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Glass Earth Gold Limited: Financial Statements and Management's Discussion & Analysis for the Year Ended 31 December 2010
Published : April 29, 2011
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Keywords :   Gold | Gold Mine | Market | New Zealand |

WELLINGTON, NEW ZEALAND--(Marketwire - April 29, 2011) - Glass Earth Gold Limited (News - Market indicators)(NZAX:GEL) ("Glass Earth" or the "Company") announced today that it has filed its December 31, 2010 Year End Financial Statements and associated Management's Discussion and Analysis ("MD&A") report pertaining to that period with appropriate regulatory authorities. 

As advised on April 12, 2011, Glass Earth has early-adopted International Financial Reporting Standards ("IFRS") effective for fiscal 2010. There were no significant differences between Canadian GAAP and NZ IFRS or IFRS, given the nature of the Company's operations. Earlier this week, Glass Earth re-filed its restated unaudited interim financial statements and associated MD&A's for each of the three, six and nine month periods of 2010 in accordance with IFRS. 

During 2010, the Company announced the completion of two fundraising exercises which raised $6.2 million (before issuance costs). As at 31 December 2010, the Company held C$3.9m in cash with a further $0.5 million received from completion of fundraising in early January 2011. Together with increasing placer mining income, this places Glass Earth in a strong position for drilling activities in 2011.

The Company consolidated its placer activities by acquiring 50% of its joint venture party's mining company (and related placer mining equipment). 

The Company recorded a net loss for 2010 totaling $1.467 million (2009 - $2.675 million). Revenue from placer mining activities made its first contribution with exploration and development costs associated with the establishment of these operations amortized completely against revenue as a conservative approach (cash generation totaled $357,000). Placer mining expansion in 2011 should see a significant increase in both gross and net revenue.

Glass Earth is a gold exploration company and therefore classified as being at the 'development stage', as it currently has modest mining income. With all general and administration expenses being expensed, Glass Earth currently records losses each year arising from the expensing of these cash operating costs as well as other non-cash expense items.

The net loss for the year can include significant non-cash items:-
 
  12 months ended
December 31 2010
12 months ended
December 31 2009
Revenue 584,000 39,000
Cost of revenue (381,000) (2,000)
Gross profit 203,000 37,000
     
Cash operating costs    
Operating loss 933,000 1,030,000
Foreign exchange (gain) (27,000) (230,000)
  906,000 800,000
Non- Cash expenses    
Write down Mineral Properties 574,000 2,364,000
Stock based compensation 178,000 -
Income tax expense/(benefit) - deferred 12,000 (489,000)
  764,000 1,875,000
Net loss for the year 1,467,000 2,675,000

Operational Activities

Field operations concentrated on the testing of GEG's two most advanced prospects WKP West (65% Newmont Mining / 35% GEG; Newmont managed) and Muirs Reefs (100% GEG) in the North Island, and drilling of the Serpentine Project in the South Island.

In addition metallurgical testing and test plant design on the Ophir Project (50% GEG/50% Ophir Gold) is nearing completion.

Expansion of alluvial/placer gold mining in the Central Otago region is a strong focus as current mining operations bed down.

About Glass Earth Gold Limited

Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of approximately 10,000 square kilometres in the North and South Islands.

In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki/Central Volcanic Region. This Region is host to the 10 million ounce Martha Gold Mine, (Newmont Mining).

Hauraki Region – Glass Earth occupies a significant ground position around the Waihi/Martha Gold Mine; The Newmont-Glass Earth Waihi West JV (Newmont earning 60%) and Hauraki JV (North and Central Areas - 65/35) are currently being explored and managed by Newmont. Exploration at the WKP gold prospect is ongoing following the very encouraging 2010 drilling results on that prospect.

Central Volcanic Region – Glass Earth has defined several significant epithermal gold targets in this region including the Muirs Reef project (Mamaku district).

In the South Island, exploration efforts are focused on the Otago Region for mesothermal "Macraes-style" gold targets and alluvial gold.

Otago Region – Field programmes to support the drilling of highly ranked Serpentine and Game Hen gold targets are underway.

Two alluvial mining operations continue into the 2011 year, coupled with an acceleration of alluvial exploration and resource definition; Glass Earth / Dunstan Mining (placer mining 50/50 partner) anticipates a significant increase in gold output in 2011.

To receive Company news via email, contact jennie@chfir.com and mention "Glass Earth news" in the subject line.

To view the map associated with this release, please visit the following link:
http://media3.marketwire.com/docs/Glass_Earth_Gold0429.pdf

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.

Glass Earth Gold Limited
Simon Henderson
President and Chief Executive Officer
+64 4 903 4980
info@glassearthlimited.com
www.glassearthgold.com
or
CHF Investor Relations
Jeanny So
Director of Operations
+1 416 868 1079 x225
jeanny@chfir.com
Data and Statistics for these countries : New Zealand | All
Gold and Silver Prices for these countries : New Zealand | All

Glass Earth Gold Limited

EXPLORATION STAGE
CODE : GEL.V
ISIN : CA37713P2035
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Glass Earth Gold Ltd is a gold exploration company based in New zealand.

Glass Earth Gold Ltd holds various exploration projects in New Zealand.

Its main exploration properties are OTAGO REGION, MUIRS REEF and SERPENTINE GOLD in New Zealand.

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Financings of Glass Earth Gold Limited
2/15/2013Closes Third and Final Tranche of Private Placement
10/5/2012Announces Private Placement
10/5/2012Announces Private Placement
1/30/2008Private Placement Closes
1/21/2008 Private Placement Update
11/1/2007 Announces C$5 Million Private Placement for Drilling and Ne...
Option Grants of Glass Earth Gold Limited
6/14/2013Retains Anne Robert to Manage Investor Relations
1/7/2008Change of Name and Stock Options Granted
6/9/2006announces closing of $1,5 million private placement and issu...
Financials of Glass Earth Gold Limited
5/24/2013Financial Statements and Management's Discussion & Analysis ...
4/12/2013Financial Statements and Management's Discussion & Analysis ...
5/24/2011Financial Statements and Management's Discussion & Analysis ...
4/29/2011Financial Statements and Management's Discussion & Analysis ...
Project news of Glass Earth Gold Limited
7/19/2011(Muirs Reef)Announces Significant Gold Results at Muirs Prospect in New ...
3/29/2011(Serpentine Gold)Drilling Commences at Serpentine Gold Prospect
Corporate news of Glass Earth Gold Limited
10/17/2013Special General Meeting Approves Share Consolidation
9/9/2013- Special General Meeting Share Consolidation Proposal
8/29/2013Initiates Major Strategic Refocus and Files Q2 Financials to...
8/1/2013Announces Filing of NI 43-101 Technical Report on the Minera...
4/29/2013Announces Results for WKP Drill Holes 36 & 37 and Recommence...
2/7/2013Announces Filing of NI 43-101 Technical Report on Glass Eart...
1/30/2013Announces Filing of NI 43-101 Technical Report for its Resou...
1/4/2013Closes Second Tranche of Placement
12/12/2012Closes First Tranche of $3 Million Placement
10/31/2012Intersects Significant New Epithermal Gold Zone-East Graben ...
9/24/2012Confirms Potential for the Discovery of a Significant Gold D...
7/6/2011Annual General Meeting Results and Director Departures
5/12/2011Announces Significant High Grade Gold Results From 'WKP-West...
4/12/2011Announces Early IFRS Conversion
11/27/2008Exploration update and interim financial statements and Mana...
9/25/2008Reports High-level Epithermal System Indicated by Broad Mine...
8/22/2008Drilling update
8/6/2008reports interim financial statements and Management Discussi...
8/1/2008Exploration Update
6/23/2008Repositioned for the future
6/20/2008engages CHF Investor Relations
6/16/2008Gold Exploration update - Drilling commences in the Otago Re...
5/20/2008announces changes to executive team
2/4/2008Glass Earth Gold news updateContent-class: urn:content-class...
6/8/2007news update
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