Canadian company posts loss

Glass Earth Gold, whose prospects include a $3 million test drilling programme at present under way in Otago, has posted a loss for the year of $C6 million ($NZ8.06 million).

The Toronto-listed exploration company, which has no income streams, spent $C3.4 million on exploration for the full year to June 2007, and for the full year to June 2008 that increased 77%, or $C2.65 million, to almost $C6 million.

Its chief executive, Simon Henderson, said in a report released yesterday the company still has $C3.6 million cash in hand.

Glass Earth raised $10 million when it floated in October 2006, a further $C6.3 million in Toronto last August and in June reported it had about $4 million in working capital in the bank.

Its southern prospects follow-on from completion of Glass Earth's $4 million aerial survey of 13,000sq km of Otago, which identified more than 20 potential targets for on-ground exploration by a team of geologists and possible test drilling.

Drilling has begun at the Sparrow Hawk prospect, about 20km south of Omakau in Central Otago, with up to three holes in as many different zones totalling 1000m expected to be completed over an eight week period.

Lawrence may be the next target for up to four holes and drilling scheduled at the historic Serpentine prospect, on Rough Ridge, 13km north of Lake Onslow, with a minimum three to four holes totalling 1500m during October and November.

 

Add a Comment