AXG - Antipodes Gold [formerly GEL - Glass Earth]

[Aotea]

gidday EZ,
hey mate, you need to empty your mailbox..sent you a pm, but it bounced...

[elZorro]

Hi Aotea, long time no hear..I deleted a few, sorry about that.

I found this article about Chinese goldminers. It makes frequent mention of Round Hill, as it was one of their biggest camps in NZ. It looks like the famous NZ gold dredges were first designed by a Chinese engineer, and then copied. Very interesting, well worth a read. The Labour Government made a formal apology to the Chinese population of NZ for some historical policies, just a few years ago.

http://www.stevenyoung.co.nz/The-Chi...-in-Otago.html

Map of the permit..https://data.nzpam.govt.nz/PermitWeb...x?permit=52700

The nearby mining permit (41145) is owned by Coastal Minerals Group Ltd. http://data.nzpam.govt.nz/PermitWebM...x?permit=41145

The much larger prospecting permit 39336 is owned by Goldmines NZ Ltd, wholly owned in turn by Bob Kilgour and family. http://data.nzpam.govt.nz/PermitWebM...x?permit=39336

It would seem that there is more down here than gold. All three permits have spread the mineral resources list out a bit. Platinum is a big contender.
http://gyrosgarage.com/Orepuki.php

[elZorro]

Here's a background from NZPAM /Crown Minerals on Platinum prospects in NZ. The Longwood Range in Southland looks to be the go.

http://www.nzpam.govt.nz/cms/pdf-lib...1916_5_PGM.pdf

The Wakapatu permit is quite near the coast, follows a road, so may be one property. Curious it's in the shape of a begging dog, or is that my imagination?

More minerals data: PGM placer deposit.http://www.mindat.org/loc-68868.html

[elZorro]

Glass Earth has applied to NZPAM for another Prospecting Permit, this time on the West Coast. Un-named PP53911, 2508 Hectares, and in a very interesting spot in Reefton! Looking for all minerals.

[elZorro]

Looks like GEL is making a habit of exploring near existing mines.. EP40598 (35% JV with newmont) has been extended to include the area that was held aside around the Golden Cross mine. See post #430. http://data.nzpam.govt.nz/PermitWebM...x?permit=40598.

GEL owns PP50950 (6131Ha) and EP40838 near Macraes, and has applied for PP53911 beside Globe Progress in Reefton. OGC is holding adjacent permits EP50438, 40604, MP41164, see previous post.

I have a table of the GEL permits that I found, so far there are about 28 current permits and another 23 in progress with NZPAM. There might be more JVs with Ophir that I haven't counted. The total area is about 870,000 Hectares, over 3% of the land area of NZ.

Glass Earth is at the leading edge of a growing group of explorers getting poised for a commodities boom already prevalent in Australia, where gross income from mining is over A$210 billion per year, and employs nearly 700,000 workers (although much of their mining industry is foreign owned). Note: income of A$300,000 per employee, sounds profitable.

http://www.theaustralian.com.au/nati...-1226132689353

With this background, I can't see any other reason for GEL to look for a prospecting permit on the West Coast near OGC's Globe Progress mine, except to say "Here we are, we're on the map".

http://www.theaustralian.com.au/busi...-1226131726042

[elZorro]

I noticed that Placer Gold International has applied for a PP53402. Googling a bit, I found the firm's website, been looking for awhile, so it might be new. PGI have been mentioned as a JV partner for Glass Earth.

First, here's the team: http://placercorp.com/index.php?id=11&L=1

And have a look at this image: http://placercorp.com/index.php?id=3&L=1 This is the GEL/Dunstan Mining big GRU#1, probably seen here at Earnscleugh before removal. It's on the way to the Drybread permit near St Bathans, Q4.

Vinegar Hill is one of the JVs PGI mentions, near St Bathans. Looks like rich gold in areas, up to about 40g/tonne over an interval in a shallow hole. http://placercorp.com/index.php?id=22&L=1

There are some interesting bits of info about Glass Earth's areas. With quite a few JVs going on, it's hard to keep track of it all.

This is probably a discussion on the area around McAdies and Gunclub, Ida Valley. http://placercorp.com/index.php?id=24&L=1

In their own right, PGI have EP51820 and are looking for the surrounding PP53402 in Southland. Not so hot on the Mcap front ..http://www.bloomberg.com/apps/quote?ticker=BPK:GR

Glass Earth does have other connections on the West Coast: they are the operator of two permits Goldmines NZ Ltd are applying for.
EP53378 and EP53379 (two rivers). Both fairly big. http://data.nzpam.govt.nz/PermitWebM...lication=53379

An excerpt that I hadn't read well enough from the Q1 report:

[QUOTE] Placer exploration & mining is conducted under a 50/50 joint venture with an experienced placer miner in the Otago region (Goldmines New Zealand Ltd and the related mining company, Dunstan Mining Ltd). In Q1, the first generation of cash from these placer initiatives was recorded. Costs associated with the exploration and establishment of theseoperations is being amortized rapidly against revenue as a conservative approach.The first placer mining at McAdies commenced in December 2009 and finished in October2010 with the replacement operation at Gunclub commencing in December 2010.In March 2010, Glass Earth (and Goldmines New Zealand Ltd) entered into a joint venture with Placer Gold International to carry out drilling and bulk sampling at Vinegar Hill in the Manuherikia valley (the 2 target areas are referred to as Shepherd’s Flat and Nicholson’s Lake). Historically, the site was mined by sluicing and hydraulic elevators. Placer Gold will provide up to NZ$250,000 (circa C$190,000 for each of Shepherd’s Flat and Nicholson’s Lake to prove up the resources in return for earning a 30% equity. Should Placer Gold wish,it can provide further funding of NZ$500,000 (circa C$380,000) per target for capex to earn a total of 50%. The NZ$500,000 funding is preferentially repaid out of mining profits.

In October 2010, the Company purchased 50% of Dunstan Mining Ltd, thereby securing access to mining equipment and related resources. All mining equipment is held by Dunstan Mining including the 40 tonne Gold Recovery Unit leased to another mining project.Net cash generation from the Company’s 50% share of placer operations totaled $357,000 for the year, with the Q4 contribution reduced due to rehabilitation work at McAdies and the initial set up at Gunclub.Planning is underway to commence a further 2 mining operations and a franchised arrangement – all to run concurrently with Gunclub. The leased gold recovery unit is expected to be returned to Dunstan Mining in June 2011 and a third gold recovery unit is being built.[QUOTE]

[elZorro]

16th September 2011:
Glass Earth is seeking C$5mill capital. http://www.glassearthgold.com/s/News...eportID=479719

There are quite a few positives here: It's going to be raised at C55c, which is a discount to the current share price average of C64c. The amount of dilution is about 15%, which lines up with the price. Considering GEL has hit C74c recently and the investors have options to buy more shares at C80c later, you'd expect a good uptake. The biggest plus is that it's going to provide a good amount of capital for an explorer, and now admin overheads are likely covered by placer work, most of it will go into exploration activities. It also puts a holding line under the current share price increase, an important statement from the company.

If there are some bigger fish out there watching and waiting, that might be an expensive option. The Gold price is gathering strength again for another run upwards, and who knows what C$5mill of drilling and exploring will find, on GEL's permits.

[elZorro]

Looks like anybody with good connections could receive a 7% finders fee on the latest capital raising. What about you JBMurc?

http://www.scoop.co.nz/stories/BU110...for-c5-mln.htm

[elZorro]

Not much new here from Simon, but a good summary anyway. (NZ Resources)
There is an indication that the C5mill will be used on exploration in one year. Exploration costs are left off the main books (treated as an increase in assets) until an area is written off as unprospective. This is normal practice. When you see the massive amounts that miners like Barrick spend each year, Glass Earth has done very well with the funds it has available.

New Canadian capital raising for Glass Earth

Simon Hartley — 21 September 2011
Gold explorer Glass Earth Gold Ltd (TSX-V & NZAX: GEL) is seeking $C5 million ($NZ5.82 M) in a private placement in Toronto to recapitalise and continue its test drilling and mineral exploration around New Zealand.
About two years ago, Glass Earth's cash-flow was becoming perilously low, but it has successfully recapitalised several times since then.
It is understood to have spent more than $30 million during the past four years; the majority of it around Otago prospects.
In 2010, Glass Earth completed two fundraising exercises which raised $6.2 M and at the end of December carried $C3.9 M cash then in January received a further $500,000.
Glass Earth booked a loss for 2010 of $1.4 M, compared with $2.6 M the year before.
The company's chief executive, Simon Henderson, said together with increasing mining income from Otago, the $C5 M private placement would leave Glass Earth in a strong position for its drilling activities in 2011.
"The company consolidated its placer activities by acquiring 50% of its joint venture party's mining company; and related placer mining equipment," he said.
Gold production from Otago last year saw cash generation total $357,000, and forecasts in December said alluvial mining expansion in 2011 should mean a significant increase in both gross and net revenue.
Otago remains the focus of Glass Earth's South Island exploration efforts, which includes hard-rock exploration and some small-scale mining of loose alluvial gold around Central Otago.
On the North Island, exploration efforts are focused on gold systems around the Hauraki and central volcanic region, including a joint venture with Newmont Waihi Gold on the WKP discovery near Waihi which continues to shape up as a major epithermal gold project.
In the Central Volcanic region Glass Earth is adancing exploration on the 100% owned Muirs Reef in the Mamaku district.
*Simon Hartley is senior business reporter for the Otago Daily Times.

[elZorro]

NZPAM have just locked away a big area around the Longwood Range, Southland, for 9 months. http://www.nzpam.govt.nz/cms/pdf-lib...ood 9.9.11.pdf There is talk of Platinum Group Metals, it's the main likely source (so far) in NZ. This closed-off block is much bigger,and the lower part is just partly overlapping, GEL's Wakapatu permit application - which is to the left of the lakes shown.