Glass Earth Gold Limited Financial Statements and Management's Discussion & Analysis for the Second Quarter Ended June 30, 2012
(firmenpresse) - WELLINGTON, NEW ZEALAND -- (Marketwire) -- 08/29/12 -- Highlights:
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass Earth" or the "Company") announced today that it has filed its June 30, 2012 second quarter Financial Statements and associated Management's Discussion and Analysis ("MD&A") report pertaining to that period with regulatory authorities.
The Company had a net loss for the six months ending June 30, 2012 of $8,496,000 versus $323,000 for the same period in 2011.
Notes:
Commenting on these results, Simon Henderson, CEO of Glass Earth Gold, said: "I would like to thank the Glass Earth team that has worked hard, and is still working hard, to transform the Company into a cash-flow positive enterprise. On the production side, the team spared no effort to complete the placer mine commissioning in spite of difficult weather conditions that have brought about an increase in costs for the period. While these one-off charges have resulted in a loss for the quarter, they will support the Company's ongoing production programme which should generate a steady flow of cash to support its administrative and exploration costs. Similarly, the one-off charge related to the write-off of non-strategic assets was deemed necessary to provide the Company with a better focus and to give a stronger support to the development of projects with the best potential for value creation."
The Company's cash position as at June 30, 2012 was $1,579,000 compared to $2,486,000 for the same date in 2011.
Operational Activities
The Company's corporate and exploration activities for the quarter are summarized in the attached Quarterly Overview.
Qualified Person
Mr Simon Henderson, MSc Geology (CODES), an AusIMM Chartered Professional under the Discipline of Geology; is a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, has reviewed and approved the technical information given in this press release.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a large land position in the North and South Islands (refer to map: ).
In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki/Central Volcanic Region. This Region is host to the 10 million ounce Martha Gold Mine, (Newmont Mining).
Hauraki Region - Glass Earth occupies a significant ground position around Newmont's currently active Waihi gold operations; The Newmont-Glass Earth Waihi West JV (Newmont earning 60%) and Hauraki JV (North and Central Areas - 65/35) are currently being explored and managed by Newmont.
In the South Island, exploration efforts are focused on the Otago Region for mesothermal "Macraes-style" gold targets and placer/alluvial gold.
Visit the Company's website at
GLASS EARTH GOLD LIMITED
QUARTERLY OVERVIEW
EXPLORATION (please refer to the individual sections following for fuller description of the exploration activities).
PLACER MINING - Acquisition and Growth in Otago, New Zealand
FINANCIAL
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.
Contacts:
Glass Earth Gold Limited
Simon Henderson
President and Chief Executive Officer
+64 4 903 4980
CHF Investor Relations
Jeanny So
Director of Operations
+1 416 868 1079 x225
CHF Investor Relations
Anne Robert
Account Manager
+ 1 514 826 8121
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Unternehmensinformation / Kurzprofil:
Datum: 29.08.2012 - 20:24 Uhr
Sprache: Deutsch
News-ID 178878
Anzahl Zeichen: 0
contact information:
Town:
WELLINGTON, NEW ZEALAND
Kategorie:
Mining & Metals
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