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  1. #301
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    Default More GEL news

    Let's see if this post will end up towards the top of the page..

    It's a full-on day for GEL fans: the news release goes a long way to spelling out the situation at McAdies, and of course the Gun Club Project is fully consented, so mining can start there immediately.

    It's a bit late in the day to do figures, but Dunstan Mining is now a 50:50 JV on these GEL alluvial sites, this will have another impact on returns. It might also be a very clever move for both parties: GEL doesn't have the gear or lots of spare staff to run that sort of equipment, and Dunstan Mining is probably waiting on consents and more information to get started on Ophir. I guess were were all hoping (well I was) that the first bit of mining would be on 5g/tonne ore, a big ask.

    Andrew (GEL IT dept) has kindly posted quite a few new photos on the website this afternoon These include the first confirmation that some of that precious yellow metal is being recovered, so much it covers the bottom of a gold pan.

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

    I wonder how the big meeting at Vancouver went last night? The company was to vote on the 5:1 share consolidation.

    Does anyone else have any comments on the news release?
    Last edited by elZorro; 25-02-2010 at 08:57 PM. Reason: Add link

  2. #302
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    Wink

    That's a mighty big pan elzorro,it's the centrifuge used to catch the fine gold that the tables don't as the water flow is too strong in them.

    Cheers
    Miner

  3. #303
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    miner
    That's a mighty big pan elzorro,it's the centrifuge used to catch the fine gold that the tables don't as the water flow is too strong in them. Cheers, Miner
    Thanks for that info Miner, I saw the hole in the middle but had no idea of the scale of the photo, or how that equipment worked. I guess the closeup of gold would be the heavier pieces trapped further up on the sluicing tables?

    Quote Originally Posted by Yankiwi View Post
    I see the release as good news all the way around. Those new photos on the GEL website have put a bit of a sparkle in my eye as well.

    I do however have a bit of a concern on the share consolidation. I understand the fact that it'll take 5 shares and convert them to 1, but there has been no mention of the warrants. Will these too be consolidated? If the CAD s/p goes from .05 to .25 with the 5:1 move, then surely the warrants will have to go from .10 to .50 exercise price, or 5 for 1 as well?
    I don't think there will be any problem there Yankiwi, those warrants will be changed to 50c say, I'm sure (pro rata?). It's a little bit late to say so now, but as the private placement was not filled in Canada, maybe the same deal could have been offered in NZ at equivalent rates. But that amount of money might be less important, now the placer gear is running.

    The press release hasn't given a figure for the gold grade being seen at McAdies, and fair enough. It could change as they move across the site, dig deeper, or find efficiencies in the equipment. GEL now has to work with Dunstan Mining to get Gun Club and Nevills areas going, which I think are on the new permit (a map would be helpful).

    But we now have an indication on the sort of returns GEL expect over a year, probably without using the large GRU which is leased to L&M. I have no information to figure out what the lease return would be, as GEL only own part of it, and no doubt there is a financing or use-of-money cost which offsets some of the income.

    In the year ended 2008 financial statements, pg 13 lists Significant Expenses of a Corporate Nature. These dropped back in 2008, and should be even less for the next year. So the total is say CAD$1.3mill.

    Three GRUs running for a year on a 50-50 JV should provide a significant contribution to those costs, according to the news release.

    If each GRU provided net profit to GEL of one third of ALL the corporate costs, that would be NZ$600,000 clear income per GRU per year. That can be lined up with gold at $1,000 per ounce, 600oz per GRU, say 2.5 oz per day of the gold is net profit for GEL.

    Allowing for $750 running costs per hour/GRU, 240 days/year, 8 hours/day, the JV will have to use some of the gold to pay those bills first. That's $6,000 per day, 6 oz used.

    Dunstan Mining could also be expected to have the same return as GEL, so 2.5oz per day (they supplied the equipment at some risk).

    This gives a predicted total of an average 11oz of gold recovered per GRU, per working day. McAdies has been reported as handling 40 cubic metres/hr through its GRU, about 80 tonnes ore/hr. It could do more than that if everything was going well.

    These rough figures indicate the modest grades of 11x31g/80x8 tonne = approx 0.5g/tonne.

    All this is based on what has been recovered so far, and that could change. The old alluvial miners that turned up at Otago in the late 1800s didn't have any of the geomagnetic and other electronic equipment GEL is using. The chances are very good that plenty of gold remains undiscovered. And now I'll try to choose an applicable smilie..
    Last edited by elZorro; 11-03-2010 at 05:57 PM.

  4. #304
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    Default 1 for 5 consolidation to proceed

    Re share options Yankiwi: I had a look back through the information sent by GEL.
    The proposed consolidation will not alter or change in any way any shareholder’s proportion of votes to
    total votes, however, the total votes capable of being cast by shareholders at a General Meeting of the
    Company in the future will be reduced if the resolution is passed. Any resulting fractional share will be
    dealt with by taking the number of shares issuable on the exchange to the nearest lower whole share. In addition, the common shares reserved for issuance under the Company’s Stock Option Plan will be
    reduced to 3,154,052 common shares upon the share consolidation.
    In the event that the consolidation is not approved by the ordinary resolution of the shareholders, the Company will not proceed with these matters.
    A news release yesterday confirmed the share consolidation.

    Wellington, New Zealand, February 26, 2010.
    SPECIAL GENERAL MEETING APPROVES SHARE CONSOLIDATION
    Glass Earth Gold Limited (TSX-V: GEL; NZAX: GEL) (“Glass Earth” or the
    “Company”) announces that it intends to proceed with a consolidation of its share
    capital on a five (5) old for one (1) new share basis. The share consolidation was
    approved at a special general meeting of the Company’s shareholders held on February
    24, 2010. The consolidation remains subject to acceptance by the TSXV Venture
    Exchange.
    Upon completion of the share consolidation, a total of 32,684,526 common shares will
    be outstanding. The name of the Company will not be changed as a result of the
    consolidation.

  5. #305
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    Default Consolidation next week?

    The TSX depth information for GEL is missing in action this morning, very unusual. Could this be an indicator that the consolidation will be done on paper over the weekend, so by next week's start we're into the new prices?

  6. #306
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    Default

    [QUOTE]GEL
    11/03/2010
    APPNDX7

    REL: 1628 HRS Glass Earth Gold Limited

    APPNDX7: GEL: Appendix 7 - Share Consolidation

    Name of Issuer: Glass Earth Gold Limited

    Type of Event: Capital Change

    EXISTING securities affected by this:
    Description of the class of securities: Ordinary shares
    ISIN: CA37713P1045

    Details of Securities Issued Pursuant to this event:
    Description of the class of securities: Share Consolidation - one new share
    for each five existing shares
    ISIN: CA37713P1045

    Number of Securities to be issued following event: Post Consolidation -
    32,684,526

    Record Date: 18 March 2010
    Allotment Date: 19 March 2010
    End CA:00192375 For:GEL Type:APPNDX7 Time:2010-03-11:16:28:12 [QUOTE]

    19 March is the change date?

  7. #307
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    Default

    You know, if we had a time machine, Miner and Aotea, we could go back 150 years and get in ahead of these guys:

    http://www.teara.govt.nz/en/gold-and-gold-mining/3/2

    $40 million dollars worth in 10 weeks, a small party of miners..

    I can't believe that there's not more of that hidden away down there somewhere.

  8. #308
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    Default

    I'm sure there's penalty more round here too-------- be real nice to have a small gold mine operation here
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  9. #309
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    Quote Originally Posted by elZorro View Post
    You know, if we had a time machine, Miner and Aotea, we could go back 150 years and get in ahead of these guys:

    http://www.teara.govt.nz/en/gold-and-gold-mining/3/2

    $40 million dollars worth in 10 weeks, a small party of miners..

    I can't believe that there's not more of that hidden away down there somewhere.
    LOL...I could show you a small valley in Central where there is $100M waiting t obe pulled out in three of those wee mines you speak of....there are plenty around if you do your homework.

  10. #310
    FEAR n GREED JBmurc's Avatar
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    an this valley could be open cut mined permits available??
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

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