Glass Earth remains one of the country's largest gold explorers. It has two other targets being drilled in the Hauraki region, including a joint-venture with Waihi operator Newmont Waihi Gold.
In late June, Glass Earth clinched $2.95 million from private placements to refinance the $4 million buyout of its former joint-venture partner, and then for the half-year to June booked an $8.49 million loss on the back of accumulated exploration cost writedowns.
Glass Earth has spent almost $40 million in less than six years exploring around the country, much of it around Otago; largely from Canadian investors on the Toronto Stock Exchange's start-up and junior venture exchange.
Glass Earth chief executive Simon Henderson has said recently cash allocation has been refocused on the gold targets with the best potential, plus there had been a pruning of its overall portfolio of prospects.
A target of producing $2 million of gold had been set for the second half of this year from the Maniototo, with gold revenue targets in 2013 of $6 million.
