Glass Earth raises more capital
SimonHartley — 12 October 2012
Small-scale Otago gold producer GlassEarth Gold Ltd (NZAX & TSX-V: GEL) has raised a further $C360,000($NZ456,000) in private placement funding as it juggles cash-flows againston-going exploration costs at North Island prospects.Glass Earth remains one of thecountry's largest gold explorers with two other targets being drilled in theHauraki region, including a joint venture on the WKP project with Waihioperator Newmont Waihi Gold.
In late-June Glass Earth clinched$2.95 million from private placements, to refinance the $4 M buy-out of itsformer joint venture partner, then for the half-year to June booked a $8.49 Mloss on the back of accumulated exploration cost writedowns.
Glass Earth has spent almost $40 M inless than six years exploring around the country, much of it around Otago;largely from Canadian investors on the Toronto stock exchange's and ventureexchange.
Glass Earth chief executive, SimonHenderson, has said recently cash allocation has been refocused on the goldtargets with the best potential, plus there had been a pruning of its overallportfolio of prospects.
A target of producing $2 million ofgold had been set for the second-half of this year from the Maniototo, withgold revenue targets in 2013 of $6 M.*Simon Hartley is senior businessreporter for the Otago Daily Times.


This was on NZResources today, maybe it'll be in the ODT as well. Looks like more information will be dispersed in due course.