- EXPIRY DATE FOR OCTOBER 2006 OPTIONS/WARRANTS
- INCENTIVE STOCK OPTIONS GRANTED
TORONTO, Sept. 25 /CNW/ - Glass Earth Gold Limited (TSX-V: GEL; NZAX:
GEL) ("Glass Earth") provided an activity update on its drilling activities in
the Mamaku-Muirs, Hauraki and Otago Regions in New Zealand earlier today. The
Company has these additional announcements:
EXPIRY DATE FOR OCTOBER 2006 OPTIONS/WARRANTS
The Company confirms that the final expiry date for the outstanding
October 2006 options/warrants is 12 October 2008. These options/warrants are
exercisable at NZ35 cents each (approximately C25 cents). Current market
prices of the Company's shares on the TSXV and NZAX are significantly below
the exercise price and option/warrant holders are advised to check the current
market price prior to any decision to exercise.
INCENTIVE STOCK OPTIONS GRANTED
Glass Earth, pursuant to its rolling stock option plan approved by
shareholders at the annual general meeting held on 27 June 2008, granted two
of its non-executive directors incentive stock options entitling them to
purchase up to an aggregate of 300,000 common shares, exercisable at a price
of C$0.10 per common share and expiring 23 September 2013.
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 22,000 square kilometres in the
North and South Islands.
In the North Island, exploration efforts are focused on the
Hauraki/Mamaku/Central Volcanic Region. Glass Earth is targeting its
exploration to uncover large epithermal gold systems similar to the 10 million
ounce gold Waihi/Martha Mine, owned by Newmont Mining located here.
- Hauraki Region - With advanced gold prospects, Glass Earth occupies a
significant ground position in this region 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
- 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 have been prioritized for
In the South Island, exploration efforts are focused on the Otago Region
for mesothermal "Macraes-style" gold targets and alluvial gold.
- Otago Region - Over 20 significant hard rock gold prospects have been
identified in this region; drilling has commenced on the five
advanced exploration prospects, 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 and field offices in Rotorua (North Island) and Dunedin (Otago,
South Island) is listed on the TSX Venture Exchange (TSX.V: GEL) and the New
Zealand Alternative Stock Exchange (NZAX: GEL).
To receive Company news via email, contact firstname.lastname@example.org 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.
For further information:
For further information: Simon Henderson, President and Chief Executive
Officer, at +64 4 903 4980 or email@example.com; Lindsay Carpenter,
Account Manager, CHF Investor Relations, at (416) 868-1079 x239 or
firstname.lastname@example.org; Visit the Company's website at www.glassearthgold.com