|By Marketwired .||
|March 12, 2014 07:00 AM EDT||
WELLINGTON, NEW ZEALAND -- (Marketwired) -- 03/12/14 -- Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass Earth" or the "Company") announced today that it has undertaken a restructuring of the Company to reflect its singular focus on hard-rock gold exploration and development in New Zealand's Hauraki region, site of its key joint ventured WKP gold project (Glass Earth 35%; Newmont Mining Limited "Newmont" 65%).
The Company has separately announced today, the successful negotiation of a restructuring of the Hauraki Joint Venture with Newmont. The changes announced here are directly connected with that restructure and the steps required for financing the resource definition drilling campaigns planned for the WKP project. (Please refer to news release also dated 11 March 2014 "Glass Earth Gold Announces New Deal with Newmont".)
As well as the Company taking over management at the WKP gold project, the key changes being implemented are:
-- Restructuring of the Board of Directors - to provide energy and impetus for the Company's revised strategy, -- Appointment of a new CEO - Mr Thomas Rabone, with a background in law, business and mining, -- Change of name - to Antipodes Gold Limited, to reflect the company's revision of strategy and narrower focus, and -- Implementation of share rollback - to consolidate shares and allow future financing.
Board of Directors and CEO Changes
The Board of Directors has been trimmed to allow for the introduction of a new CEO/Director and to provide the capacity for a new shareholder to be appointed as a Director of the company.
Messrs John Dow, Paul Jones and Peter Liddle have advised of their resignations as directors. Mr Simon Henderson has advised of his resignation as CEO and will remain with the Company as a director and as Exploration Manager. The Company acknowledges and very much appreciates the efforts of all parties over an extended period.
Thomas Rabone has been appointed to the Board of Directors and as the Company's President and Chief Executive Officer, and Adrian Fleming was elected as Chairman of the Board.
"We appreciate all continuing support from our shareholders" stated Adrian Fleming, "and our restructure of our Board and management will provide renewed focus and a clear direction for the Company."
The Company's Board of directors now consists of:
-- Adrian Fleming (appointed Chairman), -- Justin Cochrane (Audit Committee chairman), -- Thomas Rabone (appointed President and CEO), and -- Simon Henderson (Exploration Manager)
Name Change and Share Rollback
Glass Earth was founded as a company to collate existing data and gather new data over geological provinces, looking for key characteristics of large mineralized systems capable of hosting significant gold deposits; the WKP gold project results from this enterprise.
The exclusive focus on the drilling and development of the WKP gold resource in the Hauraki region is a fundamental change in strategy and direction for the Company.
The new name will be, subject to regulatory approval, Antipodes Gold Limited, reflecting the geographical and commodity focus of the Company.
In late 2013, Glass Earth shareholders approved a consolidation of its share capital on a ten (10) old for one (1) new share basis. That consolidation is to be implemented in March. Upon completion of the share consolidation, a total of 10,566,560 common shares will be outstanding.
The name change and share consolidation will be contemporaneous and until that time, the Company's exchange code will remain as 'GEL'.
About the Company
Glass Earth (soon to be renamed Antipodes Gold Limited) is an exploration and development company with an experienced team focused on establishing gold resources in New Zealand's Hauraki region - host to low-sulphidation epithermal gold-silver deposits including the Newmont-owned Martha gold mine. The Company's strategic priority is to advance the high-grade potential of the joint ventured WKP project (Glass Earth 35%, Newmont 65%).
In March 2014 this joint venture was renegotiated to give the company project management and sole-funding control of further planned development of the WKP project, which at present holds an NI 43-101-compliant inferred resource estimate of 260,000 ounces of gold at an average grade of 6.1 g/t Au (and cut-off grade of 3 g/t Au).
For more information and to subscribe further news updates, please visit antipodesgold.com.
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.
Glass Earth Gold Limited
President and Chief Executive Officer
+64 22 649 9690