AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

Did you see the SSH announcement saying an ACC employee got 250,000 shares on 11 December for $48,370.76? That's 19.35 cents per share. Why is he allowed to purchase GEL at that price?

I think that'll be to do with the private placement. It's about the right price, C16c equivalent. See a similar transaction from ACC. So they're still interested in GEL.

Yankiwi, I assume you have other investments outside the sharemarket, right?

[gonzo56]

Yeah, it didn't mention it though but it must be to do with the PP.

[elZorro]

OK Yankiwi, good to hear.

Glass Earth has dropped the latest presentation from its website a couple of days ago. Now this news release:

http://www.glassearthgold.com/s/News...eportID=563154

Some fairly tight rules, so will see what happens from here.

I've had a look at the press release and the November 2012 report, and I don't think there's much to be worried about.

Muirs: GEL didn't put in all the cautionary statements. They had already backed away from an historical resource estimate of 390,000 oz at Muirs, to an internal 226,500oz in the report. This is more about retracting data that was published earlier. Even the lower figure will have to be revisited though.

WKP: the global or potential resource figures for WKP are retracted. These had always been understood by the market as being broad indications, not resource tables, IMHO. There was also a need to spell out every detail of the Martha Mine and Golden Cross output to prove these were not figures plucked from the sky. They weren't.

Placer: the latest table in the report provided much better detail than shareholders had ever had. This must have addressed some of the BCSC concerns. But GEL also has to disclose assumptions, parameters and methods used to make the estimates.

From all this, new technical reports are being prepared, and should be completed before 21 January 2013.

[stoploss]

Dom Post today Terry Hall talks of " shareholders have rushed to accept a takeover offer from founder Geoff Louden " whats that about ???????

[gonzo56]

Dom Post today Terry Hall talks of " shareholders have rushed to accept a takeover offer from founder Geoff Louden " whats that about ???????

What page is it on? Just saw: B9

There was no takeover this year.. was there. Maybe they mean the private placement..?

[stoploss]

http://www.stuff.co.nz/business/indu...uity-investors

Here is the story in stuff or should that be stuff up .........

[elZorro]

Hi Yankiwi, Stoploss, Gonzo.. yes, that was a spectacular mistake by the reporter. Geoff Loudon has a big share of GEL, but that's not LME, it's a different animal. Terry Hall must be very confused.

The latest Private Placement was oversubscribed, and still hasn't been officially closed off. From partial records that are on the web, a lot of NZ money went in there this time, including one big new investor. This wasn't elZorro, who has relatively modest means. But it shows we are investing alongside the likes of Geoff Loudon, ACC, Sprott Asset Management, and the new big investor(s).

I picked GEL for the share comp again for 2013. I'm relying on the CEO and his staff to pick up the placer returns. If they don't do anything else but achieve good gold recoveries, it'll be a good year.

[stoploss]

http://www.stuff.co.nz/business/indu...ark-in-Toronto

[elZorro]

The same article was in the Waikato Times too, Stoploss. This adds no extra data unfortunately, it appears the reporter didn't call GEL management for their side of the story.

I've had another look at the BCSC site: The default is code 1k which is:
The reporting issuer has failed to file the following continuous disclosure prescribed by securities laws:..
(k) ..technical reports for a mineral project prescribed under National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

Most other defaulters have a few entries, GEL has just one. It is at the low end of defaults, as there are no impending ABC codes for example.

Since it's not a type 2 code, (the continuous disclosure is deficient..) it could mean that a 43-101 report on one of GEL's projects has not been forthcoming and BCSC says it should be disclosed. This is the first time Glass Earth has had an issue with BCSC, and normal compliance looks to involve a lot of paperwork.

Maybe the other tidyups contained in the press release were just loose ends, and the January report will make interesting reading. For example, there has never been much real technical detail provided on the large WKP area, however this is understandable as there is a lot of new work going on that would change any report. But since it is GEL's biggest permit in terms of possible value to the company, would a report like this end up being helpful in terms of the share valuation? Probably.

[elZorro]

As a comparison with Glass Earth's smaller issue(s) seen by BCSC, here is an example of a gold mining company in BC itself: Barkerville Gold Mines.

In late June 2012 BGM (TSX) issued this press release, quoting over 10Moz with NI 43-101 status. By August the BCSC had issued a cease trading notice, but not before the share had spiked about 400% twice, with up to 10% of the total shares being traded in a short space of time, big volume. To date, the company has not provided a proper report that satisfies the BCSC, as they are still in a cease trading state. What is more eye-popping is that they mentioned a potential of over 60Moz of gold, which would make the area nearly the biggest gold site in the world. Unfortunately BGM used non-standard estimation procedures by the look of it.

All of this is a far cry from GEL's presentations of a far more modest nature, I think in the order of 3Moz potential at WKP. The 43-101 standards will produce a conservative result, but one shareholders can do some numbers with. So I'm looking forward to the January technical report.