Dear all,

The first 5 months of 2007 have accelerated gold exploration in each of our four focus regions in New Zealand:

Hauraki Region: our major joint venture partner, Newmont Mining Corp, hits the ground running as it seeks a new major discovery on Glass Earth’s permitted area within trucking distance of the 10 million ounce Martha Gold Mine – we report on exploration in the entire region and preliminary drilling results on Glass Earth’s Waihi West permit, immediately adjacent to Martha.

Mamaku Region: regional prospecting work has refined our targeting, revealing promising targets (Gibraltar, Kaimai, Ohauiti) and advancing these to the exploration stage.

Central Volcanic Region: Glass Earth pursues regional work in the CVR, lifting targets up the ranking table through prospecting activities, whilst advanced targets are the focus of continuous on-ground surveying and drilling campaigns, improving understanding of our epithermal targets – we provide a review of two high-ranked targets. An intended joint venture with GCO will secure exploration rights over Glass Earth’s other targets in the CVR.

Otago Region: Glass Earth’s major regional airborne geophysical campaign in the South Island of New Zealand has progressed significantly (80% of the 17,000km² survey area flown as at June 7, 2007) – the initial data is of outstanding quality, and is expected to substantially rewrite the Otago Region geology. Three joint ventures in the Otago Region complement Glass Earth’s 21,000km² landholding, allowing for a truly regional scope in prospecting work.

You’ll find more details with respect to the above in our last 3 press releases (extracts here below) – the full versions of these releases are available on our website, www.glassearthlimited.com.

An illustrated Exploration Summary for 2006-07, which provides a comprehensive run-down on our recent gold exploration activities, with additional technical details and several in-depth target reviews can be viewed on our website, or by clicking here – don’t hesitate to contact us if you wish to receive a paper copy.

Regards,

Simon Henderson

1. MAJOR OTAGO AIRBORNE GEOPHYSICS CAMPAIGN UPDATE: FLYING 60% COMPLETE – LETTER OF INTENT WITH AUSTRALASIA GOLD IN OTAGO REGION (22.05.07) - EXTRACT

“Glass Earth embarked on its second region-wide airborne geophysical survey and “data intervention” project in NZ on January 15, 2007.[…] The survey will cover approximately 17,000km² of an area encompassing the historic Otago Goldfields, with in excess of 50,000 line kms to be flown. To date, Glass Earth and Fugro have flown 60% of the survey area (~30,000 line kms), collecting Electro-Magnetic, Magnetic and DTM data. This region-wide survey has the potential to directly detect regional scale shears, similar to the Hyde-Macraes Shear Zone, host to the 7.2moz Macraes Gold Mine.”

2. HAURAKI REGION GOLD EXPLORATION UPDATE AND PRELIMINARY RESULTS (24.05.07) - EXTRACT

“In February 2007, a Joint Venture was entered into with Newmont over Glass Earth’s entire Hauraki Region permit area, for Newmont to fund and undertake exploration programmes in each of the 3 sectors of the Hauraki Region. [...] Newmont already possessed significant databases of the Hauraki Region […]. By collating and interpreting this information Newmont […] defined prospect areas for detailed follow-up work and drilling. […] Newmont’s 2007 exploration programme on Glass Earth’s Hauraki permits includes Hoist Electro-Magnetic surveying, surface geochemistry and resistivity surveys to define drill targets. First pass drilling is planned for mid 2007.”

3. CENTRAL VOLCANIC AND MAMAKU REGIONS GOLD EXPLORATION UPDATE (01.06.07) - EXTRACT

“Ohakuri: Located 7.5 kms south of No1 ranked target Tahunaatara, the Ohakuri prospect was recognised in the 1970’s during engineering studies of the region for suitable hydroelectric dam sites, where incisive erosion by the Waikato River exposed the system beneath shallow cover. Extensive silicification, micro-veining and enveloping clay alteration received significant exploration attention by a number of mining companies. Glass Earth’s Data Intervention, targeting and ranking processes highlighted the Ohakuri prospect as ranking in the top 5 targets within the CVR. With the benefit of ultra-detailed magnetics, detailed airborne gravity and 3D visualisation processes, Glass Earth believes it has the additional data and tools to focus on the economic potential of this target area. Planned extensive 3D ground resistivity in conjunction with rigorous re-mapping and integration of legacy data will provide targets for diamond drilling in the third quarter of 2007.”

CURRENTLY à Hauraki: Newmont Hoist EM survey – Mamaku: extensive 3D ground resistivity survey “E-Scan technology” planned as new targets Gibraltar and Ohauiti advanced - CVR: drilling continues / “E-Scan” survey kick-off June 11, 2007 – Otago: airborne survey nearing completion, focus on target definition

Simon Henderson

Glass Earth Limited

Exploration Manager

PO Box 24 109

TeRenCo House, Level 7

86-96 Victoria Street

Wellington 6142, New Zealand

DDI      +64 4 903 4982

FAX      +64 4 903 4985

MOB     +64 (0) 21 556 750

Attention:

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