Glass Earth Gold

Glass Earth Gold is looking to consolidate its number of shares on issue, by swapping 10 old shares for one new share.

Alluvial gold production from the Maniototo valley, in Otago, increased four-fold for Glass Earth Gold to $C2.97 million ($NZ3.49 million) for the past year, but the booking of accumulated exploration costs saw the company lodge a $C11.1 million ($NZ13 million) loss.

The fortunes of boutique gold producer Glass Earth Gold are gaining momentum, as weekly Central Otago gold production surpasses $NZ150,000 and the company confirms private placement funding well beyond a targeted $C3 million ($NZ3.68 million), from investors worldwide.

Boutique gold producer Glass Earth Gold has tripled quarterly revenues from gold production to more than $1 million and estimates the present quarter will make further gains.

Glass Earth Gold is breaking even at its mining operations in Central Otago's Manuherikia Valley as the boutique producer moves into better gold-producing ground.

Boutique Otago gold producer Glass Earth Gold has raised a further $C360,000 ($NZ456,000) in private-placement funding as it juggles cash-flows against ongoing exploration costs at North Island prospects.

Accumulated exploration cost write-offs have pushed boutique gold producer Glass Earth Gold into an $8.49 million loss for the half-year to June, but it remains confident cash-flows from gold recovery are achievable.

Otago is in the midst of a modern-day gold rush.

Boutique explorer Glass Earth Gold has made a bold prediction - that it plans to extract $6 million from its Central Otago tenements next year - while announcing a $C2.2 million ($NZ2.77 million) recapitalisation programme.

Gold explorer and boutique producer Glass Earth Gold has posted a $C1.71 million ($NZ2.13 million) loss for calendar 2011 trading, but retains $C3.6 million cash in hand for ramping up its Central Otago gold-extraction programme.

Glass Earth Gold, which retains extensive exploration permits around Otago, has delivered its first drilling results from its North Island tenement, 65km southeast of Waihi.