Click here to close now.

SYS-CON MEDIA Authors: Eva Belanyiova, tru welu, Blue Box Blog, Kevin Jackson, Peter Silva

News Feed Item

Glass Earth Gold Announces Fundamental Changes to Company and Strategy

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.

Contacts:
Glass Earth Gold Limited
Thomas Rabone
President and Chief Executive Officer
+64 22 649 9690

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
“Will Jaya is a direct source for server integration and storage solutions. If you are looking for any specific configurations for a project we can help you configure based on your needs and requirements," explained Netty Goya, CEO of Will Jaya, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"SendGrid sends about 15 billion emails a month and process all the events associated with that, about a trillion events a year," explained Aaron Beach, Senior Data Scientist at SendGrid, in this SYS-CON.tv interview at Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it!
SYS-CON Events announced today that SUSE, a pioneer in open source software, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SUSE provides reliable, interoperable Linux, cloud infrastructure and storage solutions that give enterprises greater control and flexibility. More than 20 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help ...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
ThingsExpo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, ThingsExpo sessions, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all DevOps, Containers and Microservices sessions as well. Regi...
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The only place to be Nov 3-5 is Cloud Expo | @ThingsExpo | DevOps Summit 2015 West at the Santa Clara Convention Center in Santa Clara, CA. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT, Big Data and DevOps companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
"At Harbinger we do products as well as services. Our services are with helping companies move their products to the cloud operating systems. Some of the challenges we have seen as far as cloud adoption goes are in the cloud security space," noted Shrikant Pattathil, Executive Vice President at Harbinger Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.