Sharechat Logo

Glass Earth Gold in 'strong' position for exploration

Monday 2nd May 2011

Text too small?

Gold exploration company Glass Earth Gold says it is in a strong position for drilling activities in 2011, after raising a gross C$6.2 million (NZ$8.1 million) from two fundraising exercises last year.

As at December 31, the company had C$3.9 million in cash with a further C$500,000 received from completion of fundraising in early January. Also helping was increasing income from placer, or alluvial, mining, Glass Earth said today.

In 2010 the company reported a net loss of C$1.47 million, compared to a loss of C$2.68 million in 2009.

Revenue from placer mining activities in Otago made its first contribution last year, with cash generation totalling C$357,000.

Exploration and development costs associated with the establishment of the place operations was amortised completely against revenue as a conservative approach, the company said.

Placer mining expansion this year should see a significant rise in both gross and net revenue.

As a gold exploration company, Glass Earth was classified as being at the development stage, as it had modest mining income for now.

Glass Earth shares last traded at 30c, having ranged between 44c and 25c in the past year.

 

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report
PGG Wrightson Limited (NZX: PGW) Guidance Update
Vital Limited (NZX: VTL) Provides Update on PSN LMR
18th October 2021 Morning Report