WELLINGTON, NEW ZEALAND — (Marketwire) — 11/19/12 — Glass Earth Gold Limited („GEG“ or „the Company“) (TSX VENTURE: GEL)(NZAX: GEL) is pleased to announce that it has executed a Share Sale agreement with Eurasian Minerals Inc (TSX VENTURE: EMX), securing the option to acquire the Neavesville prospect (immediately north of the WKP prospect and Martha Mine, Hauraki, New Zealand).
Highlights
Mr Henderson, Glass Earth CEO commented that „the Neavesville project offers the opportunity to have management and control over the development of a significantly advanced gold /silver project, with an already established (historic) resource, with the immediate objective to update and improve the potential of the existing Trig Bluff resource. The project also offers tantalising new targets to increase the size and potential of the prospect. Neavesville, in the vicinity of GEG-s other Hauraki projects (WKP, Glamorgan, and Waihi West), will focus GEG-s exploration and development efforts in the region of Newmont Waihi Gold-s, Martha Hill mining operations“.
Mr Henderson also welcomed the opportunity to develop this project with Mr Geoff Loudon, a well-known, New Zealand based, international explorer and mine developer. Geoff was a foundation director of Lihir Gold Limited (1995-2010), and is currently chairman of Nautilus Minerals (TSX and AIM) and L&M Energy (ASX and NZX). He has been involved in the exploration, financing and the development of numerous mineral projects in New Zealand, PNG and South America over the last 40 years.
Mr Loudon-s interests will be taking a 50% interest in GEG-s rights to the Neavesville project.
The Neavesville prospect consolidates a 30km2 area of prospective ground in the Hauraki Goldfield under exploration permits 52-759 and 51-767 (see Figure 1). Neavesville has been actively explored by a number of exploration companies from the 1970s through 2007, including Amoco (Cyprus), CRA, Homestake, City Resources, Normandy, and Newmont. Work conducted includes:
The largest of the gold systems defined by the historical drilling and surface geochemistry is centered on Trig Bluffs. Drill inferred historic mineral resource estimates produced in 1999 (and updated in 2001) by the (New Zealand) Institute of Geological and Nuclear Sciences were as per below. While the resource estimates were JORC compliant at that time, a Qualified Person has not performed sufficient work to classify the historic estimates as current mineral resources and Glass Earth is not treating the estimates as current mineral resources. The historic estimates should not be relied upon until they can be confirmed.
Please view the map on Neavesville at: .
Future work planned:
The Option provides for staged payments and obligations as follows:
About Glass Earth Gold
Glass Earth Gold is one of New Zealand-s most active 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 both the North and South Islands. The Company held a net cash position of C$1.0 million at the end of Q2 2012.
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 Gold project.
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.
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.
For more information on Glass Earth Gold, please visit .
To receive Company news via email, contact and mention „Glass Earth news“ in the subject line.
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 x 225
Only registered users can comment.
