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