AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

More of GEL's permits have been transferred to another company involved in mining, as at 18th Feb 2014. This time it's R.J. Stewart Ltd from Mosgiel, who now own 55162 (was an applied for permit) in Southland, 39336, a PP in Southland, and 52700, Wakapatu Southland. These will all be alluvial permits, and it's probably a part payment for services rendered.

GLass Earth don't have many permits left, almost all are in the area around Waihi. The huge PP up above Macraes still shows, but we were told in December 2013 that it will be going. Maybe it'll help pay some bills.

The GEL website permit list hasn't been updated for about a year. Nothing too unusual about that. Par for the course.

[elZorro]

Within a few weeks, we'll see the annual report. Last year it popped out on 11th April. At that stage PPs had been completed, which were snapped up for a bargain C16c a share. You can now buy those shares for C0.5c, if you are feeling adventurous.

http://www.glassearthgold.com/s/News...eportID=580979

[elZorro]

Simon Hartley at NZResources (and ODT) has this info for Glass Earth holders:

Major changes for Glass Earth

Simon Hartley — 14 March 2014 Glass Earth Gold Ltd (TSX-V & NZAX: GEL) is revamping the company, with sweeping management changes, a share consolidation and a renaming.
As one of New Zealand's largest gold explorers, Glass Earth's initial emphasis was North Island epithermal targets and seven years of exploration around Otago where it spent the bulk of $40 million, before resetting its sights to gold prospects in the North Island’s Hauraki goldfield two years ago, and quitting Otago.
Glass Earth Gold will shortly be rebranded as Antipodes Gold Ltd.
Glass Earth shareholders had approved a consolidation of share capital late last year, to swap 10 old shares for one new; leaving the company with 10.56 million ordinary shares on issue.
New chief executive Thomas Rabone said Glass Earth will focus exploration in the Hauraki region, its priority being a joint venture with Newmont at the WKP prospect, which Glass Earth will manage.
Glass Earth has dropped the adjacent Neavesville prospect, after being unable to complete access negotiations with some of the land owners.
Leaving Glass Earth's board, is John Dow, Paul Jones and Peter Liddle, with chief executive Simon Henderson becoming exploration manager; replaced by Rabone, with Adrian Fleming appointed chairman and Justin Cochrane appointed a director.
*Simon Hartley is senior business reporter for the Otago Daily Times and assistant chief reporter for the Otago Daily Times.

I'm going to need some time to digest this properly. It was never made quite so obvious to shareholders two years ago, that WKP was the focus, if it was, then maybe the name change wouldn't be needed. Millions of dollars of shareholders funds were lost in the Otago gravels, when shareholders were being told that this should be a nice little money earner. Thomas Rabone was down there with Simon Henderson looking after shareholders interests. The money was mainly lost in 2013, after a sizeable dollop of new funds went in.

Neavesville dropped, that'll be showing less of a loss in the books than usual, because for once not a lot of cash was thrown at it. Just a lot of time no doubt. Is Peter Liddle, the company's bookkeeper, staying on? Would this be a good thing? Is the whole deal more of a rearranging of chairs? Adrian Fleming could be more interesting as a Chairman, and we'd probably hear more from him than we got from Mr. Dow. What is the status of Geoff Loudon in the company now? I assume he's still a major shareholder.

Here is the press release that was put on the TSX on 12th March. The same detail has not made it to the NZX yet. That's possibly because we do not count in the scheme of things. It's a dual listing, but NZ'ers don't bring in enough funds.

Looks like GEL/Antipodes will fund all the future drills, who knows if they have to pay Newmont for the outstanding bills there, and in turn can obtain up to 51% of WKP. WKP has not had many drills. It's a big area, so to get better infill data is going to take a few million plus. Maybe they intend to use the handheld XRAY scanner to reduce timeframes on results, and maybe they could afford their own drilling rig, and just hire a helicopter when needed. You can even set up a lab in a container on-site.

They'd probably have been a lot better off putting this sort of effort in at WKP, rather than burrowing around at Drybread for the last two years, in gravels that had too low a grade.

http://web.tmxmoney.com/article.php?...&qm_symbol=GEL

Earlier press release about the WKP deal with Newmont.

http://web.tmxmoney.com/article.php?...&qm_symbol=GEL

[elZorro]

In a bid to track down the new physical location of the Antipodes Head Office, new investors might like to note that the current phone number on the redirected website is 09-360-8211, which has been used by Peter Liddle as CFO for the last two years or more. The phone number was one of the lines being directed to 300 Richmond Road, Auckland, which is an older two-level serviced office complex. The financial and governance paperwork has been handled there since the company listed.

It would seem that the Wellington office in the Straterra block has been vacated, as there is no mention of it.

And now here is a curious situation, the Post Office Box is either being shared with this outfit: or someone who might be slightly dyslexic has labelled all the new website pages with P.O.Box 46-108 Herne Bay, when they really meant P.O. Box 46-018 Herne Bay, which is the central post office box for 300 Richmond Road. (Now fixed, 16/3/2014).

The new website mentions that corporate governance rules are being amended at the current time to reflect the new company name. One set of rules that needs the name change is the corporate disclosure policy. These look like a great set of guidelines.

However my personal experience was that these rules appeared at times to be forgotten, or worse, ignored. News took months to filter out to shareholders, if it was bad news. A lot of other bad information that shareholders needed to hear under disclosure rules was never publicly divulged, but has made its way out via hearsay, and sometimes via direct email communication to some shareholders who were interested enough to ask.

I see nothing in the two press releases so far, that imply this situation is going to be corrected along with the name change. If the chances of WKP being a mining proposition are not 100% (and the fact that Messrs Loudon and Fleming are not making much noise about funding the next stages themselves, says volumes) then the existing and prospective shareholders need to know every detail about the proposition.

[bucko]

Ive been off work sick most of last week and I was quite suprised to find that sitting in my inbox when I came back!

I haven't been holding GEL since it tanked a while ago, made a pretty loss but I've still been keeping up to date with GEL hoping something will change so I have a reason to reinvest and hopefully a change of management will be that. In regards to the lack of disclosure I completly agree, never have i ever had to wait so long, I was getting more information from ElZ and local newspapers than from the company itself.

I have always been an optomist when it comes to GEL but I've learn't from my mistakes...I'm cautiously awaiting this to pan out

[elZorro]

Ive been off work sick most of last week and I was quite suprised to find that sitting in my inbox when I came back!

I haven't been holding GEL since it tanked a while ago, made a pretty loss but I've still been keeping up to date with GEL hoping something will change so I have a reason to reinvest and hopefully a change of management will be that. In regards to the lack of disclosure I completly agree, never have i ever had to wait so long, I was getting more information from ElZ and local newspapers than from the company itself.

I have always been an optimist when it comes to GEL but I've learn't from my mistakes...I'm cautiously awaiting this to pan out

Hi Bucko, yes I agree, there has to be some point where the capital value of GEL or Antipodes reaches a low, and maybe we've seen that already. Drawing a line across alluvial or placer efforts, the company still has a valuable cluster of permits and exploration IP reasonably near the giant Martha mine at Waihi, with close-by deposits and mill infrastructure largely controlled by Newmont. Newmont don't have operations at every point on the globe, but they are here at Waihi.

I've had a closer look at the Antipodes website. This one is understated, but it makes clear that WKP exploration/infill drilling is the core business from now on, and in particular the T-stream vein. The 43-101 report for WKP produced a limited gold resource figure, but partly because the T-Stream vein area had only about 3-4 drills through it. A lot more drills are required to get confidence intervals linked up to include larger areas of ore into a resource total. When gold prices are high and junior explorers are more favoured, each inferred ounce in-ground can be priced into company valuations at $20 or more, and mining companies reach more like $200 an ounce for P&P resources.

But even at $20 an ounce, Antipodes could optimistically expect a current valuation from WKP alone of about $5mill, but of course this is more valid once it looks like a mining opportunity. Newmont will probably be looking for 300-500,000oz plus of high grade underground (they've said so in the past) - this will be the target for Antipodes, to bring WKP back into their field of vision.

[elZorro]

Although I'm not at all interested in investing in them, I do find it interesting that nearly 5% of the GEL shares issued are currently on the ask side for 1c on the TSX.

GEL TSX.

So my figures say that for just over $50k CAD you can have your very own SSH notice issued, without waiting, telling everyone you own 5% of them. If you have a bit of patients then possibly you could get your notice for half of that amount.

IMHO, If WKP held any future promise, wouldn't Newmont be grabbing all the nearly free shares they could? $50K CAD to Newmont is probably as important to them as a 50c coin is to one of us.

GEL, or what ever it is they're calling themselves now, will not be seeing even my 50c coin as an investment in their dream.

Not so Yankiwi, there are 5mill shares on ASK but they are at a range of prices, so they'd move upwards pretty fast should anyone decide to buy some. At 0.5c the entire company is valued at just $500,000, but already it looks like it's made a solid move to 1c. What would you get for C$1mill? A lot of box files on alluvial work, exploration reports, old wages bills, equipment bills, permit costs that are now irrelevant except to wider NZ as some of that data will end up with NZPAM. When the gold price moves up a bit more, smaller operators will make something out of it no doubt. But there is also the IP for the Coromandel permits, the new members and energy on the board, and of course the permits themselves. These are the best permits - the ones that are left - they are the select few from over maybe 60 permits that have been held.

I'm grumpy about losing some investment dollars on GEL too. But I won't be surprised if GEL/Antipodes recovers from this hiatus, and of course if it does, some money will be made by savvy investors who will buy in at the appropriate time. I try and make it a rule to never lose money on something I've invested time and cash into, I have learnt a lot from this process, and often apply that to other things I have a go at. So while I might not get back the losses on GEL with the new Antipodes, I will weigh up their proposition with other investments I could make.

Why did we get involved with GEL in the first place? To be investors in a greenfields explorer for hard rock gold in NZ. They may have wandered off the track a bit, but they still have something fairly interesting that needs checking out further. WKP.

[bucko]

so when are we renaming this thread?

i guess this announcement is a step in the right direction. I'm leaning towards Yankiwis views on this one, stung once and dont really want that to happen again for sure! Im just going to stay a keen observer i think

[elZorro]

The WKP 43-101 report is still on the new website, it's full of detail and it looks like the next lot of exploration drilling needed $3.5mill in total. That's some dilution at the current MCap, and dilution is something we have all learnt about when we held GEL shares.

But as far as Antipodes is concerned, it needs to have a fresh start with its MCap, a new perception. What is a realistic valuation on their IP and the permits, at this point in time? I don't think they'll have much cash kicking around yet, but operating costs are much lower now, and big looming costs like Neavesville payments and equipment leases, permit fees, are not there anymore. A few million dollars is a very small investment amount for the TSX. It's a big ask in NZ for this type of investment, but they're not looking very hard in our direction.

I'm pleased to see that the TSX press releases have made it to the NZX in the last hour or so. GEL obtained an MCap of over $30mill at times, now it's at $1mill (nearly 1% of the company was traded overnight on the TSX, mostly at C1c a share).

Here's a link to some charts I compiled covering MCap and the funds paid into GEL. Some lessons that I don't want to forget. The main point is that the situation wasn't always a hiding to nothing for investors, and the best spot to be in, is investing at the bottom of a cycle. http://www.sharetrader.co.nz/showthr...l=1#post427314

[elZorro]

Whoa! Four press releases in one day for GEL, that has to be a record!

Shortly to be known as AXG, GEL is going through with the 1:10 share consolidation now. Back in trading operation on Tuesday next week.

I'm a bit surprised by this, but perhaps the strenuous trading on the TSX last night meant that action had to be taken, or there would have been an embarrassing "what's going on?" email from the TSX to answer. There's certainly some interest out there, that would be the take-home message.

GEL

19/03/2014 16:20

HALT

REL: 1620 HRS Glass Earth Gold Limited

HALT: GEL: MEMO: GEL - Share Consolidation and Trading Halt

MEMORANDUM

To: Market Participants

From: NZX Client and Market Services

Date: 19 March 2014

Subject: Glass Earth Gold Limited ("GEL") - Share Consolidation and Trading

Halt

Message:

NZX Regulation ("NZXR") advises that, further to the announcement released

today by Glass Earth Gold Limited ("GEL") regarding a 10:1 consolidation of

GEL ordinary shares, GEL will be placed in a trading halt from close of

business today, Wednesday, 19 March 2014.

The trading halt will be put in place to allow clearing and settlement to be

completed before the consolidation.

Trading will resume from market open on Tuesday, 25 March 2014 under the new

ticker code of "AXG" (as advised in the memo released earlier today).

Please contact Client and Market Services on +64 4 496 2853 or cms@nzx.com

with any queries.

ENDS