Glass Earth Gold Limited: FINANCIAL STATEMENTS and MANAGEMENT'S DISCUSSION & ANALYSIS for the Second Quarter Ended June 30, 2011
(firmenpresse) - WELLINGTON, NEW ZEALAND -- (Marketwire) -- 08/29/11 -- Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass Earth" or the "Company") announced today that it has filed its June 30, 2011 second quarter Financial Statements and associated Management's Discussion and Analysis ("MD&A") report pertaining to that period with regulatory authorities.
Glass Earth is a gold exploration company and therefore classified as being at the 'development stage', as it currently has modest mining income. With all general and administration expenses being expensed, Glass Earth records losses each quarter/year arising from the expensing of these cash operating costs as well as other non-cash expense items.
The Company has a net loss for the six months ending June 30, 2011 of $323,000 vs $866,000 for the similar period in 2010. The Company's cash position as at June 30, 2011 was $2,486,000 compared to $1,602,000 for the same date in 2010.
Operational Activities
The Company has had an active and successful quarter as described in the Quarterly Overview and Near Term Outlook below.
Field operations concentrated on the testing of Glass Earth's two most advanced prospects WKP (35% Glass Earth / 65% Newmont Mining; Newmont managed) and Muirs Reef (100% Glass Earth) in the North Island. Encouraging assay results for drill holes WKP 28 and 29 were released August 26, 2011, with assay results awaited in respect of WKP 30.
In addition, further metallurgical testing on the Ophir Project (50% Glass Earth/50% Ophir Gold) gave very good recoveries based on gravity separation processes.
Expansion of alluvial/placer gold mining in the Central Otago region is a strong focus as current mining operations bed down.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of approximately 10,000 square kilometres in the North and South Islands.
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. Exploration at the WKP gold prospect is ongoing following the very encouraging 2010 drilling results on that prospect.
Central Volcanic Region - Glass Earth has defined several significant epithermal gold targets in this region including the Muirs Reef project (Mamaku district).
In the South Island, exploration efforts are focused on the Otago Region for mesothermal "Macraes-style" gold targets and alluvial gold.
Otago Region - Field programmes to support the drilling of highly ranked Game Hen gold target is underway.
Placer/alluvial mining operations continue into the 2011 year, coupled with an acceleration of alluvial exploration and resource definition; Glass Earth / Dunstan Mining (placer mining 50/50 partner) anticipate a significant increase in gold output in 2011.
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To view the map associated with this press release, please visit the following link: .
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
Visit the Company's website at
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Unternehmensinformation / Kurzprofil:
Datum: 29.08.2011 - 15:32 Uhr
Sprache: Deutsch
News-ID 60123
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contact information:
Town:
WELLINGTON, NEW ZEALAND
Kategorie:
Mining & Metals
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