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....