Business
Glass Earth Gold Limited reports interim financial statements and Management Discussion & Analysis for the six months ended 30 June, 2008
TSX-V: GEL NZAX: GEL TORONTO, Aug. 6 /CNW/ - Glass Earth Gold Limited (TSX Venture: GEL; NZAX: GE...
About this update from Chatham Rock Phosphate Limited
[{"type":"text","content":"\n\n\n\nTSX-V: GEL\n\n\nNZAX: GEL\n\n\nTORONTO, Aug. 6 /CNW/ - Glass Earth Gold Limited (TSX Venture: GEL; NZAX:\nGEL) ("Glass Earth") announced the release of its interim financial statements\nfor the six month period ending June 30, 2008, and Management's Discussion and\nAnalysis ("MD&A") report pertaining to that period.\n\n\nOPERATIONAL ACTIVITIES\n\n\nDuring the first half of 2008, Glass Earth has completed drill permitting\nfor various gold exploration prospects, including advanced gold prospects in\nthe Hauraki-Waihi area, an advanced prospect at Mamaku, between Rotorua and\nTauranga, and greenfields gold prospects in the Otago mesothermal gold fields,\nwithin the 17,980 square kilometre prospecting permit area - which management\nbelieves is prospective for Macraes style gold mineralization. Existing joint\nventures and other arrangements have increased the exploration area in the\nOtago region to over 23,000 square kilometers.\n\n\nHAURAKI REGION\n\n\nNewmont completed 4 diamond drill holes on Owharoa by May, with no\nsignificant results encountered. The drill rig was shifted to near the\nhistoric Komata deposit, aimed at the untested potential in the converging\nsoutherly strike extents of the vein system.\n\n\nMAMAKU REGION\n\n\nLand access was obtained in late June 2008 that has allowed a 5-6 hole\ndrilling campaign to commence, testing ground in and around the historic Muirs\ndeposit. Further drilling to the north (Otawa) and the south (Gibraltar) will\nbe dependent on results.\n\n\nOTAGO REGION\n\n\nAssay results from the large summer field programmes came through in this\nquarter allowing the exploration team to identify drill targets at Serpentine,\nSparrowhawke, Game Hen and Gold & Pine. The first Otago Region drill hole was\ndrilled at Sparrowhawke in June. Drilling will continue through the southern\nhemisphere winter on the lower elevation targets. Field mapping and stream\nsediment sampling continued over Fruid Burn and Sheep Wash, with infill soil\nsampling at Game Hen. Substantial effort has been put into analysis and\ninterpretation of the data sets obtained (legacy, remote geophysical and field\nwork).\n\n\nFINANCIAL RESULTS\n\n\nAt June 30, 2008, the Company had net working capital of $3,670,000\n(2007: $3,435,000), including cash and equivalents of $3,808,000 (2007:\n$3,903,...