TORONTO, June 23 /CNW/ - Glass Earth Gold Limited (TSXV-GEL) ("Glass
Earth or the Company") wishes to advise of the favourable outcome of recent
shareholding and management restructuring.
The past few months have seen Glass Earth reposition itself with:
- Additional funding to carry out diligent and extensive exploration
through into mid 2009;
- Strengthening of localized management in New Zealand and improved
governance overview; and
- Acquisition of improved spread of shareholder base and support.
In December 2007/Jan 2008, Glass Earth raised C$5m by private placement
of shares and warrants to ensure that it was well placed to ride out the
current uncertain financial markets. At the same time, Glass Earth wished to
continue its active exploration in its four key regions in New Zealand. As a
consequence, Glass Earth is funded through into mid 2009.
Glass Earth's management team has been reshaped with the appointment of a
New Zealand based President and CEO and a non-executive chairman. The
management team now comprises Simon Henderson (President and CEO), John Dow
(non-executive Chairman) and Peter Liddle (CFO) all based in New Zealand, with
the balance of the directors based in Canada and the USA (Richard Billingsley,
Stephen Burns and Paul C Jones).
In late 2007, Glass Earth's parent company, St Andrew Goldfields Ltd
(50.2%) diluted to 42.3% as a result of the above mentioned C$5m fund raising.
In early 2008, St Andrew announced that it was considering the divestment of
certain non-core assets, including certain shareholdings, in order to finance
the development of its Holloway Holt gold mine in Ontario. St Andrew has since
sold down its equity position in Glass Earth from 42.3% to 0.3%. As a result
of that divestment, Glass Earth's largest shareholder is now Mr Herbert
Abramson with 13.8%, with other new shareholders holding 9.1%, 9.6% and 4.3%
each. A further 5% was acquired by a number of individuals.
Glass Earth considers that the changes in shareholdings and management
will provide a stronger platform for the future.
Glass Earth's exploration programmes are carried out under the
supervision of Glass Earth's President and CEO, Mr. 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 27,000 square kilometres in the
North and South Islands.
In the North Island, exploration efforts are focused on the Hauraki /
Central Volcanic Region. The Hauraki / Central Volcanic Region is host to the
10 million ounce gold Waihi / Martha Mine, owned by Newmont Mining, which is
considered the "type" epithermal gold deposit and the kind of large epithermal
gold system targeted by Glass Earth.
- Hauraki Region - With advanced gold prospects, this region occupies a
significant ground position around the Waihi / Martha Mine; Newmont
has commenced earning into the Glass Earth permits via two Joint
Ventures: the Waihi West permit, immediately adjacent to the
Waihi / Martha Mine; and the surrounding Hauraki Region permits.
- Mamaku Region - With recently-defined gold targets, this region
includes the Muirs Reef prospect, which historically produced more
than 43,000 ounces of gold;
- Central Volcanic Region - Glass Earth has defined a number of
epithermal gold targets in this region, including advanced prospects
that have completed 3D resistivity and are now being prioritised for
In the South Island, exploration efforts are focused on the Otago Region
for mesothermal orogenic gold deposits, typified by the 7m oz Macraes gold
mine in Otago (Oceanagold) and producing around 150,000 oz pa.
- Otago Region - A major data collection/geophysical survey over this
region was completed in August 2007. Subsequent detailed on-ground
evaluation has identified over 20 significant hard rock gold
prospects; drilling has commenced while prospecting will continue to
bring forward targets through the 2008-2009 exploration period.
Glass Earth Gold Limited, with its main operational office in Wellington,
New Zealand; field offices in Rotorua (North Island) and Dunedin (Otago, South
Island) and corporate office in Toronto, Canada; is listed on the TSX Venture
Exchange (TSX.V: GEL) and the New Zealand Alternative Stock Exchange (NZAX:
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.
For further information:
For further information: Simon Henderson, President and Chief Executive
Officer, at +64 4 903 4980, email - firstname.lastname@example.org; or Richard
Billingsley, non-executive director, at (604) 868-2475; or Lindsay Carpenter,
Account Manager, CHF Investor Relations, at (416) 868-1079 ext. 239, email
Lindsay@chfir.com; - Visit the Company's website at www.glassearthlimited.com