TORONTO, CANADA--(Marketwire - Sept. 6, 2007) - Glass Earth Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") wishes to announce the completion of its Airborne Geophysical Survey in the Otago Region, South Island, New Zealand and the execution of a joint venture agreement over that Region.
Geophysical Survey Complete:
Glass Earth embarked on its second region-wide Airborne Geophysical Survey and "Data Intervention" project in New Zealand on January 15, 2007 in search of new large Mesothermal gold occurrences. The Survey used Fugro's ultra-detailed helicopter-borne Resolve(TM) EM system, combined with horizontal gradient-array magnetometry. This Survey is one of the largest Resolve(TM) EM surveys ever undertaken by Fugro worldwide, and the largest airborne geophysical survey ever conducted in New Zealand.
The Geophysical Survey (fixed gross cost C$3.2m/NZ$4m including a contribution from the Otago Regional Council NZ$1m (C$0.75m)) took 7 months to complete and involved ElectroMagnetic, Magnetic and DTM remote data collection exceeding 52,000 line kilometres.
The Geophysical Survey covered 13,000km2 of prospective gold bearing terrain, encompassing the historic Otago Alluvial Goldfields (8 million ounce historic gold production) and the 7.2 million ounce Macraes Gold Mine, New Zealand's largest producing hard-rock gold mine (providing a geophysical template of a major Mesothermal gold system).
Preliminary results indicate there is more variation and structural complexity in the Otago Schist than has been previously mapped or interpreted and the new interpretation will basically rewrite the geology of the Otago Region. The leap in detail provided by the Survey will locate structures bearing a similar geophysical signature to that of the Macraes gold mine's Hyde-Macraes shear. The Company believes that the potential for discovering new large mesothermal gold deposits is substantially increased.
The completion of this Geophysical Survey process marks the commencement of the interpretation and targeting, which will be followed by an extensive on-ground evaluation of the Company's Otago Region tenement position in the first quarter of 2008.
A Joint Venture Agreement has been executed with New Zealand Minerals Limited, whereby it will contribute its Prospecting Permit 39-320 (1,793 km2) and NZ$437,500 (C$328,000) towards the Geophysical Survey costs in return for a 10% equity in Glass Earth's combined Otago Region tenement portfolio covering over 23,000 km2.
Glass Earth's exploration programmes 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.
About Glass Earth Limited
Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of over 31,000 square kilometres in the North and South Islands. See the exploration regions overview map at Figure 1.
In the North Island, exploration efforts are focused on the Hauraki / Central Volcanic Region. The Hauraki / Central Volcanic Region is host to the 10 million ounce gold Waihi / Martha Mine, owned by Newmont Mining, which is considered the "type" epithermal gold deposit and the kind of large epithermal gold system targeted by Glass Earth.
- Hauraki Region - With 11 advanced gold prospects, this region occupies a significant ground position around the Waihi / Martha Mine; Newmont has commenced earning into the Glass Earth permits via two Joint Ventures: the Waihi West permit, immediately adjacent to the Waihi / Martha Mine; and the surrounding Hauraki Region permits.
- Mamaku Region - With 17 recently-defined gold targets, this region includes the Muirs Reef prospect, which historically has produced more than 43,000 ounces of gold;
- Central Volcanic Region - Glass Earth has defined a plethora of epithermal gold targets in this region, including 6 advanced prospects in the process of being drilled.
In the South Island, exploration efforts are focused on the Otago Region for mesothermal "Macraes-style" gold targets and alluvial gold.
- Otago Region - A major data collection/geophysical survey over this region commenced in January 2007 and was completed in August 2007. It will be followed by a targeting process to identify priority areas of gold potential for detailed evaluation.
Glass Earth Limited, with its main operational office in Wellington, New Zealand; field offices in Rotorua (North Island) and Dunedin, Otago (South Island) and corporate office in Toronto, Canada; is listed on the TSX Venture Exchange (TSX VENTURE:GEL) and the New Zealand Alternative Stock Exchange (NZAX:GEL).
To view "Figure 1 - GEL explorations regions - overview map", please click on the link below:
FOR FURTHER INFORMATION PLEASE CONTACT:
Glass Earth Limited
Chief Operating Officer and Vice President, Exploration
+64 4 903 4980
(416) 368-3116 or Toll Free (North America) 1-800-463-5139