AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

Looks like anybody with good connections could receive a 7% finders fee on the latest capital raising. What about you JBMurc?

http://www.scoop.co.nz/stories/BU110...for-c5-mln.htm

[elZorro]

Not much new here from Simon, but a good summary anyway. (NZ Resources)
There is an indication that the C5mill will be used on exploration in one year. Exploration costs are left off the main books (treated as an increase in assets) until an area is written off as unprospective. This is normal practice. When you see the massive amounts that miners like Barrick spend each year, Glass Earth has done very well with the funds it has available.

New Canadian capital raising for Glass Earth

Simon Hartley — 21 September 2011
Gold explorer Glass Earth Gold Ltd (TSX-V & NZAX: GEL) is seeking $C5 million ($NZ5.82 M) in a private placement in Toronto to recapitalise and continue its test drilling and mineral exploration around New Zealand.
About two years ago, Glass Earth's cash-flow was becoming perilously low, but it has successfully recapitalised several times since then.
It is understood to have spent more than $30 million during the past four years; the majority of it around Otago prospects.
In 2010, Glass Earth completed two fundraising exercises which raised $6.2 M and at the end of December carried $C3.9 M cash then in January received a further $500,000.
Glass Earth booked a loss for 2010 of $1.4 M, compared with $2.6 M the year before.
The company's chief executive, Simon Henderson, said together with increasing mining income from Otago, the $C5 M private placement would leave Glass Earth in a strong position for its drilling activities in 2011.
"The company consolidated its placer activities by acquiring 50% of its joint venture party's mining company; and related placer mining equipment," he said.
Gold production from Otago last year saw cash generation total $357,000, and forecasts in December said alluvial mining expansion in 2011 should mean a significant increase in both gross and net revenue.
Otago remains the focus of Glass Earth's South Island exploration efforts, which includes hard-rock exploration and some small-scale mining of loose alluvial gold around Central Otago.
On the North Island, exploration efforts are focused on gold systems around the Hauraki and central volcanic region, including a joint venture with Newmont Waihi Gold on the WKP discovery near Waihi which continues to shape up as a major epithermal gold project.
In the Central Volcanic region Glass Earth is adancing exploration on the 100% owned Muirs Reef in the Mamaku district.
*Simon Hartley is senior business reporter for the Otago Daily Times.