AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

From NZResources:

Glass Earth Gold sees WKP as having scope for 3 M ounces

Ross Louthean — 13 April 2012
Being an explorer with cash flow and substantial gold permits throughout New Zealand were two positive pointers detailed by Glass Earth Gold (TSX-V & NZAX: GEL) to the investor resource media group Stockhouse.

In a question and answers session Glass Earth’s chief executive Simon Henderson said the company also had the advantage of being a gold producer – from placer operations in Otago – to help fund its search process.
Henderson said New Zealand was chosen because of its “huge gold potential,” its strong gold mining history and the evidence shown by two large gold mines – Martha on the North Island and Macraes on the South.
Glass Earth Gold’s two leading projects were the 35% owned WKP gold discovery with Newmont Waihi Gold near Waihi and the 100% owned Muirs Reef project, further south in the Hauraki goldfield.
Henderson said WKP was advancing and could have potential to be a +3 million ounce project. The first hole there showed the size of the system with 156.1m grading 1.6 grams/tonne gold, and recent holes included high grade hits such as 3.2m @ 37 g/t Au.
He said work in the past year at Muirs Reef demonstrated a 650m long strike length of surface mineralization. The company was now undertaking a 2,500m diamond drilling programme to identify the depth and strike extent of this system.
Henderson said the company has about $C2 million ($NZ2.43 M) on hand with a burn rate of around $C120,000 ($NZ146,250) per month and much of this is being funded from placer mining profits.
Source: stockhouse.com

Here's the link to the item on Stockhouse.

In fact the wording from Simon Henderson was that WKP certainly has the potential for +3Moz.

The importance of this, is that 2-3 Moz is the stated trigger level for Newmont to be interested in opening up a new mine significantly removed from its current infrastructure. I had wondered why there was more buy interest over on the TSX for the last 2 days. GEL moving a bit higher today, still near the price of those C35c options.

I have emailed Simon with some questions yesterday, and true to form, I have very promptly received good answers from him directly. Here's one.

Q. With all the share options coming through at C35c, is Glass Earth keen to see these picked up, or in view of dilution to your own holdings, happy to see them left? What is the most likely outcome?

A.Yes, we certainly want them to be picked up,however it will be good to remove the “overhang” one way or the other. Dilution may result but "cash is king". The investment market for our kind of stock is fickle at the best of times and right now is especially challenging, so it would be foolish to turn down this capital. I'm in fact about to visit the Northern Hemisphere to talk with key warrant holders and the wider market, it's important we effectively communicate our progress and this year's potential. We're confident many of the warrants will be exercised but this is largely in the market's own hands.