiated two joint ventures with Newmont around Waihi (2006 and 2007). Newmont has expended ~80% of the requisite C$6 million of exploration expenditures to earn 65% interests in the various permits. Newmont is commencing a new drilling campaign on Wharekiriponga (WKP) in Q1-2010. The WKP project, under Newmont’s JV, has a potential of 1.4 Million oz (non-compliant resource) and has had 18 holes already drilled with 3-4 to be drilled and financed by Newmont for 2010.
Last year Management made considerable cutbacks on expenses and revisited the near-term prospects on all of its projects in order to achieve a cash neutral status as quickly and cost-efficiently as possible. Establishment of placer production and ‘boutique’ hard rock extraction utilizing gravity recovery methods was decided upon - to be carried out in the South Island (central Otago). To this end, Glass Earth Gold commenced placer gold production at McAdie’s in the Ida Valley, and is planning a further placer gold operation commencing this quarter. A gold recovery plant is leased out for test work on the L&M owned Earnscleugh deposit. These placer operations are all in 50/50 partnership with an experienced placer operator Dunstan Mining Ltd.
Test work on the hard rock processing plant at Ophir continues; a pilot plant tested 150 tonnes of material from the Wai-iti vein in Dec. 2009 to establish crushing and recovery parameters; metallurgical test-work is ongoing.Following a successful Evaluation Phase, an affirmative decision to mine would allow for the construction of a larger commercial plant. There are 4 to 6 small deposits similar to the Wai-iti vein around the permit to encourage further development. Using a mobile plant, the Company has the potential to recover approximately 10,000 oz/year @ 7-8 g/t Au. The Ophir project is a 50/50 JV with Ophir Gold Ltd.
Glass Earth remains committed to undertaking drilling campaigns in 2010 on the best targets in its extensive portfolio and will be undertaking fundraising in respect of this shortly.
With its promising land packages, combined with an experienced management team, the year holds a positive outlook for this company. The new mining projects should make the Company cash flow neutral so that exploration efforts and expenditure can be directed towards the discovery of a major gold resource.
The CHFIR page also mentions strong links with Newmont Gold, and I can see why: WKP looks to have the biggest pile (sure, a non-compliant figure) that we've seen mentioned in despatches. Note the above data appeared in a January newsletter, and includes some information that I haven't seen in one place before today. The CHFIR page has only just been updated, so it is already 3 months behind. I think this link is the only change to the page, so the rest of it is severely out of date, still mentions 17,000km2 and 154,000,000 shares for example.
http://www.chfir.com/content/newsletter.aspx?nlid=24
http://www.chfir.com/content/clientprofile.aspx?cid=68
Last edited by elZorro; 10-04-2010 at 12:20 PM.
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11-04-2010, 09:46 PM
#328
I have had a good look around on the web and this thread, I don't think a non-compliant resource of 1.4Moz has been mentioned before, for WKP. This information went out to "special" subscribers to a newsletter in Canada in January 2010, and there was a solid run of TSX shares sold in late January bringing the price back up to 6c (30c on consolidation). GEL could get a 20% share of this possible resource, but we are not being told what grade it is yet. If it has to be transported, it would need to be at least 0.7g/tonne, and Newmont has had a fairly good run nearby with ore at 3-4g/tonne (or more, at Favona). What would the net profit on 20% of 1.4Moz be? perhaps $140 million?
It's all academic at the moment, but this information could have a big impact on the share, so I think we'd all like to see stronger links between whatever is reported in NZ, Canada, CHFIR and the GEL website, not to mention press releases in various papers and mining magazines. Just a reminder to all, the annual report is due very soon, based on a mid-March release.
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12-04-2010, 03:35 PM
#329
Originally Posted by Yankiwi
Hi eZ,
I'm looking forward to the release of the annual report. With capital raising on the near horrizon, I expect to see some very positive information with-in it.
Obviously others agree with you - share price up 25% in the last 2-3 days with more to come.
Down on the Toronto Exchange though - weird.
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12-04-2010, 04:40 PM
#330
Last edited by elZorro; 12-04-2010 at 09:06 PM.
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