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  1. #1111
    Guru elZorro's Avatar
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    Cammo, that's interesting. I was told by one GEL senior staff member posted down there, that the winter rain was unseasonably massive, and that was part of the bad luck at the site. He'd mentioned the big brake repairs, not the price of them. He never mentioned unmetalled roading. I assumed it was impractical to build better roading, sounds like they didn't even try. But it wasn't all the fault of the roading. Apparently one dump truck driver tipped his vehicle over five times before he was let go. Most driving staff learnt after the first time.

    Let's do some numbers on the cost of six brake jobs, a total of $300,000 of maintenance. Each dump truck could hold about $200 of gold per load at the wash grade they found. So they'd need to extract 1500 truckloads of wash at zero cost (and that didn't happen) just to pay off the brake repairs. Ouch, that's a great way to use up shareholders' cash.

    Waikaia Gold's plant in Southland has been opened by Bill English. It's using a floating GRU fed by a digger. The GRU is already down in a deep hole in a pond. 5 years of planning. This is more likely to work out OK.

    http://www.odt.co.nz/regions/north-o...icially-opened
    Last edited by elZorro; 22-11-2013 at 07:38 AM.
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  2. #1112
    Senior Member Yankiwi's Avatar
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    Default Can someone loan us a few bob?

    WELLINGTON, NEW ZEALAND--(Marketwired - Nov. 29, 2013) - Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth" or the "Company") announced today that it has filed its September 30 2013, third quarter Financial Statements and associated Management's Discussion and Analysis ("MD&A") report, pertaining to that period, with regulatory authorities.

    The Company is now focused solely on exploration and development projects in the Hauraki Region of the North Island of New Zealand. This area is where its key hard-rock projects of WKP and Neavesville lie, as well as its Waihi West prospect, which is adjacent to the Newmont owned and operated Martha gold mine at Waihi.

    In spite of the cost-containment measures taken (ref: News release Nov 6, 2013), there has been some strain in meeting the Company's financial obligations in this period. As a result, it has been necessary to reach a deferred payment compromise with its subsidiary's placer mining creditors ($620,000) and another accommodation with Newmont Mining on cash calls due in respect of the Hauraki Joint Venture ($588,000).

    Hauraki Joint Venture (includes WKP) - Prospective change in management

    Since Glass Earth Gold decided to focus on the WKP project, management has explored several avenues to boost exploration and give more momentum to the project. Consequently, negotiations are well advanced with Newmont Mining (65%) for Glass Earth (New Zealand) Limited (35%) to assume management of the Hauraki Joint Venture and sole fund exploration activities in order to increase its equity in the JV.

    Outstanding cash calls of $588,000, due to Newmont by GENZL as at 30 September 2013, would form part of the overall funding for the 2014 & 2015 exploration expenditures. Newmont has reserved its position in respect of the unpaid cash calls by issuing a Default Notice under the terms of the Hauraki Joint Venture Agreement ("JVA") on 17 October 2013.

    Neavesville Prospect (GENZL was 50% - now 100%)

    As from 6 November 2013, the Company has regained 100% ownership of the Neavesville prospect opportunity. Negotiations are underway with Eurasian Minerals to amend the terms of the Option Agreement with them in order to defer a looming Option payment deadline of 31 December 2013.

    Corporate Refinancing

    The Company, in common with many junior gold explorers, needs to refinance. Management and the Board are of the opinion that the above-mentioned change in management for WKP and 100% ownership opportunity for Neavesville will add value to the Company's profile, thus enhancing its potential to attract funding to continue hard-rock activities and cover General & Administration expenses.

    FINANCIALS

    Operational Activities

    The Company's corporate and exploration activities for the quarter are summarized in the attached Quarterly Overview. The Company's cash position as at September 30, 2013 was $423,000 with trade payables of $1,368,000, of which $1,208,000 are discussed above.

    The Company sold its placer mining operations effective end of August and incurred a net mining loss for the three months ending September 30, 2013 of $482,000.
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  3. #1113
    Guru elZorro's Avatar
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    Hi Yankiwi. As per usual, GEL produces a report on the last day it can legally meet. What you have posted is a short form of the full MD&A report. The full report is on SEDAR. In a few days it should be available on GEL's website, going on past performance.

    Here are some other parts from that report.

    Hauraki Joint Venture (WKP prospect)

    Negotiations are well advanced withNewmont Mining (65%) for Glass Earth (New Zealand) Limited
    (35%) to assume management of the HaurakiJoint Venture and sole fund exploration activities in order
    to increase its equity in the JV.

    Outstandingcash calls of $588,000 due to Newmont by GENZL as at 30 September 2013, would form
    part of the overall funding for the 2014& 2015 exploration expenditures. Newmont has reserved its
    position in respect of the unpaid cashcalls by issuing a Default Notice under the terms of the Hauraki
    Joint Venture Agreement (“JVA”) on 17October 2013. The JVA requires that the unpaid cash calls be
    remediedwithin 65 days or default dilution will occur (potentially up to a 20% reduction in GENZL’s
    interest in the project).

    Neavesville Prospect (GENZL was 50% - now 100%)

    As from 6 November 2013, the Company hasregained 100% ownership of the Neavesville prospect
    opportunity. Negotiations are underwaywith Eurasian Minerals to amend the terms of the Option
    Agreement – primarily to extend the payment deadline of 31 December 2013 foran option payment of
    850 oz gold (or equivalent US$’s or GEGshares – at GEG’s election).

    Placer Creditors in New Zealand

    On 5 November 2013, creditors of GlassEarth Mining Limited’s placer operations, totaling $620,000,
    agreed to accept a mixture of immediatepayment and deferred payment terms (upto 31 December
    2014) while the Company refinances.

    Significant Expenses of a Corporate Nature

    The Net Loss before Income Taxes for the9 months ended September 30, 2013 was $12,911,000 (9
    months September 302012: $8,952,000). Placer miningaccounted for $6,932,000 of this loss.

    The Company’s cash position as atSeptember 30, 2013 was $423,000 (September 30 2012: $522,000)
    with Trade Payables of $1,368,000.Payment of $1,208,000 of these Trade Payables is discussed under
    the Subsequent Events note on page 24.

    The Companyhas reduced its staff down to its two senior executives who are taking significant salary
    sacrifices. The Company has reduced itsnon-exploration expenditures and efforts to reduce other
    liabilities are underway. The Company hasa history of successive capital raisings (as is usual for an
    exploration company).

    Related Party Transactions

    Related party transactions are in thenormal course of business and are measured at the exchange
    amount, which is the fair value as agreedbetween management and the related parties. The
    strengthening New Zealand dollardisguises some of the salary sacrifice in C$ terms.
    a) Simon Henderson, CEO, received$150,215 for the nine months ended September 30,
    2013 (nine months ended September 30,2012: $158,769). Use of a motor vehicle, life
    and health insurance benefits are alsoprovided.
    b) Peter Liddle, CFO, received $117,879for the nine months ended September 30, 2013
    (nine months ended September 30, 2012:$128,327). Use of a motor vehicle, life and
    health insurancebenefits are also provided.


    If investors are going to get involved again in GEL, it won't be with the same optimism that was exhibited late 2012 or early 2013. That time, everyone was surprised how freely the money flowed in (about $3mill), but at the cost of massive dilution. Some bigger shareholders possibly felt they had no choice but to participate, although Geoff Loudon remained on the sidelines. The placer assets and permits had a book value, and when the operational losses were added to the loss on sale, and permits were let go (heaps of them), the loss on the placer overall was nearly $7mill in 9 months.

    Cammo has alluded to the stories coming out of the Drybread area. These are not fiction, more like a financial disaster for shareholders. One wonders how a business that had layers of admin and operational staff at that stage, continued operating with massive losses for months, and proceeded to lose even more money. Who was supervising the costs and the operational matters? Ultimately, Peter and Simon, the remaining core staff. Their inaction when it would have counted, lost all that capital.

    A listed company with a more compelling proposition might be able to raise money more easily. GEL will be up against it now, and already the bigger wolves are circling, with Newmont possibly able to obtain another 20% of the WKP permit, worth perhaps a lot more than the default costs. If Glass Earth wasn't able to run placer operations, will they be any better at running an exploration campaign?
    Last edited by elZorro; 30-11-2013 at 09:18 AM.
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  4. #1114
    Senior Member Yankiwi's Avatar
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    Quote Originally Posted by elZorro View Post
    Hi Yankiwi. As per usual, GEL produces a report on the last day it can legally meet. What you have posted is a short form of the full MD&A report. The full report is on SEDAR. In a few days it should be available on GEL's website, going on past performance.

    Here are some other parts from that report.



    If investors are going to get involved again in GEL, it won't be with the same optimism that was exhibited late 2012 or early 2013. That time, everyone was surprised how freely the money flowed in (about $3mill), but at the cost of massive dilution. Some bigger shareholders possibly felt they had no choice but to participate, although Geoff Loudon remained on the sidelines. The placer assets and permits had a book value, and when the operational losses were added to the loss on sale, and permits were let go (heaps of them), the loss on the placer overall was nearly $7mill in 9 months.

    Cammo has alluded to the stories coming out of the Drybread area. These are not fiction, more like a financial disaster for shareholders. One wonders how a business that had layers of admin and operational staff at that stage, continued operating with massive losses for months, and proceeded to lose even more money. Who was supervising the costs and the operational matters? Utlimately Peter and Simon, the remaining staff. Their inaction when it would have counted, lost all that capital.

    A listed company with a more compelling proposition might be able to raise money more easily. GEL will be up against it now, and already the bigger wolves are circling, with Newmont possibly able to obtain another 20% of the WKP permit, worth perhaps a lot more than the default costs.
    With Simon receiving only $150K & Peter $117K in salary for the first 9 months of the FY, it sounds like they could really use a "turn that frown upside-down" Christmas present from current & past shareholders. They've done such a wonderful job in running our business, I might have to goggle "what's the best sort of plastic for containing fecal material/odor in the postal system". With that information I could then prepare my little gift for each of them.

    disc: this post is filled with sarcasm. In reality, if feel better to have wiped myself clean of my poor investment decision than wipe something else and put it in a plastic bag.
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  5. #1115
    Guru elZorro's Avatar
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    I wouldn't go quite that far Yankiwi, every business tries something out and it doesn't work, at least at first. Peter and Simon weren't inactive on behalf of the company, but it seems that placer operations do need a lot of hard-won experience and backup capital. They didn't get enough of that in 2-3 years. They could have used the local knowledge more, I assume it was available if they'd asked. They steadily lost money or broke even, and then with the gold price dropping and the weather bomb, it just got quickly worse. Some remediation costs are still in the wings too.

    This won't be the first and last time that a business proposition looked fine on the spreadsheet, but in reality some of the final numbers were a bit optimistic.

    Permits that have been let go recently according to the full MD&A: Muirs, Garibaldi, the big Kakanui prospect, Moeraki, etc. Some of these still show as valid on NZPAM.
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  6. #1116
    Guru elZorro's Avatar
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    NZResources have put out a lightweight article on Glass Earth today.

    Glass Earth seeks to take over WKP management

    2 December 2013 The gold explorer Glass Earth Gold Ltd (TSX-V & NZAX: GEL) is negotiating to take over management of the big WKP gold joint venture in the Hauraki Goldfield from Newmont Waihi Gold.
    Glass Earth Gold has been rationalising its exploration holdings and has virtually left prospecting on the South Island where it was also selling its small alluvial gold mining operations and shedding other properties.
    The company said it was now focused solely on the Hauraki Goldfield with its joint venture on WKP, and also the Neavesville and Waihi West prospects.
    Chief executive Simon Henderson said negotiations with Newmont, which holds a 65% stake in WKP, are advancing. To give the project greater momentum Glass Earth wants to assume management of the joint venture.
    The proposal would be for Glass Earth to sole fund exploration to progressively increase its equity in WKP.
    The company was looking at capital raising issues as it various options. Its cash position as at September 30 was a balance of $C423,000 with trade payables of $C1.368 million, some of which involved deferred payments to creditors of the South Island alluvial operations and money due to Newmont for joint venture costs on WKP.
    Simon Henderson said Newmont has reserved its position in respect of the unpaid cash calls by issuing a default notice
    Meanwhile, Glass Earth was moving from 50% to 100% ownership of the Neavesville prospect. Negotiations were underway with Eurasian Minerals to amend terms of the option agreement on Neavesville to defer a looming option payment deadline of December 31.
    Henderson said that in looking at corporate refinancing the company believed that taking charge of WKP and having 100% of Neavesville will add value to the company’s profile and enhance the scope of attracting new funding.
    The company announced an operating loss for the September quarter of $C482,000.
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  7. #1117
    Guru elZorro's Avatar
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    On 11th December, the Pigburn mining permit no. 53814 was 100% transferred to Budd Hyndman, Hyndman Mining Ltd. This permit is beside 53183, an EP GEL still has at this stage. Budd was one of the Alexandra-based contractors working for GEL at Drybread, and I think GRU#3 was actually his, and he supplied some of the gold extraction equipment on a lease basis.
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  8. #1118
    Guru elZorro's Avatar
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    My mistake, EP53183 (Maniototo) is also transferred to Budd Hyndman as at 11th December. This one is a bigger permit of nearly 4000Ha.

    The permit list on GEL's website certainly needs a makeover.

    There are only a few permits properly valid now.

    40767, 52021, (52700 Wakapatu looks dropped), 53008, 53182, 53653, (54492 and 39336 100% owned under Goldmines NZ), 40598 and 40813 under JV with Newmont, and no progress on 52759 or 51767, Eurasian(Hauraki Gold).
    Last edited by elZorro; 22-12-2013 at 07:35 PM.
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  9. #1119
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    Hi all,
    It's been a fair while since I read GEL on ST. And not pretty reading. Sorry to hear you longtime holders lost cash on this dog. I was in and out a couple of times and came out pretty neutral overall.

    Don't want to slam the management on this one, but I know they have made a number of tenement ballsups. One claim they held in a smaller tenement was taken up by another outfit, drilled up and is now a large resource, I mean a large deposit. Would like to disclose how big, but can't. Another tenement a mate goes out a gets half oz mugs with his detector along the old lake manuherikea margins.

    I personally have a 500hectare exploration permit on an old GEL tenement and expect it to prove up to a no brainier for commercial mining. I have three other spots GEL should have tested better where economic resources are highly indicating, just don't have the funds at this stage to drill them. What I'm saying is, it was a risk, but they cocked it up in my opinion. Anyone want to invest their funds into my projects would be a better thought out project...

    It is easy to get caught up in it, I have lost in heritage gold..but junior miners on the ASX are cheap pickings for now..I wouldn't throw the house on the greyhounds. All the best and have appreciated your wise words and input over the last couple of years.
    Aotea

  10. #1120
    Guru elZorro's Avatar
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    Thanks for that background Aotea. I am not that surprised. From the first time I looked at Glass Earth, I thought that with all those tenements, they must do well at some stage, it was all a matter of time and funds. But they did make a hash of Drybread, no mistake. Their funding vehicle is in tatters, and they used up all the shareholder cash. And now you confirm for us that they probably also missed some easy money on other placer and hardrock permits that they had.

    At a guess, Ophir could have been drilled by now, with the money/goods in kind Bob Kilgour got from Glass Earth shareholders for his business assets. Bob now owns the GEL areas around his favourite Ophir spot. Will wait to hear if anything happens. Bob was a bit smarter than Simon.

    NZResources still giving GEL the benefit of the doubt, but they'll need to be a different animal before I'd put any cash in there.

    Tough year ahead for NZ gold production

    Ross Louthean — 13 January 2014 There are a lot of uncertainties as the two large New Zealand hard-rock gold miners and the private and boutique alluvial gold producers wage their war on costs in 2014 – all feeling there won’t be a dramatic increase in the $US-denominated gold price.
    The spotlight was shone on the tough year ahead by OceanaGold Corporation (ASX, TSX & NZX: OGC) announcing last week a cutback of at least 106 people, followed suit by mining machinery services supplier Goughs, and union claims since that as many as 200 people will go from the Macraes gold operations.
    Prior to this scenario, OceanaGold had said it would mothball the Globe-Progress open cut mine by mid 2015 unless the gold price reached about $NZ2,000/ounce by about now. It is a long way from that target.
    Less publicised workforce cutbacks have taken place at the Waihi operations of Newmont Waihi Gold which is part of the Newmont Mining group which has undertaken some slashing and burning on global operations like other international gold majors. However, the Waihi pruning has been less severe than elsewhere, including Newmont’s big Australian operations saddled with high wages and material costs.
    The challenge for gold in New Zealand is how much money will go into exploration – because both OceanaGold and Newmont Waihi have been honing this activity. For Newmont, the 2014 driver will be development of the new Correnso underground mine near the Martha open cut. The company’s regional quest in the Hauraki goldfield on the WKP project with Glass Earth Gold Ltd (TSX-V & NZAX: GEL) may depend on Glass Earth’s ability to raise fresh capital to pay its way and perhaps also take over management of WKP.
    Like many other gold juniors looking at NZ, Glass Earth Gold has been working on narrow funds and may be hoping to raise a lot more capital in 2014.
    Glass Earth has dropped or sold most if not all its South Island permits and also has the Neavesville gold project, also in the Hauraki goldfield, with the support of mining identity Geoff Loudon
    Loudon’s L&M Group has the Earnscleugh alluvial gold dredge near Alexandra in Otago which had its fair share of headaches in being profitable in 2013, not helped by the gold price heading south and the dredge spending some time at the bottom of its pond.
    One new gold miner is the Wakaia Gold syndicate’s new operation on the Wakaia River near Gore and, like many South Island alluvial operations, would undoubtedly be lean and mean.
    One of the great hopes for 2014 is MOD Resources Ltd (ASX: MOD) which is earning up to 80% of the Sams Creek gold project near Takaka from OceanaGold and also owns 100% the extended target in that field.
    More could be heard from MOD early this week on the level of activity it will undertake to lift the reserves at Sams Creek well above the existing 1 million ounce level, and also what other targets it will drill in the area this year.
    New Zealand Petroleum & Minerals (NZP&M) is pushing for new gold exploration areas to be taken up in the Taupo Volcanic Belt and while there are juicy epithermal targets in this region, the climate for grass roots exploration is not looking good right now.
    The perception was not be helped by respected Canadian mining newspaper Northern Miner running a headline last week indicating market interest in OceanaGold’s Didpio gold-copper project in the Philippines which, thanks to the copper by-product has low to negative operating costs.
    That paper cited North American investors being impressed with the Didipio performance and with the severe cut-back on workers and operating costs in New Zealand – suggesting that NZ may now be a diminishing option for the company.
    Such a scenario would be grim for NZ as the Macraes mining operation has for more than two decades been a major mining mainstay for the country, and an economic mainstay for Otago which has been losing industry and employment elsewhere in the past year.
    What the gold sector wants to see is an improvement in the gold price, some bold new faces on the scene (also requiring the NZP&M to lift its ponderous permitting process) and for the Kiwi dollar to ease back.
    The $A has taken a pounding in the last six months and this has been one of the few bright lights for mineral and metal exports from that country. The Kiwi, on the other hand, has not lost ground against the Greenback and has risen sharply against the $A in recent months.
    A general election is on the horizon for New Zealand and the well being of mining and also petroleum exploration will hinge on whether the Nationals retain power. A change to Labour with perhaps a Green Party alliance would help bring the Kiwi dollar down but could make New Zealand a poorer place for resource investment.
    Last edited by elZorro; 14-01-2014 at 07:55 AM.
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  11. #1121
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    In 2009 Bob Kilgour struck a deal with Glass Earth on Ophir, but there is no recent evidence that they are on the share register of Ophir Gold Ltd. Bob owns 39% of it at least. I think the deal was more about a 50% share in the tenement proceeds, with GEL providing the equipment. Ophir Gold had already spent a fair bit on drilling before then. Any new drilling could be on the new areas GEL used to own near Ophir.

    Being a private company, they don't need to place any press releases unless it suits them, to attract new investors. There are quite a few small shareholders on the register already.

    http://www.odt.co.nz/news/business/7...50-stake-ophir

    GEL press release: In August 2009, Glass Earth entered into an option agreement to acquire a 50% equity interest in the Ophir project with Ophir Gold Ltd, a private Company based in New Zealand, which will allow Glass Earth to be hard rock mining by the end of 2009.
    So GEL never had that much of a foot in the door, and any work that they did near Ophir will end up the property of Ophir Gold Ltd. They set up a very small test rig for separation testing, but never got around to doing proper hard rock mining, because they had no gear for that.

    Interestingly, the Ophir Gold website has not been touched since April 2009, before the non-completed option deal with Glass Earth. But Bob Kilgour should be in a better financial position to do something now.

    http://www.ophirgold.co.nz/index.html
    Last edited by elZorro; 24-01-2014 at 07:03 AM.
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  12. #1122
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    I have been watching as Glass Earth Gold appears to fade into oblivion, as far as the public shares go. C0.5c will buy you a share now, on the TSX. But it also makes the company look cheap, if there was any resource left of interest, and/or the possibility of enough capital being provided to actually do something in either WKP or Neavesville.

    The GEL website may have received a small tickle-up, as the old expired permits still show, and most references are back to 2013 or earlier, but there is more detail on Neavesville including a cross-section. It has had about twice as many drills as WKP.

    http://www.glassearthgold.com/s/Proj...eportID=587121

    Also there is direct mention that Geoff Loudon is a major shareholder of GEL, has half of the Neavesville interest, and actively supports gold mine development in NZ.

    Mr Loudon already has a gold mine, the Earnscleugh alluivial project. In 2013, after a small setback, some numbers were provided. It was (still is?) employing 35 staff, but not all of the costs are mentioned here, just the wages I think.

    http://www.odt.co.nz/news/business/2...at-gold-dredge

    If the shareprice needs to move to C20c to interest new Canadian investors, there is going to be some serious amalgamation of shares, at the moment 1 for 40 shares. If the price moved back to C2c in the future by itself, then it's more like the proposed 1 for 10, acceptable but still bad enough. This is a 400% gain on the current price though. Current MCap is below C$1mill. Some investors from the last capital raising put in more than that (not Geoff Loudon on that occasion) and they have very little to show for it.

    No-one seems to be making much of a move at the moment, not enough to trigger a change in interest notice anyway.
    Last edited by elZorro; 13-02-2014 at 08:41 PM.
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  13. #1123
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    More of GEL's permits have been transferred to another company involved in mining, as at 18th Feb 2014. This time it's R.J. Stewart Ltd from Mosgiel, who now own 55162 (was an applied for permit) in Southland, 39336, a PP in Southland, and 52700, Wakapatu Southland. These will all be alluvial permits, and it's probably a part payment for services rendered.

    GLass Earth don't have many permits left, almost all are in the area around Waihi. The huge PP up above Macraes still shows, but we were told in December 2013 that it will be going. Maybe it'll help pay some bills.

    The GEL website permit list hasn't been updated for about a year. Nothing too unusual about that. Par for the course.
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  14. #1124
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    Within a few weeks, we'll see the annual report. Last year it popped out on 11th April. At that stage PPs had been completed, which were snapped up for a bargain C16c a share. You can now buy those shares for C0.5c, if you are feeling adventurous.

    http://www.glassearthgold.com/s/News...eportID=580979
    Last edited by elZorro; 28-02-2014 at 09:04 PM.
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  15. #1125
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    Simon Hartley at NZResources (and ODT) has this info for Glass Earth holders:

    Major changes for Glass Earth

    Simon Hartley — 14 March 2014 Glass Earth Gold Ltd (TSX-V & NZAX: GEL) is revamping the company, with sweeping management changes, a share consolidation and a renaming.
    As one of New Zealand's largest gold explorers, Glass Earth's initial emphasis was North Island epithermal targets and seven years of exploration around Otago where it spent the bulk of $40 million, before resetting its sights to gold prospects in the North Island’s Hauraki goldfield two years ago, and quitting Otago.
    Glass Earth Gold will shortly be rebranded as Antipodes Gold Ltd.
    Glass Earth shareholders had approved a consolidation of share capital late last year, to swap 10 old shares for one new; leaving the company with 10.56 million ordinary shares on issue.
    New chief executive Thomas Rabone said Glass Earth will focus exploration in the Hauraki region, its priority being a joint venture with Newmont at the WKP prospect, which Glass Earth will manage.
    Glass Earth has dropped the adjacent Neavesville prospect, after being unable to complete access negotiations with some of the land owners.
    Leaving Glass Earth's board, is John Dow, Paul Jones and Peter Liddle, with chief executive Simon Henderson becoming exploration manager; replaced by Rabone, with Adrian Fleming appointed chairman and Justin Cochrane appointed a director.
    *Simon Hartley is senior business reporter for the Otago Daily Times and assistant chief reporter for the Otago Daily Times.
    I'm going to need some time to digest this properly. It was never made quite so obvious to shareholders two years ago, that WKP was the focus, if it was, then maybe the name change wouldn't be needed. Millions of dollars of shareholders funds were lost in the Otago gravels, when shareholders were being told that this should be a nice little money earner. Thomas Rabone was down there with Simon Henderson looking after shareholders interests. The money was mainly lost in 2013, after a sizeable dollop of new funds went in.

    Neavesville dropped, that'll be showing less of a loss in the books than usual, because for once not a lot of cash was thrown at it. Just a lot of time no doubt. Is Peter Liddle, the company's bookkeeper, staying on? Would this be a good thing? Is the whole deal more of a rearranging of chairs? Adrian Fleming could be more interesting as a Chairman, and we'd probably hear more from him than we got from Mr. Dow. What is the status of Geoff Loudon in the company now? I assume he's still a major shareholder.

    Here is the press release that was put on the TSX on 12th March. The same detail has not made it to the NZX yet. That's possibly because we do not count in the scheme of things. It's a dual listing, but NZ'ers don't bring in enough funds.

    Looks like GEL/Antipodes will fund all the future drills, who knows if they have to pay Newmont for the outstanding bills there, and in turn can obtain up to 51% of WKP. WKP has not had many drills. It's a big area, so to get better infill data is going to take a few million plus. Maybe they intend to use the handheld XRAY scanner to reduce timeframes on results, and maybe they could afford their own drilling rig, and just hire a helicopter when needed. You can even set up a lab in a container on-site.

    They'd probably have been a lot better off putting this sort of effort in at WKP, rather than burrowing around at Drybread for the last two years, in gravels that had too low a grade.

    http://web.tmxmoney.com/article.php?...&qm_symbol=GEL

    Earlier press release about the WKP deal with Newmont.

    http://web.tmxmoney.com/article.php?...&qm_symbol=GEL
    Last edited by elZorro; 14-03-2014 at 08:26 PM.
    -elZorro-

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