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  1. #311
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    Quote Originally Posted by Aotea View Post
    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.
    All this begs the question, if GEL has the knowhow and the prospecting permits to do this sort of thing, and have been working on it for a few years - why are they working in a JV with virtually no mining equipment of their own, where the returns are modest at best, and the JV partner ends up with most of the returns from the GEL mining permits??

  2. #312
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    Quote Originally Posted by JBmurc View Post
    an this valley could be open cut mined permits available??
    One consent is lodged now with a floating plant, another will be lodged in a couple of weeks and I dont know when the third will be. There is other opportunities in the valley also, plus numerous others in Otago/West Coast to make good money. That said, the Coast has low concentrations and relies on huge turnover of ground...

  3. #313
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    From the GEL website:

    Glass Earth Gold Limited's financial year ends on the 31 Dec.
    Reporting dates are therefore planned for release as follows:

    Mid March (New financial year Annuals)
    Late April (Q1)
    Early August (Q2)
    Early November (Q3)
    Last year, the annual report was signed off on 18 March. The consolidation process might start on Friday, Yankiwi, hard to say. Since the capital raising will follow all this in March, we'd have to expect a few press releases soon

    Some entries I'll be looking for in the books:
    income from the McAdies operation
    lease income from the GRU (plus costs for GRU)

    And it would be good to see a more detailed exploration report, covering all prospects.

  4. #314
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    The depth page on Direct Broking's listing for GEL is currently empty, and in Canada (TSX) some shares have been traded overnight at 15.5c CAD, lowest sell price is 20c. Looks like we'll be seeing the 1 for 5 adjustment today.

    The GEL website has been adjusted on the no. of shares page on 10th March to show the current position before the consolidation.

    More news just in on my email (gee, thanks for the advance notice).

    Wellington, New Zealand, March 18, 2010
    GLASS EARTH ANNOUNCES NEW PLACER GOLD PARTNER,
    APPROVAL OF 5:1 SHARE CONSOLIDATION
    Glass Earth Gold Limited (TSX-V: GEL; NZAX: GEL) (“Glass Earth” or the “Company”)
    announced today that it has signed a Letter of Intent with Placer Gold International
    Corp. to develop two placer targets in central Otago, New Zealand; and the TSX Venture
    Exchange Inc. has approved the consolidation of Glass Earth’s issued and outstanding
    shares on the basis of a five (5) pre-Consolidation shares to one (1) post-Consolidation
    share ratio.
    Placer Gold Venture Partner
    Glass Earth previously announced on February 24, that revenue from its placer gold
    mining operations could significantly contribute to corporate operating expenses. Glass
    Earth, along with its partner, Dunstan Mining Limited, has since signed a Letter of Intent
    to explore and develop two new placer operations. These operations could significantly
    increase placer gold output in an area that historically produced in excess of one million
    ounces. The venture is based on the following terms:
    1. Placer Gold International Corp. (“Placer Gold”) will fund development work
    within a range of NZ$150,000 to NZ$250,000 (circa C$110,000 – C$180,000) for
    each of the two targets. Placer Gold would thereby earn up to 30% equity in a
    target.
    2. Placer Gold may elect to fund NZ$500,000 (circa C$365,000) of the plant and
    equipment required for mining activities on a target, in order to earn another
    20% equity in that target.
    3. Placer Gold has an 18 month option to fund a third target on the same terms and
    conditions.
    4. Should Placer Gold fund the equipment per cl 2, net revenue will initially be
    returned on a monthly basis in the ratio of 75% to Placer Gold and 25% to Glass
    Earth/Dunstan until the initial capital funding of NZ$500,000 has been recouped
    by Placer Gold.
    “This transaction will accelerate our ability to assess more placer potential on our
    permits while maintaining funding for the core activity of hard rock gold exploration.
    Cash generated from placer mining operations means more funding will go directly into
    the ground – what every exploration manager and investor wants,” commented Simon
    Henderson, CEO of Glass Earth.
    2
    Share Consolidation
    The common shares of Glass Earth will be traded on a post-consolidation basis on the
    TSX–V starting March 18, 2009. Trading on the NZAX on a post-consolidation basis will
    commence March 19, 2010 (NZ time). Upon completion of the share consolidation, a
    total of 32,684,526 common shares will be outstanding.
    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.V: GEL) and the New Zealand Alternative Stock Exchange
    (NZAX: GEL).
    For additional information on the company, please contact:
    • Simon Henderson, President and Chief Executive Officer, at +64 4 903 4980 or
    info@glassearthlimited.com;
    • Jeanny So, Account Manager, CHF Investor Relations, at +1 416 868 1079 or
    jeanny@chfir.com
    • Visit the Company’s website at www.glassearthgold.com.
    To receive Company news via email, contact jeanny@chfir.com and mention “Glass Earth
    news” in the subject line.
    Neither 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.
    OK, I'm hereby sick of being told about new JVs. This is not the kiwi way: we get in there and do it ourselves don't we?
    Last edited by elZorro; 19-03-2010 at 07:58 AM.

  5. #315
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    Default Placer Gold??

    I see negotiations are at an early stage with Placer Gold International Corp (letter of intent). Is this an overseas company? Looks like they don't have enough capital to bring $500k of equipment with them, they'll have to pay it off with gold under one of their options..

    There is no mention of this business name on google, but I did find a company on the NASDAQ (PGCR) - Placer Gold Corp.

    http://www.marketwatch.com/investing/stock/PGCR

    http://www.placergoldcorp.com/

    http://www.marketwatch.com/story/10-...orp-2010-01-04

    (EDGAR Online via COMTEX) -- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
    We were incorporated in the state of Nevada on August 23, 2004. We have started operations. We have not generated revenues from operations, but must be considered a start-up business.....

    On May 25, 2006, we completed our public offering by selling 3,862,500 shares at $0.02 per share, totaling $77,250. ...On November 16, 2007, Arctic Oil & Gas Corp (formerly known as Bulldog Financial Inc.) entered into an Asset Purchase Agreement with United Oil and Gas Consortium Management Corp., a Nevada Corporation, Strategic Nine Corporation, also a Nevada Corporation and Sterling Oil and Gas (NZ), a New Zealand Corporation, pursuant to which it acquired a thirty percent interest in certain oil and gas claims as set forth in the agreement...On November 27, 2007, Scott McDowell resigned as president and secretary/treasurer of Arctic and appointed the following persons as officers:
    President - Peter Sterling
    Immediately thereafter, McDowell, as the majority stockholder, appointed Peter Sterling and Edward M. Lawson as directors and then resigned as a director.

    On November 27, 2007, the company changed its name from Bulldog Financial Inc. to Arctic Oil & Gas Corp.
    On November 27, 2007 Arctic increased its authorized capital to 500,000,000 of par value $0.0001 per share.
    Effective November 30, 2007, Arctic increased the number of issued Common shares, by exchanging each such share for 20 Common shares, each with a par value of $0.0001.
    In January 2008, M. Lawson resigned as director and Kelvin Williams was appointed as a director.
    Current Directors are;
    President - Peter Sterling
    On January 22nd 2009 the Company changed its name to Placer Gold Corp.

    ALASKA GOLD PROJECTS RELINQUISHED
    The "Company", previously entered into option agreements to acquire interests in Certain Gold Mine and equipment at Bear Creek in Alaska from Concha Holdings.
    On December 26th 2009, the Company received a notice from the Claim holders, Aladin Mining Corporation's attorneys confirming that Concha Holdings no longer has Rights to the Bear Creek property. Accordingly PGCR no longer has interests in the Bear Creek Alaska Gold Claims.
    RENEWABLE WIND ENERGY
    Focus For 2010: While the Company continues to seek alluvial gold projects to bring into production, its primary focus in 2010 is to secure strategic equity positions in large-scale wind energy leases and bring one or more of them into production, using off-balance-sheet government government-backed commercial project financing and grants wherever possible.
    On September 30th 2009, the Company acquired strategic 20% equity interests in a Joint Venture which has interests in an expanding number of large-scale Wind Power Project proposals. The successful development of any one of the wind power projects proposed by the Wind JV would catapult the company into a major green energy producer......
    Further Wind Projects information is available at;
    http://www.zero-carbon-energy.com/PGCR.htm

    From Inception on August 23, 2004 to November 30, 2009
    During this period we incorporated the company, hired the attorney, and hired the auditor for the preparation of our Form SB-2 Registration Statement. We have prepared an internal business plan. Our loss since inception is $171,450....

    On April 06, 2009 The Company Entered into an agreement with Pavilion Energy Resources to sell its oil and gas interests for a consideration of 20 million Rule 144 Pavilion shares....
    Accounts payable
    Accounts payable of $34,170 represented by liabilities as of November 30, 2009.
    Liquidity and capital resources
    As of the date of this annual report, we have yet to generate any revenues from our business operations.
    In August 2004, we issued 500,000 shares of common stock pursuant to the exemption from registration contained in section 4(2) of the Securities Act of 1933. This was accounted for as a sale of common stock.
    In November 2007, we issued 35,000,000 restricted Common shares to United in its own right and as agents for Strategic and Sterling, or their assignees for the 30% interest in the Arctic Hydrocarbons Claims.
    On November 27, 2007 the Company increased its authorized capital to 500,000,000 of par value $0.0001 per share.
    As of November 30, 2008 our total assets were $389.69 in cash, and our total liabilities were $561,992.22 comprising of accounts payable and accrued fees.

    Critical accounting policies and estimates
    Management has reviewed the financial statement disclosures for the list of the most important accounting policies that the Company has. Management feels that the accounting policies that are estimate based, fair value, and revenue recognition are the most important accounting policies that the Company has.
    Jan 04, 2010
    (c) 1995-2010 Cybernet Data Systems, Inc. All Rights Reserved
    The full text implies that Placer Gold is now much more interested in Wind Power, so this leaves me confused.

  6. #316
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    Default Govt to report on mining options for crown reserves

    Today's report back from govt will have some bearing on us GEL shareholders: we have permit 40813 to the west of Whangamata (7167Ha). It appears to include a place called Parakiwai (Parakawai?) and drains towards the Otahu estuary. There aren't many permits nearby, GEL also has 40598 to the south.

    http://data.crownminerals.govt.nz/Pe...x?permit=40813

    http://www.forestandbird.org.nz/what...t-mining-plans

    Forest & Bird:
    Coromandel Peninsula – Otahu Ecological Area and Parakawai Geological Reserve
    Where: The forest-clad Otahu Ecological Area (396ha) and its neighbouring Parakawai Reserve (70ha) drain into the 110ha Otahu estuary south of Whangamata. The Otahu River retains an intact natural sequence from the mountains to the sea. It is ranked as “outstanding” in a 1993 Department of Conservation survey; an “area of significant conservation value”, “nationally significant recreation resource” and of “ecological significance (outstanding)” in proposed council plans.
    Why it’s special: These areas have rare native frogs such as Hochstetter’s frog, native fish such as banded kokopu, Helm’s butterfly and many native bird species. The area’s volcanic landscape retains indigenous forest with very little development, and it is popular with locals, tourists and walkers using nearby tracks.
    Mining interest: Gold – nearby areas have had limited gold mining in the past. Gold mining would destroy one of the Coromandel’s few remaining natural river catchments running from source to sea.
    Minerals targeted in the Government’s stocktake are found in low concentrations so open-cast mining – not “surgical” mining – is the most likely way to extract them. “In New Zealand, you get an average 3 grams of gold for every 1400 kilograms of rock that’s dug up. A mining company is not going to drill small, unobtrusive holes to process huge quantities of rock,” Kevin Hackwell says.
    “In Paparoa National Park, for example, river terraces are being looked at. Open-cast mining is the only way to get at any coal or gold there,” he says.
    Does anyone have more local knowledge?

  7. #317
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    Default Coromandel Watchdog bites

    Looks like there is some connection to GEL:

    http://www.scoop.co.nz/stories/PO1003/S00275.htm -discusses GEL and Newmont working in the area.

    Today:

    Govt Will Receive Fierce & Relentless Backlash
    Monday, 22 March 2010, 3:29 pm
    Press Release: Coromandel Watchdog
    Mining Plans Contemptible.
    Govt Will Receive Fierce & Relentless Backlash
    The Government's decision to allow mining -- even open-pit mining - in pristine areas of Coromandel conservation land and our National Parks is contemptible, says Coromandel Watchdog spokesperson Denis Tegg.
    "The backlash from mainstream New Zealand will be fierce and relentless. A previous National Government put the current Schedule 4 protection in place, after a concerted 30-year campaign by Coromandel Watchdog, visitors and locals. Many are National Party supporters.

    Related Stories on Scoop
    Beware of Gold Miners "Spin" 18/03/2010
    Open The Floodgates To Extreme Hazards 15/03/2010
    Greenpeace warns of mining backlash 09/02/2010
    Foreshore Mining Harebrained and Dangerous 08/02/2010
    Gold Miners Statements About Disruptions Untrue 18/01/2010
    Results powered by search.scoop.co.nz

    "No one will be taken in by suggestions that this is just a small area of land. The Government has kicked open the door to mining the core conservation estate with this announcement. But it's a Trojan horse for Government plans to open up another 500,000 ha of prime conservation land to mining, including all currently protected land on the Coromandel." said Mr Tegg.
    "The $4 million Government handout to mining companies for aerial surveys is equally detestable", said Mr. Tegg. "It's social welfare for multinationals. Mining companies are creaming off huge profits. They already receive large income tax concessions not available to ordinary Kiwis. They pay pitifully low royalties. We privatise our minerals by just giving them away to overseas corporations."
    Nor will anyone be fooled by the Government's laughable "spin" that modern mining can be done "surgically". The Government's refusal to rule out open pit mining speaks volumes. Both open pit and underground mining have severe impacts with roads, rock crushing, cyanide treatment and millions of tonnes of toxic waste dumped in fragile high rainfall areas." Mining will industrialise our parks."
    "The Thames schedule 4 conservation land has immense value if left untouched. Its native forest cover protects the town from severe floods and an even more lethal and destructive hazard called a debris flow. A debris flow can kill people and destroy property. The land has outstanding landscapes, high recreational use, and is home to kiwi and other endangered species."
    "The Otahu and Parakiwai Waiomu and Broken Hill ecological reserves all contain many endangered species, have mature kauri and kahikatea forest, and outstanding geological, natural and recreational values."
    Almost all this Coromandel land the Government wants to open to mining has been actively prospected by Waihi miner Newmont Gold. What back room deals has the Government done with this multi-national company?" Mr Tegg asks.
    ENDS
    I wish GEL was creaming off huge profits..and some of that aerial survey money will end up being public good knowledge to benefit all NZers. But despite the returns being small in Otago so far, I'd rather GEL worked down there (over already barren and worked-over ground), than in the Coromandel. Unless they are going to surgically follow a quartz reef for example, and treat the rock in the Newmont plant, perhaps.

    In any case, have GEL shareholders heard anything about Glamorgan? Only a passing reference or two I think. The link to Newmont is the salient point. They do have the capital to do something.
    Last edited by elZorro; 23-03-2010 at 09:39 AM.

  8. #318
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    Very recent blog by Marty G. on "The Standard", a left-wing site (no I'm not a regular..yet). There is a bit about Glass Earth tucked in there:

    http://www.thestandard.org.nz/the-nu...dont-stack-up/

    A few tens of millions: The value of aggregate identified in the Ecological Areas near Whangamata that National wants to allow mining of, according to the geological report. That report didn’t have access to the latest data from mineral prospecting company Glass Earth, which makes me think they and National know something no-one else does.
    A few tens of millions minus extraction costs, that's more in the league of GEL than Newmont. Newmont's media rep has also been quoted as saying they have no interest in the area, recently.

    Background on this area:

    http://www.crownminerals.govt.nz/cms...mandel-permits
    Last edited by elZorro; 24-03-2010 at 05:32 PM.

  9. #319
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    Default Goldwyn (Wentworth-Glamorgan) near Whangamata

    A bit of searching has picked up more data that should be interesting:

    Newmont Waihi begins drilling Goldwyn prospect in Coromandel
    — filed under: News, Minerals (MED CM website)

    26 June 2009 - The first of four diamond drill holes has been drilled by Newmont Waihi Gold at the Goldwyn epithermal gold prospect in the Coromandel about 16 km north of Waihi.

    Glass Earth Gold, which is a partner of Newmont in a number of Hauraki permits, said that the Goldwyn (or Wentworth-Glamorgan) prospect contained several veined and silicified outcrops through rugged bush south west of Whangamata.

    A 2 km long zone of 50 parts per billion gold in soils (with a maximum of 365 ppb gold) blankets a zone of high resistivity and remains open in both directions. Insitu rock chips found in the prospect contained gold ranging from 3.65 to 20.30 g/t.

    Glass Earth said that Newmont’s Waihi based team were also in advanced planning stages for follow-up drilling at the Wharekiriponga (WKP) prospect south of Goldwyn.

    Wharekiriponga is a classic epithermal gold system and lies 5 km north east of the Golden Cross deposit, which produced 634,000 oz of gold in the 1990s. Wharekiriponga lies 11 km due north of Newmont’s gold processing plant at Waihi and is within exploration permit 40598.

    Wharekiriponga lies in rugged bush and is technically challenging to explore, Glass Earth said.
    Past core grades included 150m at 0.93 g/t of gold including 17.7m at 4.0 g/t of gold and 17.1 m at 3.87 g/t of gold.

    Sources: Glass Earth Gold and Lindsay Clark
    From GEL's website:
    http://www.glassearthlimited.com/nor...j.html#hauraki

    Hauraki Joint Venture
    The potential exists for the location of Martha-size gold systems and/or additional high
    grade mill feed for the existing Waihi milling operations.

    Newmont already possessed significant databases of the Hauraki Region (including
    extensive magnetic surveys, regional mapping, and stream sediment sampling). By
    collating and interpreting this information Newmont obtained preliminary results that
    defined prospect areas for detailed follow-up work and drilling. These targets
    correspond well with those generated by Glass Earth’s own 2004/05 data intervention
    and targeting process.

    In 2007, Newmont conducted a programme of Hoist Electro-Magnetic surveying,
    surface geochemistry and resistivity surveys over several of these targets. The Hoist-
    EM programme (Newmont's proprietary EM/magnetic system suspended under a
    helicopter) highlighted resistivity anomalies over the Wentworth / Glamorgan,
    Wharekiriponga (WKP) and Owharoa areas, providing encouragement to advance on-
    ground exploration on these areas as a priority.

    May 2009: Active exploration campaigns of drilling, ground-based resistivity surveys,
    mapping, and analysis in the Hauraki (funded and operated by Newmont);
    Mamaku-Muirs; and Otago Regions (see map below).
    Newmont continues its active diamond drilling of Glass Earth’s Hauraki
    projects, commencing the highly prospective Wentworth/Glamorgan evaluation
    in April 2009. The first of four diamond drill holes is underway on the Goldwyn
    Prospect, just 17kms from its Waihi operations, with the hole currently at 30m
    depth.
    But the 3rd quarter MD&A report from GEL includes this:

    In Q3 2009, at Glamorgan (Goldwyn prospect) 3 diamond drill holes (1230.9m) were completed
    with no significant results. Newmont has advised that this expenditure completes their earn-in
    obligations in respect of the Northern area under the joint venture and accordingly Newmont
    now has an equity of 65% in Exploration Permit 40 813. Newmont has advised that it will not
    sole fund through to completion of a feasibility study.


    In the Central area (EP 40 598) Newmont have undertaken the following work on the WKP
    prospect: detailed mapping, rock (230 samples) and soil sampling (6 line km) in addition to 5.3
    line km of CSAMT resistivity with encouraging results. Previously unrecognized vein zones have
    been delineated and drill testing will commence when drill sites have been approved.
    As at 30 September 2009, Newmont has expended approximately 67% and 65% respectively of
    the funds required for it to earn initial 65% equities in the permits comprising the Central and
    Southern areas.

    Separately, at Waihi West (adjacent to the Martha gold/silver mine owned by Newmont,
    pursuant to an April 2006 Joint Venture agreement, Newmont has undertaken preparatory
    exploration and drilled 4 holes into this permit area, with modest results. Glass Earth has agreed
    to extend the term in which Newmont can expend the remaining funds, by 2 years, out to 31
    March 2011.
    As at 30 September 2009, Newmont has expended approximately 64% of the funds required for it
    to earn an initial 60% equity in this permit.
    So it looks like there is some gold up there, and it is close enough to Newmont Waihi's plant to be interesting to them at some stage, but Goldwyn has been dropped down the list by Newmont.
    Last edited by elZorro; 25-03-2010 at 07:40 AM. Reason: More info

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    Default WKP prospect

    Here's a PDF of an interesting powerpoint presentation, to investors presumably, made just after the IPO, with some extra info on the backgrounds for these Newmont Joint Ventures. It seems to date from late 2006.

    http://clients.westminster-digital.c...GlassEarth.pdf

    Not that long after came the announcement:

    Glass Earth Announces Joint Venture Agreement With Newmont to Explore Hauraki Region in New Zealand Market Wire, February, 2007

    Glass Earth Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass Earth") wishes to announce that an Agreement has been entered into with Waihi Gold Company Limited (a subsidiary of Newmont Mining Corporation) whereby Newmont will explore Glass Earth's extensive permit area in the Hauraki Region, North Island, New Zealand.

    Glass Earth's Hauraki Region permit area lies immediately to the west and north of the Waihi / Martha Hill Mine, located at Waihi, North Island, New Zealand which is owned and operated by Newmont.
    15 advanced gold prospects lie in the Glass Earth / Newmont Joint Venture area within trucking distance of Newmont's Waihi gold plant; several of the targets have significant gold intercepts, such as:
    - At Wharekiriponga (WKP), DDH4 17.7m @ 4.0g/t Au (in 150m @ 0.93g/t Au) lies just two kms along-strike from the Golden Cross mine (produced 634,000 oz gold 1991 - 1997); -
    At Owharoa (historic production 63,334 oz), a 500m wide alteration zone is interspersed with innumerable quartz veins.
    The 10 million ounce Martha Hill Mine, owned by Newmont, is considered to be the "type" epithermal gold deposit and the kind of large epithermal gold deposit targeted by Glass Earth in its exploration program.
    Hauraki Region Joint Venture Agreement
    The Agreement terms provide that Newmont may earn an equity interest in each of the 3 sectors of the Hauraki Region (named Northern, Central and Southern) by undertaking exploration programs (including drilling) as follows:
    a) To earn an initial 65% equity in a venture area, by expending over a 4 year period;
    - NZ$1.65m (circa C$1.37m) on the Northern Hauraki Venture Area;
    - NZ$1.75m (circa C$1.45m) on the Central Hauraki Venture Area;
    - NZ$2.8m (circa C$2.3m) on the Southern Hauraki Venture Area.
    b) Newmont may elect to prepare a feasibility study to earn a further 10% in a venture area;
    c) Glass Earth may request that Newmont arrange Glass Earth's share of financing in return for a further 5% equity in a venture area;

    d) Glass Earth and Newmont will be liable (in proportion to their equity interests) for the Geoinformatics Exploration Inc 2% royalty on any production from identified and acknowledged targets in the Hauraki Region permit area.
    e) Newmont will be the operator

    Newmont will commence exploration activities immediately.
    Fast forward to the last MD&A report:

    Exploration Update and Financial Statements and Management's Discussion & Analysis for the 9 Months Ended 30 September 2009 Marketwire News Releases
    Published: 11/26/09 09:20 AM CST
    Released By: Glass Earth Gold Limited

    WELLINGTON, NEW ZEALAND -- (Marketwire) -- 11/26/09 -- Glass Earth Gold Limited (TSXV:GEL)(NZAX: GEL) ("Glass Earth") announces the release of its third quarter financial statements and Management's Discussion and Analysis ("MD&A") report pertaining to that period.
    EXPLORATION UPDATE
    Glass Earth is one of the largest....

    - Hauraki Region - Newmont Mining Corp. continues to operate this joint venture over Glass Earth's significant ground position in this region, which is centred on Newmont's Waihi/Martha mine. Newmont has advised that it has earned its initial 65% equity in the Northern Hauraki Joint Venture area and continues to earn into the permits subject to the Central and Southern Hauraki Joint Venture areas.

    Drilling at the Goldwyn prospect (3 diamond drill holes) has been completed with the best intersection being 46.7m @ 0.2g/t Au from 99m. Newmont continue to evaluate the potential of the prospect.

    Newmont have identified previously unrecognised vein zones at the WKP prospect through a programme of detailed mapping, rock and soil sampling and CSAMT resistivity surveying. Drill testing is planned.
    But Newmont has declined to earn another 10% into Glamorgan/Wentworth/Goldwyn through completing a feasibility study for mining there, as advised by GEL. 0.2g/tonne is not exciting.

    So perhaps of more interest is WKP to the south, in a JV permit, and it's also closer to Newmont's operation. I think it's only 11km north. Note that GEL would probably end up with just 20% of the equity (read profit) from any mining there, under the terms above.

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