Glass Earth Gold Files Q3 Financials to 30 September 2013
2013年11月30日 - 1:00AM
Marketwired Canada
Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth" or the
"Company") announced today that it has filed its September 30 2013, third
quarter Financial Statements and associated Management's Discussion and Analysis
("MD&A") report, pertaining to that period, with regulatory authorities.
The Company is now focused solely on exploration and development projects in the
Hauraki Region of the North Island of New Zealand. This area is where its key
hard-rock projects of WKP and Neavesville lie, as well as its Waihi West
prospect, which is adjacent to the Newmont owned and operated Martha gold mine
at Waihi.
In spite of the cost-containment measures taken (ref: News release Nov 6, 2013),
there has been some strain in meeting the Company's financial obligations in
this period. As a result, it has been necessary to reach a deferred payment
compromise with its subsidiary's placer mining creditors ($620,000) and another
accommodation with Newmont Mining on cash calls due in respect of the Hauraki
Joint Venture ($588,000).
Hauraki Joint Venture (includes WKP) - Prospective change in management
Since Glass Earth Gold decided to focus on the WKP project, management has
explored several avenues to boost exploration and give more momentum to the
project. Consequently, negotiations are well advanced with Newmont Mining (65%)
for Glass Earth (New Zealand) Limited (35%) to assume management of the Hauraki
Joint Venture and sole fund exploration activities in order to increase its
equity in the JV.
Outstanding cash calls of $588,000, due to Newmont by GENZL as at 30 September
2013, would form part of the overall funding for the 2014 & 2015 exploration
expenditures. Newmont has reserved its position in respect of the unpaid cash
calls by issuing a Default Notice under the terms of the Hauraki Joint Venture
Agreement ("JVA") on 17 October 2013.
Neavesville Prospect (GENZL was 50% - now 100%)
As from 6 November 2013, the Company has regained 100% ownership of the
Neavesville prospect opportunity. Negotiations are underway with Eurasian
Minerals to amend the terms of the Option Agreement with them in order to defer
a looming Option payment deadline of 31 December 2013.
Corporate Refinancing
The Company, in common with many junior gold explorers, needs to refinance.
Management and the Board are of the opinion that the above-mentioned change in
management for WKP and 100% ownership opportunity for Neavesville will add value
to the Company's profile, thus enhancing its potential to attract funding to
continue hard-rock activities and cover General & Administration expenses.
FINANCIALS
Operational Activities
The Company's corporate and exploration activities for the quarter are
summarized in the attached Quarterly Overview. The Company's cash position as at
September 30, 2013 was $423,000 with trade payables of $1,368,000, of which
$1,208,000 are discussed above.
The Company sold its placer mining operations effective end of August and
incurred a net mining loss for the three months ending September 30, 2013 of
$482,000.
Three months Three months Notes
ended ended
September 30 September 30
2013 2012
--------------- ---------------
Gold Mining Revenue 530,000 1,079,000 1
Mining costs (961,000) (1,355,000)
Depreciation and amortisation (51,000) (5,000)
--------------- ---------------
--------------- ---------------
Gross (Loss) (482,000) (281,000)
Administrative and Personnel expenses (162,000) (187,000)
Finance (loss)/income 77,000 12,000
-------------------------------
Loss before Income Taxes (567,000) (456,000)
Income tax recovery -
-------------------------------
Loss after Income Taxes (567,000) (456,000)
-------------------------------
-------------------------------
Note 1: Sales revenues down due to poor 24/7 July and reduced hours in Aug
(12/5) prior to handover of operations to new owner. The severe drop in the gold
price impacted the operations over the past few months.
About Glass Earth Gold
Glass Earth Gold is an exploration company focused on unveiling the high-grade
potential of the Wharekirauponga (WKP) and Neavesville projects in Hauraki, New
Zealand. The properties are situated in areas of low suphidation gold-silver
epithermal systems, similar to the system that hosts the Newmont Mining-owned
Martha Hill mine.
The WKP project is a joint-venture between Glass Earth Gold (35%) and Newmont
Mining (65%). It holds a NI 43-101 inferred resource of 1.3 million tonnes at an
average grade of 6.1 g/t Au and 9.3 g/t Ag for a total of 260,000 ounces of gold
and 390,000 ounces of silver.
For more information on Glass Earth Gold, please visit www.glassearthgold.com.
To receive Company news via email, contact info@glassearthgold.com and mention
"Glass Earth news" in the subject line.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Glass Earth Gold Limited
Simon Henderson
President and Chief Executive Officer
+64 4 903 4980
info@glassearthgold.com
Glass Earth Gold Limited
Anne Robert
Manager, Investor Relations
+ 1 514 880 0184
anne.robert@glassearth.co.nz
www.glassearthgold.com
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