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  1. #771
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    Hey Question guys from a noob. How does one become an accredited investor? I emailed GEL in regards to the PP and this is the response i got:

    "Thank you for your interest in Glass Earth Gold financing. In order to participate, one needs to be an accredited investor and fill up the subscription agreement, with funds wired to Glass Earth directly.
    We are intending to close this financing this week (likely Thursday) and the maximum we want to raise is $3M. There is no minimum purchase.

    If you would like to participate and is an accredited investor, do let me know how much you would like to participate and I will send you the subscription agreement to be completed.

  2. #772
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    Quote Originally Posted by bucko View Post
    Hey Question guys from a noob. How does one become an accredited investor? I emailed GEL in regards to the PP and this is the response i got:

    "Thank you for your interest in Glass Earth Gold financing. In order to participate, one needs to be an accredited investor and fill up the subscription agreement, with funds wired to Glass Earth directly.
    We are intending to close this financing this week (likely Thursday) and the maximum we want to raise is $3M. There is no minimum purchase.

    If you would like to participate and is an accredited investor, do let me know how much you would like to participate and I will send you the subscription agreement to be completed.
    I don't know the full details Bucko, but it looks like you need to be not an insider, not a relative of directors etc, earning good money and have some assets behind you, and/or have a history of investing with the company. No harm in asking for the forms to be sent anyway. Try McDouall Stuart or any other broker. They'll be very polite, there's 7% commission and warrants for a bit of paperwork as far as they are concerned. But are you able to deal directly with GEL as you imply in your post?

    Delboy, yes it's tough out there in the spec shares. A bit more exciting than established companies though. I'm still learning too.
    Last edited by elZorro; 04-12-2012 at 07:06 AM.

  3. #773
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    Cash flow strengthens for Kiwi gold explorer

    Simon Hartley — 5 December 2012
    Small scale gold miner Glass Earth Gold Ltd (TSX-V & NZAX: GEL) has tripled revenues from quarterly gold production to beyond more than $1 million and estimated the present quarter will make further gains.
    Glass Earth has made at least eight repeated, successful capital raisings to spend almost $40 M in the past half year of exploration and acquisitions around the country.
    Achieving revenues from alluvial gold operations in Central Otago have been crucial to boost its wavering cash flows.
    Glass Earth, which raised $3.7 M in private Canadian placements last week, said for the quarter to September it had revenues of $1.07 M, compared to $349,000 for the previous quarter.
    The company posted an after tax loss of $456,000 for the quarter, compared to a $670,000 loss for the same period last year.
    It doubled its gold production from the alluvial gold operations in the Manuherikia Valley in Central Otago to average 70oz-80oz per week from its two recovery units.
    Glass Earth chief executive, Simon Henderson, said the higher gold production was achieved in some lower grade areas and both gold recovery units were now working toward higher grade ground where further production increases and efficiencies are anticipated.”
    At the end of June, Glass Earth had cash in hand of $1.25 M, which by the end of September stood at $522,000. For the nine-months to September, Glass Earth achieved gold sales of 1,595 oz.
    Henderson said the cash flow from operations was covering general and administrative expenses and modestly adding to its exploration budget at the WKP prospect, north of the Martha mine at Waihi in the North Island.
    The funds raised last week will be used to further explore gold and silver prospects in the central North Island, beginning with a minimum 5000 metres drilling programme, in a joint venture which holds options to purchase the 30 square km block being acquired from Canadian company Eurasian Minerals Ltd.
    To buy-out its former 50% joint venture partner from the Central Otago holdings, Glass Earth made a $500,000 cash payment, issued 2.18 M shares, paid cash of $1.5 M in June and agreed to 25 monthly payments of $80,000.
    *Simon Hartley is senior business reporter for the Otago Daily Times.
    I think there is a mistake in this article, as GEL has spent a bit over $40mill since 2006. They don't have the cashflow to spend $40mill in half a year. However the text implies the latest PP has been successful, with approx C$3mill being raised.

    The assays for WKP35 have been released. This was the first drill to test the East Graben fault, and the first bit of data released earlier showed a decent, but not spectacular, grade near the fault.

    http://www.menafn.com/menafn/f029574...t-WKP?src=main

    While it doesn't sound much, the central part of the drill went through a 220 metre section that was a shade over half a gram of gold a tonne on average. It's a large ore body with the gold being easily recovered, maybe that means heap leaching. At Martha Hill and Macraes, the gold grades they send to the mill may be higher than this, but they have moved ten to thirteen trucks of waste metal to get at one truck load of ore.

    WKP36 is a drill in the opposite direction heading into a different structure. WKP37 will be interesting, if it was started in early November it may be completed, and the assays on their way to the lab. No word about where they'll drill next.

    Newmont's Correnso hearing has started. No mention of WKP as a backup at all.

    http://www.stuff.co.nz/business/indu...esidents-fears
    Last edited by elZorro; 05-12-2012 at 08:08 AM.

  4. #774
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    more great news from the WKP drillings announced on NZX today,

    Makes me wonder how much more exploration drills are going to take place before they make the plunge to open a mine site? Simon Henderson has said evrey single drill that has taken place has had amazing results....

  5. #775
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    totally agree sparky, i think its so undervalued its crazy! and im under the impression this is the lowest the share price has ever been on the NZX so something is going on, why else would someone sell at a loss??????????

  6. #776
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    Quote Originally Posted by bucko View Post
    totally agree sparky, i think its so undervalued its crazy! and im under the impression this is the lowest the share price has ever been on the NZX so something is going on, why else would someone sell at a loss??????????
    Bucko, the price is low, but then there are a lot more shares kicking around, so the MCap is quite a bit bigger than it was during the 2008 low.

    I agree the price should kick back up. What does GEL have that other juniors lack? A 35% share in a large resource, WKP, in a relatively easy jurisdiction.

    An adviser called Rick Mills has this to say about gold discoveries..

    There's a huge increase in exploration spending (more than $8 billion ($8B) in 2011) but a serious lack of new discovery. There have been very few large, high-grade deposits discovered during the past few years. Barrick Gold Corp. (ABX:TSX; ABX:NYSE) said at the Precious Metals Conference 2012 that of the "super giant" discoveries, those that are more than 20 million ounces (Moz), 18 were discovered in the 1900s. Fast-forward to the 1980s when 14 were discovered. In the 1990s, 11 were discovered. In the 2000s, only five were uncovered.

    The number of annual gold discoveries of more than 5 Moz since 2007 is six in 2007, one in 2008, one in 2009, three in 2010 and one in 2011. None is producing yet. A lot of people who think that they're going to produce are in for a disappointment because of resource nationalism, permitting problems, environmental problems, lack of water, labor unrest and protests.

    TGR: Assuming gold demand will continue to escalate due to macroeconomic pressures, will the price of gold continue to increase?
    RM: Gold demand is still rising. Five-year average quarterly demand is rising, so that's correct.
    TGR: What do you forecast for the 2013 gold price?
    RM: That's a mug's game, trying to predict gold prices, but it'll be higher.
    TGR: You believe the price of gold can only go up.
    RM: That's right. Inflation, world events, diversificationgold does offer leverage. So do equities, or at least they will again. I'm not looking at huge mines with billions and billions of dollars in capex. I'm much more comfortable with the smaller mines with lower capex and under-control operating expenditures. I like the lowest-cost producers. That's where the money is going to be made over the next two years.
    TGR: Canada, the U.S. and some places in Latin America are the preferred jurisdictions for risk reduction, infrastructure, rule of law and reliability of government.
    RM: Absolutely. Look at the Muslim Brotherhood in Egypt canceling a nearly 20-year-old license for a mining company. In Madagascar, a DJ gets elected president and the first thing he wants to do is cancel permits and do a review. That's not happening in Canada, the U.S. or politically stable places like Greenland. There is enough risk in this business as it is without intentionally inviting more.
    TGR: Given that backdrop, what are some companies you find interesting right now?
    RM: Let's stick with soon-to-be producers or companies that are going to be very low-cost producers. They're all in geopolitically acceptable countries with superior management teams.

    According to a July 2012 research report by Natural Resource Holdings, there are only 164 undeveloped gold deposits globally, with more than 1 Moz of gold in all categories, that are owned by non-major mining companies. The average grade of all these deposits is 0.66 grams per ton (g/t). Since we're mining +80 Moz a year, that makes these non-major-owned deposits quite valuable.
    At various times people have mentioned WKP as possibly holding over 5Moz, maybe up to 10Moz. Current knowledge on deposits implies that having an average-sounding grade of just over 0.66g/tonne is in the ball-park, if it's a big resource.

    NZResources today:

    Another wide intersection from WKP gold project

    7 December 2012
    A new deep diamond drill hole into the WKP gold-silver prospect near Waihi has produced another wide intersection.
    The 35% owner of the prospect, Glass Earth Gold Ltd (NZAX & TSX-V: GEL) reported that hole WKP35 hit 227.5 metres grading 0.53 grams/tonne gold and 1 g/t silver, including a 1.1m section @ 20.1 g/t Au and 10.7 g/t Ag.
    This result, said Glass Earth Gold, further demonstrated there is a large permissive gold system with scope to host a significant epithermal gold deposit.
    The project is a joint venture with regional gold miner Newmont Waihi Gold through its parent company Newmont Mining.
    Managing director of Glass Earth Gold, Simon Henderson said that the upper section of broad low grade gold mineralisation intersected in this drill hole was adjacent to the East Graben gold-bearing zone which exhibits features of Martha–Favona-Golden Cross style epithermal gold mineralisation
    “This project continues to surprise with the demonstration of its large scale and coherent gold and silver mineralised widths,” Henderson said.
    “Every drill hole completed by the joint venture has intersected significant mineralisation and demonstrated potential for both narrow (3-9m) high grade gold veins and/or broad low grade mineralisation (in excess of 100m of +1 g/t gold).
    “The intersection of this broad low grade mineralisation adjacent to the new Eastern Graben structure identifies yet another zone, or additional extensions of the Eastern zone of the WKP project.
    “Step-out drill testing is already underway”.
    Newmont Waihi Gold’s Martha gold mine is 10 kilometres south of WKP, and is widely regarded as the type-system for epithermal gold deposits. The mine, currently in production has about 10 M oz gold equivalent in historic production and current resources.
    The now mature Favona underground mine is a satellite deposit associated with the Martha system.
    Glass Earth said WKP is a large, 3 km by 1.5 km mineralised alteration zone.
    The current drill programme by the partners is budgeted to cost $C3.3 M ($NZ4.03 M) with Glass Earth bearing 35% of that cost.
    Last edited by elZorro; 07-12-2012 at 05:55 AM.

  7. #777
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    http://www.ino.com/blog/2012/12/pete...ill-look-like/

    Glass Earth has had a bit of a tough time in the market, like many other junior gold explorers. It looks like the trigger for renewed interest in this market could be a gold price of US$2,000 an ounce.

  8. #778
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    The private placement is already oversubscribed by about 20%, and may not even be closed off yet, according to the press release. http://www.glassearthgold.com/s/News...eportID=561448
    C$3.656mill already pledged. This is a fair indication that the terms are favourable to the market. Warrants on older private placements have had their terms increased until the end of 2013, which implies that there is at least some chance that the GEL shares will be worth north of CAN 50c by then. http://www.glassearthgold.com/s/News...eportID=561447

    I'm keeping my fingers and toes crossed for the WKP drills.
    Last edited by elZorro; 13-12-2012 at 09:32 PM.

  9. #779
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    The latest GEL presentation allowed me to have a look at the volumes of ore held at Drybread. It looks like the Hecklers area has about 180,000 m3 of placer ore at 0.52g/m3 grade, and GRU#3 will take about 65 weeks to mow through that at the current operation schedule. 3,000 oz total there, which could be contained in a land area of about 220mtrs by 220 mtrs square.

    Morans has 3500oz, 0.46g/m3 grade, so 236,000 m3 of ore. If GRU#1 can operate closer to 24/7 and handle more ore, it'll chop out the (approx) 350mtr square area in just 27 weeks. It's NZ$7mill of gold.

    All this means that for GEL to replace the depleted placer ore, they'll need to move on to Groundwater nearby (lower grade) and then Vinegar Hill, Waikaia, Matakanui, maybe Pig Burn (not mentioned). Vinegar Hill is meant to be a JV with Placer Gold International, there's an outfit we have not heard much about lately.

    I found this news release on their website. The share has continued to trend down, it's a low Mcap now, of around 1mill Euro.

    http://www.placercorp.com/index.php?...2d42efb4f1fa16

    PGI looks like a junior explorer that is having a bit of trouble keeping up their finances, and they'll need some, to come to the party with GEL.

    Work in the promising alluvial deposits in New Zealand continues unabated, with the objective of producing gold. However, as the projects are in the exploration phase, the Management of Placer Gold International Ltd. cannot yet set a date for the start of production.
    Still tantalising for alluvial gold watchers, is the 100,000+ oz of gold possibly contained in the spot called "Southland" on the same GEL chart. That's NZ$200mill worth, but is it spread over the large Southland prospecting permit still to be renewed, or is it at Wakapatu, near Round Hill? Another mining permit has been obtained near there by Golden Bush Mining Ltd, in recent months. No. 52925.

    Some history of Round Hill. The Chinese found Europeans had been checking down to a false bottom, and many Chinese worked profitably here, and retired early to China.

    Matakanui, is next on the list after Groundwater at Drybread. A dredge called the Klondyke was put into this area early last century. See the shareholder funding advertisement for background.

    http://paperspast.natlib.govt.nz/cgi...--10--1----2--

    This was in 1898. By February 1901, another company was looking to move the Klondyke and its fittings across to a permit on the West Coast.

    I had another look at the latest MD&A report, some interesting answers and unknowns there.

    A drill program was completed at Waikaia from the 6th to the 23rd March. A total of 34
    holes were drilled. Drill samples were assayed at Glass Earths Alexandra laboratory with
    encouraging intersections of gold bearing
    washwere detected including one standoutsample from hole WAI41B recording 15,300mg/m³ of gold between 7-8m. The gold within
    this interval was very fine which precludes the result from being an anomaly from coarse
    gold, such as a nugget. This gold was recovered from black carbonaceous silt with very little
    gravel.

    Three other samples returned between 500
    650 mg/m³.
    A second phase drill program was completed at Shepherds Flat with the completion of 45
    drill holes and a total of 558m drilled. The average wash grade was 452 mg/m3 at a depth
    of 14m with an average thickness of 4.5m.

    2012
    Q2 Update
    Drilling and pitting efforts on placer have mainly been around grade control at the placer mine sites in Q2
    .
    2012
    Q3 Update
    Placer mining at Gunclub was mothballed in July 2012, allowing machinery and staff to be
    better utilized at higher gold grade sites. This quarter, further resource definition drilling has
    been completed at Gunclub, outlining a likely 500oz of gold remaining which may be mined
    under franchise by a suitable party.
    A reconnaissance drill program was completed on GEGL
    s highly prospective Southland
    Permits in October 2012. This consisted of eight drillholes to provide preliminary geological
    and geochemical data for ground geophysics (magnetics) ground truthing and forward drill
    planning. Assays are awaited. A further program of 50 drillholes is under preparation.
    An initial program of 50 drillholes was completed in June at GEGL
    s Matakanui prospect in
    the Manuherikia Valley, 5km from the Drybread mine sites. Historical drilling (1980s and
    1990s) at this site has indicated grades of approximately 500mg/m3. Drill assays are
    awaited.
    Reading between the lines here, perhaps PGIC has not been doing much to help in Q2 and Q3, but GEL has been doing some drilling with their RC drill rig at their own permits Matakanui and 'Southland'.

    Waikaia is in Southland, maybe that's where the 100,000+ oz is. It's an EP, No. 52844 ,but it's shown in the placer table as holding 4000 oz, 232 Ha.
    Last edited by elZorro; 15-12-2012 at 04:38 PM.

  10. #780
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    To recap GEL's Southland interests, these appear to be:

    PP39336, was/is 15140Ha and is in lower Southland. GEL is applying to extend the timeline on this one, ex Bob Kilgour.
    EP52700, Wakapatu, is also lower Southland, 204Ha. May contain Platinum as well as gold.
    EP52844, Waikaia, 223 Ha, inferred 4000 oz of lower-grade placer.
    EP53142, Piano Flat, 349Ha, upper Waikaia River, old gold-sluicing spot.
    PP53298, Gore, 3460Ha, lower Otago, unknown

    All of GEL's Otago permits have a 10% share allocated to New Zealand Minerals Ltd (NZM), wholly owned by an Auckland property developer. The curious new development is that NZM obtained permit PP 54316 in its own name in August 2012. It's the only one they hold 100% of, and it's fairly large at 243,823 Ha, straddling the border of Otago and Southland, and surrounds two of GEL's permits in the Waikaia River area (52844 and 53142).

    Either NZM will use its own contracted team to have a look over this big area, or perhaps GEL is working there under some kind of arrangement in the meantime. At the PP stage there is not much input required, but just 2 years to make decisions on what ground to hold for any EP applications.

    The area is below Lake Wakatipu, and might even have been part of the airborne survey that GEL made after the IPO in 2006.

    It's perhaps worth noting that GEL dropped quite a few permits in late August and September 2012, including a couple they'd recently been granted. This was to save costs and concentrate on the most prospective areas.
    Last edited by elZorro; 16-12-2012 at 09:12 AM.

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