WELLINGTON, NEW ZEALAND--(Marketwire - Nov 30, 2012) - Glass Earth Gold Limited (TSX VENTURE:GEL)(GEL.NZ) ("Glass Earth") announced today that it is undertaking a non-brokered private placement financing for gross proceeds of up to C$3 million.
The proceeds of this private placement are to advance the delineation and development of the Neavesville and WKP projects in the Hauraki region of New Zealand.
Glass Earth Gold recently announced an agreement to acquire rights in the Neavesville project and to develop this project in conjunction with Mr Geoff Loudon (refer press release November 19, 2012). The WKP project is an existing joint venture with Newmont Mining.
The private placement will consist of up to 18.75 million Units at a price of C$0.16 per Unit. Each Unit will consist of one common share and one common share purchase Warrant. Each Warrant will entitle the holder to purchase one common share at a price of C$0.25 per share, exercisable for a period of 24 months from the date of issuance.
Glass Earth will pay Finders a cash finder''s fee of 7% of the funds raised. In addition, Glass Earth will issue to qualified Finders, non-transferable finder''s warrants ("Finders'' Warrants") to acquire Warrants in the amount that is equal to 7% of the number of Units sold. Each of the Finders'' Warrants will entitle the holder to acquire one share of Glass Earth having the same terms and conditions as the Units sold.
All of the Units and Finders'' Warrants issued will be subject to a four month hold period.
The Private Placement is subject to acceptance by the TSX Venture Exchange.
About Glass Earth Gold Limited
Glass Earth Gold is one of New Zealand''s most active gold exploration companies with landholdings proximal to world-class gold deposits and cash flow from its wholly owned placer projects. With an experienced geological team the Company is exploring promising gold prospects across both the North and South Islands. The Company held a net cash position of C$1.0 million at the end of Q2 2012.
In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki Region, akin to the 10Moz gold equivalent Martha Hill mine, (Newmont Mining).
In the Hauraki Region, Glass Earth Gold has identified and developed significant ground positions around the active Martha Hill gold mine operations at Waihi. The Newmont-Glass Earth Gold Waihi West JV (Newmont earning in) and Hauraki JV (65/35), including drilling at the WKP discovery, are being actively explored and managed by Newmont in collaboration with Glass Earth Gold. Glass Earth Gold also intends to progress activities at the newly announced Neavesville prospect.
Glass Earth Gold has also defined several significant epithermal gold targets to independently explore in this region, including the Muirs Reef Gold project.
In the South Island, exploration efforts are focused on the Otago Region, home to OceanaGold''s 7Moz Macraes Goldfield, for identification of mesothermal "Macraes-style" gold targets and revenue generation through placer (alluvial) gold production.
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