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  1. #351
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    Yep went for low maintenance and something I can work on,you live in trail bike heaven,did gold up in the Nevis years ago,wish I had my XR500 with me,don't worry if I ever get down your way with my bike will be catching up for a blast.

    The forestry up here is stuffed now days not like when we were younger had miles of mint fire breaks to ride.

    Cheers
    Miner

  2. #352
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    On 19th May, GEL were granted an EP52700 "Wakapatu", for 204Ha near two other permits, Round Hill area, Southland. That's quite a way out of their normal area. Anyone have any ideas about this?

    Today a GEL press release, books for the last quarter to 31th March, but no figures, and no new management discussion details either. It's also not posted to the website in advance, but that's not unusual.

  3. #353
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by elZorro View Post
    On 19th May, GEL were granted an EP52700 "Wakapatu", for 204Ha near two other permits, Round Hill area, Southland. That's quite a way out of their normal area. Anyone have any ideas about this?

    Today a GEL press release, books for the last quarter to 31th March, but no figures, and no new management discussion details either. It's also not posted to the website in advance, but that's not unusual.
    They mined gold back in the late 1890's at round hill have been reading the "Gold baron" on Mr Ewing of late --so much gold round these parts --in one wash at tinkers Alex they found 800oz gold--I'll be happy just to find 1 oz
    Last edited by JBmurc; 31-05-2010 at 07:18 PM.
    "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

  4. #354
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    Hi JB, how's it going? Sounds like a good book, (John Ewing). Is Tinkers near the same area?

    http://www.doc.govt.nz/conservation/...ts-water-race/

  5. #355
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by elZorro View Post
    Hi JB, how's it going? Sounds like a good book, (John Ewing). Is Tinkers near the same area?

    http://www.doc.govt.nz/conservation/...ts-water-race/
    Tinkers in just north of Alexandra --yeah the book is a great read is the second I've read on the central otago gold boom days (there's got to be still a huge amount of gold left round here when you read how much they discovered with 1890's technology.....can't wait for summer will be out with my metal detector looking for a seam of gold bearing grounds ---have been studying small gold operations plants etc is something I'm very keen on looking into further .......here is some great Utube links I watched today--

    http://www.youtube.com/watch?v=2Lbk0RjKRP4
    http://www.youtube.com/watch?v=3AM2F2SZPAU
    "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

  6. #356
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    Quote Originally Posted by JBmurc View Post
    Tinkers in just north of Alexandra --yeah the book is a great read is the second I've read on the central otago gold boom days (there's got to be still a huge amount of gold left round here when you read how much they discovered with 1890's technology.....can't wait for summer will be out with my metal detector looking for a seam of gold bearing grounds ---have been studying small gold operations plants etc is something I'm very keen on looking into further .......here is some great Utube links I watched today--

    http://www.youtube.com/watch?v=2Lbk0RjKRP4
    http://www.youtube.com/watch?v=3AM2F2SZPAU
    The first video looked good, almost enough info to build one?

    Someone blogged on another share forum their secret to wealth: Start a business and grow rich slowly.

    The guy might be right, a setup like you see there gives you an edge anyway. You just need to find a decent amount of good grade alluvials, and get a permit of course.

  7. #357
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by elZorro View Post
    The first video looked good, almost enough info to build one?

    Someone blogged on another share forum their secret to wealth: Start a business and grow rich slowly.

    The guy might be right, a setup like you see there gives you an edge anyway. You just need to find a decent amount of good grade alluvials, and get a permit of course.
    yeah I'd say it would be worth a few dollars yet it's all about costs to revenue from production even a very small production of gold say 3-4oz per day will yeild min 600oz on 200days of work -gross revenue 1mill+ NZD(----I will be playing round with a decent detector this summer know many areas worth a explore Tinkers,Carrick ranges,poolburn,skippers,old man women ranges
    their is no-way even 10% of Central otago's gold has been discovered IMHO such a vase hard land
    "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

  8. #358
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    Best of luck with the detector purchase JB, you might need to swap it with some silver..

    The Glass Earth website has been updated with the quarterly records. There's a lot to read, only skimmed it. I can see that there was a need for cash to pay some bills on 31st March, should be all OK now.

    Mention is made of the permit commitments looming, desire to hold these or extend. Look at the maps: now have an area on the West Coast, and one in Southland. The West Coast block looks very big, fairly sure it includes lots of permits, notably Placer Gold Resources has a permit in the area. No mention of any of this in the MD&A.

    Cash in: CAD $100,000 might be from the placer mining. Still only $88,000 of mining gear on the books, compare that to the 8mill new excavator ordered by OGC .

    http://www.glassearthlimited.com/financial.html
    Last edited by elZorro; 05-06-2010 at 10:00 AM. Reason: Had a quick look on Crown Minerals site

  9. #359
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    Press release out this morning:

    GENERAL: GEL: GLASS EARTH GOLD CLOSES PRIVATE PLACEMENT 08:31a.m.
    GEL
    11/06/2010
    GENERAL

    REL: 0831 HRS Glass Earth Gold Limited

    GENERAL: GEL: GLASS EARTH GOLD CLOSES PRIVATE PLACEMENT

    Wellington, New Zealand, June 10, 2010.

    GLASS EARTH GOLD CLOSES PRIVATE PLACEMENT; $2.7 MILLION TO BE SPENT ON
    EXPLORATION

    Glass Earth Limited (TSX-V: GEL; NZAX: GEL) ("Glass Earth") is pleased to
    announce the completion of the second and final tranche of a non-brokered
    private placement previously announced on April 29, 2010.

    Simon Henderson, President and CEO commented, "This year, so far, has been
    very gratifying. We have been operating our placer gold mining site at
    McAdies since December 2009, from which gold sales are offsetting our G & A
    expenses, for the most part. As a result, the private placement funds we have
    raised will be predominantly spent on the ground, drilling four identified
    and ready to drill targets. We are planning a 27-drill hole program at Muirs
    Reef to confirm and hope to expand its historical non NI 43-101 resource of
    390,000 oz @ 1.5 g/t Au. Elsewhere in the South Island, we will drill three
    other targets that we believe have 'game-changing' potential for our
    Company."

    In the final tranche a total of 4,981,500 units (the "Units") at a price of
    C$0.20 per Unit were issued, for gross proceeds of C$996,300. Each Unit
    consists of one common share priced at C$0.20 and one share purchase warrant;
    each warrant entitling the holder to purchase one additional common share at
    a price of C$0.35 expiring two years from the closing date.

    All the securities are subject to a 4-month hold period and may not be traded
    until October 8, 2010.

    Combined with the first tranche, Glass Earth issued a total of 13,650,500
    Units for a total cash consideration of $2,730,100. The Company now has
    46,335,026 common shares issued and outstanding; 63,822,526 fully diluted.

    As mentioned, the proceeds from the financing will be used to complement cash
    generated from the Company's placer mining operations and for drilling,
    exploration and development purposes.

    The Company also announces that, pursuant to an agreement dated April 21,
    2010, it has agreed to issue 100,000 common shares to an arm's length lender
    for loaning the Company NZ$100,000 (approx. C$79,780) on an interest free
    basis. The loan is to be repaid to the lender, without interest, on or
    before September 30, 2010 and the shares are to be issued in lieu of
    interest on the loan.
    The issuance of the shares to the lender is subject to
    acceptance by the TSX Venture Exchange.
    Cripes! Good that we'll see some big progress at Muirs (fairly average grade mentioned though) and three "other" SI sites.

    But: 2nd/3rd tier bridging finance from within NZ? at a big cost, 30% for less than a year interest (OK, some risk in selling those shares for 30c perhaps). The major money for the tranche seems to have come from Canadian investors, this time non-brokered.

    I hope those drills find some gold.

  10. #360
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    This helps to explain why GEL has a new permit in Southland perhaps.

    Miner confident of finding gold
    The Southland Times, May 25, 2010 | by CRAYTON-BROWN Kimberley

    A LARGE block of Southland land could soon be mined for gold if mineral prospecting yields good results.

    Crown Minerals has granted a prospecting permit to Alexandra's Goldmines New Zealand, for a 151.4 square kilometre section of Southland from Colac Bay to Te Waewae Bay.

    Company director Bob Kilgour said he had been planning to prospect the area for three years, and was hopeful the area could again be mined for gold.

    "There was still mining there in 1954. That's quite recent," he said.

    Now that the permit had been granted, Mr Kilgour and a small team would investigate the area and meet the land owners. Mr Kilgour expected the prospecting would take less than a year to complete.

    Once the prospecting had been completed, and as long as all restrictions and conditions of the permit had been met, an exploration permit would be applied for.

    "We're not flying blind. It won't take long to select areas to explore," he said.

    He said the price of gold would not "stay up there forever", and New Zealand should make the most of the minerals it had. Gold is currently NZ$1700 an ounce.

    "Look across the Tasman, their business is booming," he said.

    He compared the Queenstown Lakes District tourism profit last year to OceanaGold's. The mining company made more than three times the amount tourism did.

    "Quite extraordinary, isn't it?"

    He applauded the Government for its support of mining, and the stand that it had taken against anti-miners.

    "Mining companies today clean up. We mine farmers' paddocks and restore them all and they are the same as when we started," he said.

    "The only thing we've done is removed the gold and created wealth."

    He said the wealth would circulate and benefit the whole country. It was small compared to farming in New Zealand, he said, but it would still add to the country's wealth.

    kimberley.crayton-brown@stl.co.nz

    Southland Times, Copyright of Fairfax New Zealand Limited 2009, All rights reserved.
    Provided by ProQuest Information and Learning Company. All rights Reserved.
    Interesting: have a look at this permit on the West Coast, also belonging to Goldmines NZ Ltd (100% owned by the Kilgours).

    http://data.crownminerals.govt.nz/Pe...x?permit=39337

    It is the area shown on page 6 of the latest MD&A put out by Glass Earth. Maybe it's a JV.

    http://www.glassearthlimited.com/pdf...da_31mar10.pdf

    Someone on Stockhouse wondered what the placer gold returns were. There is CAD$100k shown as Revenue in the lastest quarter, but also 94K of 'Cost of Revenue' expenses!

    GLASS EARTH GOLD LIMITED
    (A Development Stage Company)
    Consolidated Statements of Operations, Comprehensive Loss and Deficit
    (in thousands of Canadian Dollars, except per share amounts)
    3 months ended March 31 2010
    (Unaudited)
    3 months ended
    March 31
    2009
    (Unaudited)
    $ $
    Revenue 100 - (no income for previous year's period)
    Expenses
    Amortization 12 17
    Cost of revenue 94 - (no corresponding cost here either)
    Consultancy fees 19 24
    General and administration 57 54
    Professional fees 18 5
    Registry and filing 21 11
    Salaries 54 42
    Stock-based compensation (Note 5(c)) - -
    Travel and accommodation 25 13
    (300) (166)
    Loss for the period before the undernoted (200) (166)
    Exchange translation gains 7 169
    Interest Income - 8
    (Loss)/Profit before Income Taxes (193) 11
    Income tax recovery (Note 9) - -
    Net (Loss)/Profit and Comprehensive (loss)/profit for
    the year (193) 11
    Deficit - beginning of year (9,531) (6,856)
    Deficit - end of period (9,724) (6,845)
    Loss per Share - Basic and Fully Diluted (0.01) (0.00)
    Weighted average number of basic and fully diluted
    common shares outstanding during the year 31,419,189 30,980,526
    (The accompanying notes are an integral part of these consolidated financial statements.
    Last edited by elZorro; 02-07-2010 at 08:21 PM.

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