TORONTO, ONTARIO--(CCNMatthews - Oct. 3, 2005) - Glass Earth Limited (TSX VENTURE:GEL) ("Glass Earth") wishes to announce that the interpretation of the data from the ultra-detailed airborne magnetic and airborne gravity surveys and the definition of drill target areas have been completed. A total of 21 drill target areas have been defined and a total of 6 Exploration Permits covering these drill targets have been lodged. In addition, applications have been lodged to extend the term of the existing Glass Earth Prospecting Permits, which include the 6 Exploration Permit areas. The Prospecting Permits cover approximately 9,000 square kilometres of the Coromandel/Central Volcanic Region ("CCVR") of the North Island, New Zealand.
The CCVR is host to the 10 million ounce Waihi / Martha Hill Mine, owned by Newmont Mining, which is considered the "type" epithermal gold deposit and the kind of large epithermal gold deposit targeted by Glass Earth in the drill target areas.
Drill Target Areas
Based on the new, higher resolution data sets, derived from the ultra-detailed magnetic surveys, the airborne gravity surveys and the radiometric surveys, Glass Earth has defined and delineated a total of 21 priority individual drill target areas that could potentially host large deposits of Martha Mine "look-a-like" epithermal gold mineralization. A total of 106 target areas were identified. Geoinformatics Explorations Inc assisted Glass Earth with the updating of the existing Glass Earth CCVR data bases with additional legacy data as well as the new data sets acquired. The full range of Geoinformatics proprietary tools were used in the interpretation of these new data sets, and the definition of the drill target areas through a comprehensive process of re-iterative modelling and target development.
Glass Earth has filed applications for a total of 6 Exploration Permits covering the 21 drill target areas which will enable Glass Earth to proceed to the next phase of on-ground exploration including ground geophysical surveys, geochemical sampling and drill testing.
Glass Earth has applied for extensions of the existing Prospecting Permits over the 9,000 square kilometres of the CCVR Project area for a further period of 2 years. The extensions will allow Glass Earth to follow up and develop the remainder of the 85 target areas identified.
The 6 Exploration Permits lie within the Prospecting Permit area.
Glass Earth will undertake a field program to bring the drill target areas up to drill ready status. This will also entail negotiating necessary land access agreements required under New Zealand legislation, detailed ground geophysics, including resistivity surveys and geochemical sampling for gold, silver and other "pathfinder"elements over the drill target areas.
It is anticipated that the targets will be available for drill testing in April, 2006.
Glass Earth is a New Zealand based gold exploration company focused on exploring the Coromandel/Central Volcanic Region of the North Island, New Zealand, located on the "Pacific Ring of Fire", which is known to host exceptionally large epithermal deposits. These large epithermal gold deposits are the target of Glass Earth's exploration activities.
Glass Earth's exploration programs are carried out under the supervision of Glass Earth's VP Exploration and Chief Operating Officer, Mr. Simon Henderson, M.Sc, M.AUSIMM. Mr. Henderson meets the qualified person requirements (as defined by National Instrument 43-101) with more than 30 years of experience in the gold mining and exploration industry.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Glass Earth Limited
President and CEO
(905) 338-8019 (FAX)
Glass Earth Limited
VP Exploration and Chief Operating Officer
+(644) 471-1745 (FAX)
Mobile: +(6427) 664-9065