The actual records for GEL's permits are now differing from the website's table by a significant amount. I've attempted to attach a pdf of the spreadsheet I keep current, based on the NZPAM public filings.
So the current details are:
Total area in unexpired permits is 1376 km2, at a cost of about $465,000 a year in fees.
Also applied for, another 7388 km2, see table.
While I wouldn't think GEL is allowed to do any exploration over these applied-for areas at the moment, in some cases they have held the permit previously as part of larger areas, so they have kept other parties out of the areas of interest.
Note the Komata area has been dropped, which is a large permit that surrounded the Talisman Mine across from Waihi. That makes it obvious that the latest map associated with the Q1 MD&A is incorrect, and the phrase (oft-repeated) about the total area under exploration is also technically incorrect.
While the MD&A report is more accurate, here's the phrase from the very latest press release, which advises that a clip from the editorial video has been posted around the web.
Glass Earth Gold is one of New Zealand's largest gold exploration companies, with its experienced geological team exploring promising gold prospects across a land position of approximately 10,000 square kilometres, in both the North and South Islands.
The "work in progress" page on the website was a good idea, except it hasn't been updated for 6 months..
I am putting all this in one place at the moment to illustrate that, contrary to their legal requirements as a listed company, management is not being proactive at supplying timely information to the market, and is regurgitating old data without checking for accuracy. And that's a polite version of what I'm seeing.
That appeared to be hard work, and about 1/3 of the funds were from investors introduced to the company by other parties, so there was a commission fee of 6% paid for those. Note that the company is still apparently exploring near enough to 10,000 sq km....yeah right.
GEL shares are selling for about C18c to C18.5c overnight, small volume.
Around 14 June 2012, the company Goldmines NZ Ltd shed Bob Kilgour as a shareholder, and on 19th June Dunstan Mining Ltd was renamed Glass Earth Mining. Shareholding status at the Companies Office is now 100% Glass Earth Gold's. GEL still has to make 25 monthly payments (in gold maybe?) to complete the deal. Peter Liddle and Simon Henderson are directors of both companies.
Well, my post must have worked. The GEL website has been updated on the current projects page, as at yesterday. There is no new data as far as I can see, it's just up to date again, for the first time in a few months. The current permits are also shown, along with their areas this time, in Ha or km2. No total, but if you add the granted permits up, it's about 123,436 Ha, or 1234 km2.
Just a few words on each major exploration area. We'll have to wait for any new info. I wonder how the GRUs are going at Drybread?
From the ODT, nothing new, but there are the payments stretching out for 25 months.
Another earlier article adds some news: the three GRUS require about 20 staff to run them, and the target is 110oz of gold a week. GRU#1 should be almost running by now, based on the timing in the article.
Heckler is the family name running the sheep farm at "Drybread", the location being called Lauder Creek. 42 ounces of gold a week from both Gunclub and Drybread is short of the intermediate target of 110 ounces, the longer term target being 144 ounces a week for 7,500 ounces a year.
If we extrapolate C$700 profit per ounce from the higher volume scenario (the profit could be a lot less for now), 42 ounces will do little more than cover the $80,000 a month payments that are needed for Bob Kilgour. In turn this means that one or more GRUs will need to be doing longer hours than currently.
But this is all a big step in the right direction, 20 staff working the GRUs and 10 staff doing exploration work elsewhere.
This is a bit of PR from Glass Earth, in the ODT on 20th June. Might be worth figuring out what the various permit names are, in the description of the GEL placer sites.
Did anyone see Glass Earth all over the news on TV3 tonight? The weekly gold recovery figure quoted was 80 ounces, nearly twice the last figure we have been given. This would be from all three GRUs. If it is correct, this implies the grades are good.
A landowner with the surname Moran was interviewed, and Simon Henderson had a small spiel too.
I received an email from Andrew Hamilton (GEL head office IT) today, clarifying where the GRUs are, and this has helped my understanding of the Drybread area.
With regards to the GRU’s:
#1 is at Morans, #2 is at Nevilles, and #3 is at Hecklers. I would have to check if you really want to know, but I’m fairly sure all three are owned by GEGL.
I was down in Alexandra last week and had a trip out to the Drybread site to see the operations for myself, and was impressed. We’ve got a few nice photos I’ll try and get uploaded onto the webpage, and if the videos I did on my phone are any good I’ll put them on too.
The decision regarding names was to not use Farmers names in any public communication, however as we routinely use them internally this hasn’t been strictly adhered to. As such the 3 sites at Drybread should be referred to as Drybread 1, 2, 3 not Hecklers/Morans/Groundwater, and I’ve not heard Lauder Creek before.
Regards, Andrew Hamilton, Glass Earth Gold.
Looks like the Moran farm might be near Muddy Creek Road, which would be to the south of the Hecklers homestead, still on the Drybread permit. See the topo map in this earlier post.
Thanks El...again...in fact just arrived back from Alex...(went for deer...got goats only)....had I have been aware of the Drybread site...I would have called in....
PS....bloody cold down there....minus 7-9......about 3 during the day......still its pretty much heaven....cheers
Thanks El...again...in fact just arrived back from Alex...(went for deer...got goats only)....had I have been aware of the Drybread site...I would have called in....
PS....bloody cold down there....minus 7-9......about 3 during the day......still its pretty much heaven....cheers
...have been buying GEL....hold 15000....
where'd you go to shoot the deer/goats me n mate going for a shot tomorrow
"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
I've just had some wild pig/deer sausages we bought in town, for dinner, does that count? You SI guys should start a new thread on hunting, or at the very least cruise past Drybread and take some photos for me...
My cousin did the Otago Rail Trail bike ride recently and I'm very envious.
I have figured out that Groundwater is probably another farm on the other side of Glassford Road, to the west of the Heckler area. Part of this farm must be on the permit.
...JB....you know the rules....deer and that .....just over the hill......that way.....
Dear el....no...it does not.....re the ORT......its great but make sure you have the prevailing wind.......behind you........its a flat ride......but.................
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Originally Posted by troyvdh
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