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Gold explorer Glass Earth lost C$670,000 in Sept Qtr

Monday 28th November 2011

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Gold explorer Glass Earth Gold lost C$670,000 (NZ$855,246) in the three months ended Sept. 30, taking its loss for the first nine months of its year to C$993,000, down from a loss of C$1.1 million in the same nine months the previous year.

The company, which is listed on both the NZX's alternative board and the Toronto Stock Exchange's venture exchange, said the result included a C$327,000 write-off of accumulated exploration revenues.

It will issue a separate press release to disclose the results of recent drilling at its Hauraki gold prospect. It is awaiting assays from drilling at its Ophir prospect in Otago and has advanced plant and mine design, it said.

The company's placer mining joint venture with Dunstan Mining in Otago contributed C$85,000 for the three months, up from C$61,000 in the same quarter last year. The company said it expects a significant increase in gold output in 2012.

Glass Earth raised C$2.9 million from private placements in the quarter as well as C$0.25 million from the exercise of warrants and options, taking its cash position to C$4.6 million at September 30.

Glass Earth shares last traded on NZX at 64 cents on Nov. 16, down from the 84 cent peak in August but well up from the 30 cent low in April.


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