2012-11-20 06:39 ET - News Release
Glass Earth produces 70 to 80 oz placer Au per week
Mr. Simon Henderson reports
GLASS EARTH GOLD DOUBLES PLACER OUTPUT IN CENTRAL OTAGO, NEW ZEALAND
Glass Earth Gold Ltd. has doubled its gold production from the placer (alluvial) mining operations in the Manuherikia Valley in central Otago.
Production from placer operations at Drybread (Hecklers and Morans) is now achieving approximately 70 to 80 ounces of gold per week, doubling its output since last update (reported Aug. 29, 2012). This higher gold production has been achieved in some lower-grade areas and now, both gold recovery units are working their way to higher-grade ground where further production increases and efficiencies are anticipated.
This production improvement builds off a modest base that averaged 10 ounces per week of gold from a single plant in March this year.
Simon Henderson, chief executive officer of Glass Earth Gold, said, "We are delighted with the steady progress in our placer production and look forward to further efficiencies and improvements as we mine higher-grade material during New Zealand's summer months ahead."
Cash flow from current operations are covering general and administrative expenses, and modestly adding to its exploration budget at the WKP prospect (north of the Martha mine at Waihi, North Island).
The recent announcement that Glass Earth Gold has acquired option rights to the Neavesville gold/silver prospect (just north of WKP) will mean an increased exploration focus in the Hauraki region.
Simon Henderson, MSc geology (CODES), an AusIMM chartered professional under the discipline of geology, is a qualified person as defined by National Instrument 43-101 and an employee of the company, and has reviewed and approved the technical information given in this press release.