TSX-V: GEL NZAX: GEL - EXPIRY DATE FOR OCTOBER 2006 OPTIONS/WARRANTS - INCENTIVE STOCK OPTIONS GRANTED
TORONTO, Sept. 25 /CNW/ - Glass Earth Gold Limited (TSX-V: GEL; NZAX: GEL) ("Glass Earth") provided an activity update on its drilling activities in the Mamaku-Muirs, Hauraki and Otago Regions in New Zealand earlier today. The Company has these additional announcements:
EXPIRY DATE FOR OCTOBER 2006 OPTIONS/WARRANTS
The Company confirms that the final expiry date for the outstanding October 2006 options/warrants is 12 October 2008. These options/warrants are exercisable at NZ35 cents each (approximately C25 cents). Current market prices of the Company's shares on the TSXV and NZAX are significantly below the exercise price and option/warrant holders are advised to check the current market price prior to any decision to exercise.
INCENTIVE STOCK OPTIONS GRANTED
Glass Earth, pursuant to its rolling stock option plan approved by shareholders at the annual general meeting held on 27 June 2008, granted two of its non-executive directors incentive stock options entitling them to purchase up to an aggregate of 300,000 common shares, exercisable at a price of C$0.10 per common share and expiring 23 September 2013.
Qualified Persons
Glass Earth's exploration programmes are carried out under the supervision of Glass Earth's President and CEO, Mr. Simon Henderson, M.Sc, M.AUSIMM, F.SEG. 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 Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of over 22,000 square kilometres in the North and South Islands.
In the North Island, exploration efforts are focused on the Hauraki/Mamaku/Central Volcanic Region. Glass Earth is targeting its exploration to uncover large epithermal gold systems similar to the 10 million ounce gold Waihi/Martha Mine, owned by Newmont Mining located here.
- Hauraki Region - With advanced gold prospects, Glass Earth occupies a
significant ground position in this region 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 recently-defined gold targets, this region
includes the Muirs Reef prospect, which historically produced more
than 43,000 ounces of gold.
- Central Volcanic Region - Glass Earth has defined a number of
epithermal gold targets in this region, including advanced prospects
that have completed 3D resistivity and have been prioritized for
drilling.
In the South Island, exploration efforts are focused on the Otago Region
for mesothermal "Macraes-style" gold targets and alluvial gold.
- Otago Region - Over 20 significant hard rock gold prospects have been
identified in this region; drilling has commenced on the five
advanced exploration prospects, while prospecting will continue to
bring forward targets through the 2008-2009 exploration period.
Glass Earth Gold Limited, with its main operational office in Wellington, New Zealand and field offices in Rotorua (North Island) and Dunedin (Otago, South Island) is listed on the TSX Venture Exchange (TSX.V: GEL) and the New Zealand Alternative Stock Exchange (NZAX: GEL).
To receive Company news via email, contact sasha@chfir.com and mention "Glass Earth news" in the subject line.
Neither 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.
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