GEG (GEL) put out a press release last night, just before the start of trade on the TSX.

MINE: GEL: PLACER GOLD PRODUCTION UPDATE AND PRIVATE PLACEMENT CLOSING 08:32a.m. GEL 25/02/2010

REL: 0832 HRS Glass Earth Gold Limited

MINE: GEL: PLACER GOLD PRODUCTION UPDATE AND PRIVATE PLACEMENT CLOSING

PLACER GOLD PRODUCTION UPDATE AND PRIVATE PLACEMENT CLOSING

Glass Earth Gold Limited (TSX-V: GEL; NZAX: GEL) ("Glass Earth" or the
"Company") commences gold production at McAdie's, New Zealand.

Glass Earth Gold Limited further advises that it has closed the non-brokered
private placement announced on October 27, 2009.

Placer mining at McAdies, Ida Valley, New Zealand commenced in mid-December
2009 following the grant of Mining Permit 52 018 on 10 December 2009. Weekly
production is in line with expectations and Glass Earth is delighted to
commence modest gold production.

Consents for the Gun Club placer gold project, Ida Valley have also been
granted as well as Mining Permit 52 021 (on 22 January 2010).

Together with the 40 tonne placer gold plant currently leased out on the
Earnscleugh Project (L&M Mining - nearby at Alexandra), Glass Earth intends
to have three placer projects contributing to gold production/cash flow in
the first quarter 2010. Cash generated from these projects is expected to
significantly contribute to Glass Earth's corporate operating expenses.

Glass Earth's placer operations are managed by GEG's 50% joint venture
partner Dunstan Mining - releasing Glass Earth technical management to focus
on its hard rock exploration in Central Otago, and Hauraki-Mamaku, New
Zealand.

Glass Earth further advises that it has completed the non-brokered private
placement announced on October 27, 2009. A total of 7,420,000 units (the
"Units") at CAD$0.05 per Unit for gross proceeds of CAD$371,000. Each Unit
is comprised of one common share and one common share purchase warrant (the
"Warrant"). Each Warrant entitles the holder to purchase one additional
common share at a price of $0.10 until expiry on December 29, 2012.

The Company also issued 104,000 finder's warrants and paid cash of $5,200 to
finders in connection with the closing of the private placement. The
finder's warrants have the same terms as the Warrants issued to subscribers
in the private placement. The securities issued in the private placement and
the finder's warrants are subject to a hold period expiring April 30, 2010.

The proceeds of the private placements will be used for general corporate
purposes.

Qualified Persons
Glass Earth's exploration programmes are carried out under the supervision of
Glass Earth's President and CEO, Simon Henderson, M.Sc, M.AUSIMM, F.SEG. Mr.
Henderson meets the qualified person requirements (as defined by National
Instrument 43-101) with more than 30 years of experience in the gold mining
and exploration industry.

About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration
companies exploring a land position of over 17,000 km2 in the North and South
Islands. With its main office in Wellington, New Zealand, Glass Earth Gold
Limited is listed on the TSX Venture Exchange (TSX.V: GEL) and the New
Zealand Alternative Stock Exchange (NZAX: GEL).

For additional information on the company, please contact:
- Simon Henderson, President and Chief Executive Officer, at +64 4 903
4980 or info@glassearthlimited.com;
- Jeanny So, Director of Operations, CHF Investor Relations, at +1 416
868 1079 or jeanny@chfir.com
- Visit the Company's website at www.glassearthgold.com.

To receive Company news via email, contact jeanny@chfir.com and mention
"Glass Earth news" in the subject line.

Neither the TSX Venture Exchange nor New Zealand Exchange Limited has
reviewed this release and neither accepts responsibility for the adequacy or
accuracy of this release.
End CA:00191649 For:GEL Type:MINE Time:2010-02-25:08:32:33
145,000 shares traded higher over there at CAN 5c.
Looks like some of us could have jumped in on the private placement after all, and had guaranteed CAN10c share options up to 2012. Anyone have any comments?