AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

Bucko, I have carried out a small bit of research on the filing dates for TSX-V companies. I don't know what the NZ rules are, but for annual reports on TSX-V, they have 120 days from the EOY. 60 days for the Q1,Q2, Q3 reports. This is awkward, as it means we could wait until the end of April for the annual report. On the other hand, last year there was a notice of meeting record date of 26/03/2012, and the annual report was out very soon after. This year that same date is 9th April 2013.

[bucko]

yeh on the NZX they made this announcement on 31st may 2012

https://www.nzx.com/companies/GEL/announcements/223452

soooooo much waiting, anticipating... although they haven't even released an update on the weekly placer production, they said they would be hoping to break to 200 oz barrier by this time, wonder how thats going????

Can I ask what other holdings you have elz? is it mainly mining? natural resource companies?

[elZorro]

Hi Bucko, I think they were talking about 7500oz p.a. target from 4 placer setups, and of course they only have two running at the moment. We haven't heard about any franchisees picking up the offer to run one of two sites (maybe Gunclub and Pigburn) so I'm more interested in how well they're going at Drybread. They could be getting closer to 100oz a week there by now. This would mean a positive bank balance in theory.

Other shares: I can't deny I'm looking for capital gains mostly at this stage - I've also invested in NTL, and so April could be a great month. If I'm feeling conservative I'll buy some OGC, but I'd like to see the PoG moving strongly upwards first. OGC is always keen on plundering shareholders for their new project, but then we don't have to look far to see that being done on a smaller scale here.

[elZorro]

Waihi Gold Co (Newmont) and Glass Earth have been granted a 640Ha (+20%) extension of the land area in permit 40598, on 22nd March. This is of course, the area that includes the WKP area of interest, which I would think is being drilled again at the moment. The whole permit is due to expire in May 2013 as an extended EP type (5 + 5yrs), but it can be extended further by various means. I think the next easy step is to call it a Discovery Appraisal. The fees go up a bit.

http://data.nzpam.govt.nz/PermitWebM...x?permit=40598

Note that all the area hard around Golden Cross Mine is held, and I think the new area is out to the East.

Someone is looking to buy 200,000 GEL shares for a bargain price of NZ12c, and the sell prices aren't very high either. But not much happening, while we wait for some company information.

[elZorro]

Waikaia Gold Ltd must be starting up their operation in Southland by now. They are digging down 15 metres to an untouched gold layer, held in a 220 metre wide strip to the side of the current Waikaia River bed. I covered this operation without any real detail in post 830.

Southland District Council now has this very detailed report on how the mine site will work. It's using gear very similar to that used by GEL at Drybread, but on a bigger scale. Their proposed output from one big pontoon trommel is only twice that of GEL's target, 15,000oz a year, 106,000oz total.

[elZorro]

Over a couple of months after the PP has been closed off, Glass Earth has produced no press releases, the market is in the dark. Today 200,000 shares traded for NZ 12c, and for those who bought into the PP at NZ 20c, presumably at a discount to market, that would be a bitter pill to swallow.

Is it too much to ask for, a bit of feedback and info on how the various permits are going?

When will the annual report be produced?
Is Drybread meeting the target production?
What does the new cross-pit conveyor look like and is it useful?
Has drilling resumed at WKP?
Are there any drill assays due, can we complete some old drill logs?
Garibaldi, Ophir, Southland, Placer JVs, Muirs - updates on these?
Website updates?
Comment on Brent Cooks' dropping of GEL and the effect on the share price
Why was WKP extended, and what is the next step in the permit.

Obviously none of the above bits of info, if divulged, would have any material effect on the share price. Really?

Whoever bought those shares, that's got to be smart buying. Divide it by 5 and that's as low as the share has ever gone, yet we have Newmont dangling beside GEL on the WKP permit, and a couple of other sites near Waihi.

[bucko]

hey elZ, got a response from an email I sent through We are awaiting two drill results on WKP (WKP 36 & WKP 37); no drilling is currently ongoing as they are awaiting results to come back before proceeding drilling (the budget for 2013 has already been year-marked so drilling is planned for this year – targets have been defined but results from WKP 37 will dictate which target to drill first); and year-end financials is scheduled to come out before the end of this week.

We will await information from management from placer, Neavesville and other projects as I am not as up to speed on these projects.

[elZorro]

hey elZ, got a response from an email I sent through We are awaiting two drill results on WKP (WKP 36 & WKP 37); no drilling is currently ongoing as they are awaiting results to come back before proceeding drilling (the budget for 2013 has already been year-marked so drilling is planned for this year – targets have been defined but results from WKP 37 will dictate which target to drill first); and year-end financials is scheduled to come out before the end of this week.

We will await information from management from placer, Neavesville and other projects as I am not as up to speed on these projects.

Thanks for the work there Bucko. The news release on the annual report came out overnight, and it is just a very short version of the results and discussion. The full filed reports will be shown on Sedar in a day or two, based on previous experience.

http://www.sedar.com/GetFile.do?lang...5Cgel412pr.pdf

The guts of it is (forget the big exploration permit losses which are on paper, not cashflow) - the placer lost a shade over $1mill in the 12 months because of hireage costs, refurb costs, learning to use the gear, fine-tuning etc. Plus the payments had to be made for the purchase of Dunstan Mining. In the great scheme of things, the results for the next quarter will be more interesting, as it's possible a placer profit of about $1mill has been made there already.

Drilling not restarted on WKP: that's a bit painful, as these assays just don't seem to be popping out of the lab. If we're so far down the queue, then the partners should see about setting up their own contracted lab in a container on site.

[elZorro]

SEDAR now has the full annual report and the MD&A. These are big documents, about 40 pages each.

Annual report to 31 December 2012: http://www.sedar.com/GetFile.do?lang...5Cgel412fs.pdf

The MD&A report to 31 December 2012: http://www.sedar.com/GetFile.do?lang...Cgel412mda.pdf

I've had a read through these. Some of the data in the MD&A has been recovered from the NI 43-101 reports, but they are still interesting.

The placer income was much higher in the second six months of the year. Of course the setup costs were in there too. There is a statement that lower grade areas of Drybread were used for the commissioning stages, and that sounds sensible. No mention about how the next three months panned out in the placer areas. I think the first quarter report will have to come out before the end of May.

Muirs: they're thinking about it, along with Ophir in Otago. Doesn't sound too promising there.

Writeoffs on permits during the year - Simon has provided some detail on the thought processes and the reasons for dropping some permits in 2012, and as I've kept up a permit spreadsheet with costs, I can quite understand. The GFC has restricted funding, so GEL has to be very choosy about held permits.

WKP: not much new detail here, but thinking about it all, GEL probably had to pay the costs incurred with the NI 43-101 report, as Newmont were not required to do anything.

One thing I certainly found heartening was the statement that Glass Earth is going to concentrate on just a few areas: (WKP, Neavesville, Garibaldi are most of it), helped along with positive funding from the placer areas. They aim to bring the hard-rock areas of WKP and Neavesville through to some kind of completion (deliver) within 2-3 years.

Some work has been done at Garibaldi, it's shaping up well. It's obviously near-surface.

[elZorro]

Some of the questions I posed above, remain unanswered by the annual report. One we can answer ourselves: the next WKP drills will be concentrating on the area near the Eastern Graben. This is a fault area very close to the eastern extreme of the older permit area. The permit extension gives a lot more room around that, as shown by the changing outline.