Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Volcanic Ash no barrier to Glass Earth

News Release (Embargoed until 5.30 PM)
11 September 2006


Volcanic Ash no barrier to Glass Earth


Glass Earth Ltd will employ the latest technology to “see through” layers of volcanic ash in the Central Plateau, to identify underlying gold prospects, Chairman Mr Glenn Laing, tells investors in the company’s prospectus released today.

Glass Earth Ltd, a Wellington based gold exploration company with extensive mineral permits in the Hauraki/Central Plateau regions and the Otago region, launched its $10 million public issue today.

Glass Earth intends discovering and developing world-class gold deposits in New Zealand’s under explored and highly prospective regions.

The capital raised by Glass Earth under this offer will assist in developing of prospects in known mature gold regions, Hauraki and Otago and new under developed regions, Mamaku-Muirs and the Central Volcanic.

Mr Laing says in the prospectus that despite the country’s long history of gold mining which formed the financial backbone of the country’s development, exploration for and development of new deposits has languished over the last decade.

But Glass Earth “is leading a revival of gold exploration activity, using rigorous exploration processes, new technology and experienced and successful management.”

This offer provides New Zealand investors with the opportunity to own part of a New Zealand gold exploration business, with an asset base that is entirely New Zealand focussed, and a science driven technological approach that defines a new paradigm for risk managed gold exploration into the future.

The issue which will give New Zealand investors an approximate 28 per cent shareholding in the company.

Mr Laing said today that the company would now embark on a major exploration programme in the Hauraki/Central Plateau regions, following the completion of ultra-detailed airborne magnetics and airborne gravity surveys and the identification of 106, ranked, target areas

He said that based on the new higher resolution datasets, 21 of the 106 targets were prioritised for pre-drilling resistivity and gold geochemical surveys. In December 2005, these 21 targets had been advanced from prospecting permit status to be covered by six Exploration Permits.

“As a science based gold exploration company we have developed what effectively constitutes a ‘Road Map’ using high technology interpretation and with this technological leadership we can take a big budget approach to exploration”. Mr Laing said.

In July the company announced that it had discovered a gold mineralised epithermal style system at Tahunaatara (located between Rotorua and Taupo).

The directors of the company are Mr Laing, Mr Simon Henderson, the founder of the company in New Zealand and Vice President - Exploration and Chief Operating Officer, Mr John Dow, a former Newmont Australia Ltd Managing Director, now living in New Zealand, Chief Financial Officer and Secretary Mr Peter Liddle, of Auckland, and Mr Richard Billingsley of British Columbia.

ENDS

For background information on Glass Earth Ltd:

www.glassearthlimited.com


See... Glass Earth Prospectus

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news