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  1. #331
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    Default CHFIR site updated, check details of INCOME

    Glass Earth Gold Limited (Toronto: TSXV: GEL / New Zealand: NZAX: GEL) is one of the largest New Zealand-based gold exploration companies exploring a land position of over 17,000 km2 in the North and South Islands. GEL maintains its objective to discover new large gold deposits in NZ, and it is currently mining placer gold under its giant Otago permits to provide funding for its ongoing hard rock gold exploration.

    New Zealand has a strong history of gold mining, including:

    The Hauraki Region, an historic gold province, currently host to the 10M oz Martha Gold Mine, owned by Newmont Mining;
    In the Otago Region, in excess of 8 million ounces of placer gold has been recovered since the first gold rush in 1861. The vast Otago Region is also host to the 7.2Moz Macraes Gold Mine (OceanaGold Limited), a major mesothermal hard-rock gold deposit.

    HIGHLIGHTS:
    GEL holds permits over four distinct gold regions likely to contain new gold discoveries
    Newmont is funding the Hauraki Region
    Potential to JV with the Muirs Reef Project
    Exploration funding generated by mining at Ophir & alluvial deposits
    Exploration potential and ground holdings are intact and impressive

    READ THE GLASS EARTH GOLD ARTICLE IN CHF SPOTLIGHT, ISSUE NO. 41.
    OTAGO REGION
    Otago Region has had a historic placer production in excess of 8 million oz Au since its first gold rush in 1861. Otago Region is also host to the 7.2 million oz Macraes Gold Mine (OceanaGold Ltd.), a major mesothermal hard rock gold deposit.

    GEL is moving directly to mining alluvial gold and small hard rock resources under its extensive regional portfolio of Otago permits to take advantage of record high gold prices.

    Placer Mining at McAdies, Ida Valley commenced in mid-December 2009 following the grant of Mining Permit 52 018 on 10 December 2009. Weekly production is in line with expectations and Glass Earth is delighted to commence modest gold production.

    Consents for the Gun Club placer gold project, Ida Valley have also been granted as well as Mining Permit 52 021 (on 22 January 2010).

    Together with the 40 tonne placer gold plant currently leased out on the Earnscleugh Project (L&M Mining – nearby at Alexandra), Glass Earth intends to have three placer projects contributing to gold production/cash flow in the first quarter 2010. Cash generated from these projects is expected to significantly contribute to Glass Earth’s corporate operating expenses.

    Alluvial Highlights:
    • Mining commenced at McAdies (Ida Valley)
    1,000 oz Au production can earn $20,000/week

    • Processing at Earnscleugh (100 t/h plant)
    250,000 oz Au – L & M Mining
    GEL contracting plant (currently in test phase)
    can earn $3,000/week

    • Mining at Nevill’s (Ida Valley) anticipated for Q1 – 2010
    3,500 oz Au production can earn $20,000/week


    HAURAKI REGION
    Hauraki Region is a historic gold province, currently hosting the 10 million oz Martha Gold Mine owned by Newmont Mining.

    Newmont continues to operate this joint venture on Glass Earth’s significant ground position in this region, centred on Newmont’s Waihi/Martha mine (above picture). Newmont is aggressively exploring for the next major gold discovery to feed its mill. Newmont advised GEL that it has earned its initial 65% equity in the Northern Hauraki Joint Venture area and continues to earn in to the permits subject to the Central and Southern Hauraki Joint Venture areas.

    Drilling at the Goldwyn prospect (3 diamond drill holes) was completed with the best intersection being 46.7m @ 0.2 g/t Au from 99 m. Newmont’s efforts continue to evaluate the potential of the prospect.

    Newmont has 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.


    MARLBOROUGH REGION
    A programme of stream sediment and pan concentrate sampling was undertaken in the Marlborough region to investigate the potential for mesothermal gold systems outside the zones of known historical workings. In addition, sampling and mapping around the historical mining areas (Wakamarina/Wairau goldfields) was done to determine the mineralisation styles and to seek both extensions to the previously identified vein systems or parallel veins.


    MANAGEMENT AND DIRECTORS

    MR. SIMON HENDERSON, MSc BSc (Hons), member, AusIMM - President and CEO:
    Mr. Henderson is a founding shareholder of Glass Earth and is a geologist with over 30 years experience in the gold mining and exploration industry.

    MR. JOHN DOW, Chairman (non-executive):
    Mr. Dow is a geologist, joining Newmont Australia in 1978, culminating in him being appointed Chairman and Managing Director of Newmont Australia (previously Normandy Mining Limited) in April 2002.

    MR. PETER LIDDLE, CFO and Company Secretary

    MESSRS RICHARD BILLINGSLEY, PAUL C. JONES and STEVEN BURNS (Canadian/North American based non-executive Directors) provide valuable guidance in their respective areas of exploration, mining and finance.

    Glass Earth is now at the target specific drilling stage in three regions: Hauraki; Mamaku and Otago. Key targets in those areas are:

    • WKP in Hauraki (Newmont funded)
    • Muirs in Mamaku
    • Serpentine in Otago.
    • Rise & Shine gold prospect in Otago.

    Glass Earth is well placed to achieve this in terms of:
    Its extensive ground position;
    Experienced management;
    Its funding and contributory joint ventures.

    Symbol/Exchange GEL: TSX Venture
    Shares Outstanding 32.7 M (after 1:5 consolidation in 2010)
    + Text Size - Text Size Print Page Email Page Top of Page
    Company Stock Information
    Exchange TSXV
    Exchange Symbol GEL

    Investor Relations Contacts

    Simon Henderson
    President & CEO
    Glass Earth Gold Limited
    +64.4.903.4980
    simon.henderson@glassearth.co.nz

    Jeanny So
    Director of Operations
    CHF Investor Relations
    +1 416.868.1079 x 225
    jeanny@chfir.com

    Content last updated on 04.14.10
    Without a timeline on how long it takes to recover the alluvial gold, it's hard to say what the grades are, or even what portion of the income GEL gets to keep (maybe 50%?). If you add all the income up and assume it carries on for a full year, it's over CAD$2mill, compared to the cost of the admin overheads ($1.3mill). Note this won't be paying for a lot of exploration though.

    But, it's a lot better than no income, all spend.
    Last edited by elZorro; 15-04-2010 at 04:02 PM. Reason: The site started working again

  2. #332
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    Default

    Here's part of a new article I found doing a quick check, can't get at the rest of it. Ounces recovered from McAdies look like about 150g/day at best.

    April 20, 2010

    Glass Earth Is In Pole Position In New Zealand As Gold Mining Comes Back To Life Under The Conservative Government
    By Charles Wyatt

    After nine years in power the Labour Government in New Zealand gave way to the Conservatives about a year ago, and already a more positive attitude towards mining has become apparent. This is good news for Simon Henderson, chief executive of Glass Earth, which has the biggest exploration acreage of any company in that country, with a presence on both islands. Glass Earth is listed in Toronto as well as New Zealand, and Simon is currently on a quick visit to London, which may be a bit prolonged if the volcanic revenge from Iceland on our banking system does not disappear soon. He is on his way to Canada to get an update on a funding which should raise around C$3 million. With that in hand Glass Earth should be firing on all cylinders once again. The company had a particularly bad time in the 2008/9 fall-out as a major shareholder, St Andrews Goldfields, threw all its shares out of the window in panic and knocked the Glass Earth price so hard that Simon did not feel that he could raise any funds without undue dilution to existing shareholders.

    Instead he resolved to generate cash flow from alluvial mining near the seven million ounce Macraes gold mine operated by Oceana Gold on the South Island. As partner, on a 50:50 basis, he took a very experienced operator called Bob Kilgour of Dunstan Mining. The new partner had all the necessary equipment, and so modest production of between 20 ounces and 25 ounces per week was in place early this year. Now the operation is being expanded as Placer Gold International, which Simon describes as a...

  3. #333
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    Default Some figures to work with..

    Thanks for that Yankiwi, I was expecting there would be a few choice bits of information in the rest of the article.

    This item is written by the same reporter that produced a similar article a while back, some of the same phrases used. You have to have a bit of a sideways look at the text, and do a bit of filtering I think.

    Simon sounds a bit like an insurance salesman closing the deal on a new policy, heading overseas for the CAN$3mill cheque..and Placer Gold International (German-Swiss financing) is required for a small amount of capital to help with some alluvial work.

    We are all still waiting here for the annual report, which is about a month late (books closed off on Dec 31st).

    One of the more interesting gems in the article:

    While the precise details of Placer’s intervention are being worked out, production from the joint venture with Dunstan is advancing towards 50 ounces per week, and this will be enough to fund all Glass Earth’s basic overheads.
    This implies that the weekly output from Nevills and McAdies is likely to be 50oz/week. That's a turnover of about NZ$50,000 per week. But I suspect Dunstan Mining will take overheads and costs out first, and half of the leftover (gross profit) will go to Glass Earth. But let's assume the gold is split 50/50.

    The gear at each permit is running at possibly 80tonne/hr, so in an 8 hr day produces 50oz/2 sites/5days = 5oz gold. That's 0.62oz/hr, a rough grade of 0.24g/tonne. I'd expect it's better than that, and the plant is not running for a full 8 hours to recover the gold. But in any case, the grade is low.

    Can this plant be run for about $620 per hour profitably? Two diggers, 3-4 people, diesel/power, breakdowns, etc, per site. It looks a bit marginal to me. It would be OK if the diggers were your own, and had already been paid off on other jobs.

    WKP could be big I admit, but GEL's share would be 20%. Muirs could be the best prospect GEL has at the moment, I hope there's plenty of gold around the 1oz/tonne grade (26g/tonne) that was found when it was mined earlier. (Hmm, Muirs does look good..)

    I still hold GEL, but we need good clear communication from the company, and you have to compare GEL's performance with other companies like OGC, who do have lots of proven gold in the ground, and are finding more with astonishing regularity. They have the cashflow and financing to get out there and drill for it.
    Last edited by elZorro; 23-04-2010 at 10:05 AM. Reason: Historical mistake in maths comparing oz with g..

  4. #334
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    Default We've got all weekend to have a look at this

    Some details about the 3mill private placement:
    http://finance.yahoo.com/news/Glass-....html?x=0&.v=1

    The annual report is out, very scant details on the web though:

    http://www.stockhouse.com/News/Canad...aspx?n=7720595

    What the?? heard of this one?

    Acquisition costs of $314,000 (NZ$420,000) were incurred in respect of an unsuccessful bid for significant mining and exploration assets in theTanami Desert, Northern Territory, Australia;
    Geez, we'll be needing a fair bit of gold from McAdies to pay for that one..

    Was it this?

    http://www.ntnews.com.au/article/201...-business.html
    Last edited by elZorro; 03-05-2010 at 09:30 PM.

  5. #335
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    Default

    Glass Earth Gold posts loss (Stuff.co.nz)
    NZPA Last updated 13:29 03/05/2010

    Gold exploration company Glass Earth Gold reported a 2009 loss of $C2.68 million ($NZ3.62 million), with $C2.36m of capitalised exploration expenses written off in relation to relinquished ground that contained targets associated with those expenditures.

    Total exploration spending for the year was $C2.6m, of which $C1.1m was contributed by other parties, Glass Earth said today.

    During the year, drilling, ground-based resistivity surveys, mapping, sampling and interpretation and analysis were carried out in the company's exploration areas.

    "Useful" cash contributions were being generated by placer mining _ the mining of alluvial deposits for minerals _ that started in Central Otago in December, and from a jointly-owned gold recovery unit leased to another mining operation at the time, Glass Earth said.

    It planned to start another placer mine in mid-2010, and the company had also recently signed a letter of intent with a venture partner to provide funding of up to $1.5m to develop two placer mines.

    Those initiatives were expected to generate significant contributions towards cash requirements, the company said.

    By Friday, $C1.7m of signed unit subscription agreements had been received to take up shares and warrants in a private placement offer seeking to raise $C3m.

    A rolling 12-month budget had been prepared that allowed the company to continue as a going concern based on committed funding, cash budgeted from mining activities, and contributions from joint venture partners.

    Directors were also confident that additional subscriptions to its placement would be secured in the next few weeks, which would allow for more exploration spending.

    Along with Otago, Glass Earth's main project areas are the Hauraki, Mamaku-Muirs, and central volcanic areas.
    Not too exciting, but note that some more probable? figures have been linked to Muirs, 390,000oz at a grade of 1.5g/tonne.

  6. #336
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    ODT article for today:

    Glass Earth after more exploration cash
    Home » News » Business
    By Simon Hartley on Tue, 4 May 2010
    News: Business | Glass Earth | gold mining
    Click photo to enlarge
    Listed Glass Earth Gold - which has spent more than $24 million in gold exploration during the past three years - is seeking a private placement of up to $4.2 million to finance exploration, including four gold targets in Central Otago.
    Glass Earth has already raised more than $2 million of the $4.2 million and chief executive Simon Henderson is confident the balance will be raised during the next two weeks.

    "We have five good targets in mind, one in the North Island and four in the South," he said.

    The $4.2 million would be used for exploration drilling at one site in Te Puke in the North Island and four others in Central Otago, including a hard-rock target in Ophir.

    Craigs Investment Partners broker Peter McIntyre said the placement was timely for Glass Earth, considering the amount of cash poured into the past three years' exploration.

    "Their [financial] situation is looking a lot more promising than it was 12 months ago.

    They have been whittling away [cash reserves] but some of that exploration work is taking shape and showing good potential," Mr McIntyre said.

    Separately, in mid-March Glass Earth went into partnership with Placer Gold International Corp, with the pair holding permits for adjacent prospects in the Manuherikia Valley, near Alexandra.

    Placer Gold is expected to fund initial development costs up to $250,000, for a 30% stake in the targets, and has an option to put $500,000 in for plant and equipment to gain a total 50% stake.

    Mr Henderson yesterday said access was still being negotiated for the Manuherikia targets, and if that was finalised soon, exploration work could possibly begin by the end of the month.

    Glass Earth's cash in hand had fallen below $1 million by December last year, the company having spent more than $24 million since dual-listing on the Toronto and New Zealand stock exchanges in October 2006, focusing mainly on exploration around Otago.

    To create cash flow it is processing ore, recovering "modest" amounts of gold from its McAdies Ida Valley permit, and expects to cover the year's expenses.

    Mr Henderson said the results from bulk testing at Ophir were sent to a Canadian company to determine recovery rates and assist in designing a bigger gold-recovery plant.

    He expected the report to be released soon.

    • In early December, Glass Earth posted a third-quarter loss of $218,000, leaving working capital of $934,000.

    A month earlier, it completed a Canadian private placement, raising $640,000.

    In the previous full year to December 2008, Glass Earth spent $4.1 million on exploration and booked a $1.3 million loss, having a year earlier recorded a $2.68 million loss.

  7. #337
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    Default Annual report on GEL site

    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....

  8. #338
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    Default Well worth reading

    How to find gold with a metal detector near Poolburn, German Hill, Moa Creek, etc.

    http://forum.treasurenet.com/index.p...c=278115.0;all

  9. #339
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    Default

    You are correct - well worth reading.

    They make it all look so easy.

    As an aside GEL up 40% in Toronto in the last 2 weeks. Admittedly off a low base.

  10. #340
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    Quote Originally Posted by Cannibal View Post
    You are correct - well worth reading.

    They make it all look so easy.

    As an aside GEL up 40% in Toronto in the last 2 weeks. Admittedly off a low base.
    Hi Cannibal, yes, that glittering gold...maybe GEL should try some of these as plant. I was thinking that JBMurc could get one of these detectors, trade in his gold pan..

    Should we be looking harder at Serpentine and Game Hen?

    http://www.odt.co.nz/news/business/3...ago?page=0%2C0
    Last edited by elZorro; 06-05-2010 at 06:47 PM.

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