WELLINGTON, NEW ZEALAND--(Marketwire - April 23, 2012) - Glass Earth Gold Limited ("Glass Earth Gold" or "the Company") (TSX VENTURE:GEL.V - News)(NZAX:GEL.NZ - News) announces that it proposes to extend by thirty three (33) days the expiry date of the following share purchase warrants:
- Warrants to purchase up to 9,100,000 common shares at an exercise
price of $0.35 per share until May 5, 2012, issued in connection with
a non-brokered private placement completed in May, 2010 (the "May 2010
If accepted by the TSX Venture Exchange (the "Exchange"), the Company will extend the expiry date of the 9,100,000 share purchase warrants to June 7, 2012.
The extension is being undertaken to ensure that the expiry date of the May 2010 Warrants coincides with the expiry date of an additional 5,100,000 share purchase warrants exercisable at $0.35 per share which expire on June 7, 2012 (the "June 2010 Warrants").
The May 2010 Warrants and June 2010 Warrants were issued in connection with the same private placement conducted in 2010, which was completed in two separate tranches, 33 days apart.
The application to amend the warrants is subject to the Exchange's acceptance, and the Company makes no assurances that the required acceptance for the extension of the term of the warrants will be granted.
ON BEHALF OF THE BOARD OF DIRECTORS
About Glass Earth Gold
Glass Earth Gold is one of New Zealand's largest 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 a land position of approximately 10,000 km2, in both the North and South Islands. The Company held a net cash position of C$2.2 million at the end of Q1 2012 to fund exploration progress.
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 has also defined several significant epithermal gold targets to independently explore in this region, including the Muirs Reef project where drilling is ongoing. A historical resource of 390,000 oz (non NI 43-101-compliant, at 1.5 g/t Au and cut-off grade of 0.5 g/t Au), as well as recent drilling provided further encouragement with intersections of 2m of 38.4g/t gold and 49.2g/t silver.
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.
For more information on Glass Earth Gold, please visit www.glassearthgold.com.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of 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.
- TSX Venture Exchange
Glass Earth Gold Limited
President and Chief Executive Officer
+64 4 903 4980
CHF Investor Relations
Director of Operations
+1 416 868 1079 x 225
CHF Investor Relations
Associate Account Manager
+ 1 416 868 1079 x 241