|By Marketwired .||
|November 30, 2012 12:44 AM EST||
WELLINGTON, NEW ZEALAND -- (Marketwire) -- 11/30/12 -- Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth" or the "Company") announced today that it has filed its September 30, 2012 third quarter Financial Statements and associated Management's Discussion and Analysis ("MD&A") report pertaining to that period with regulatory authorities.
Revenues from placer mining operations increased significantly for the quarter to $1,079,000 (June quarter: $349,000). Gold production in September and October was considerably higher than for the winter period with the December quarter expected to increase further.
The Company had a net loss for the three months ending September 30, 2012 of $456,000 vs $670,000 for the similar period in 2011.
Three months ended Nine months ended Notes September 30, September 30, 2012 2011 2012 2011 $'s $'s $'s $'s Revenue 1,079,000 180,000 1,595,000 607,000 Cost of revenue (1,360,000) (114,000) (2,408,000) (352,000) ---------------------------------------------------- Gross (Loss)/Profit (281,000) 66,000 (813,000) 255,000 1 Administrative expenses (122,000) (334,000) (821,000) (769,000) 2 Salaries (net of exploration costs) (65,000) (69,000) (190,000) (183,000) Finance income 12,000 (6,000) 18,000 31,000 Non-cash items Stock based compensation - - (556,000) - Write down of mineral properties - (327,000) (6,590,000) (327,000) ---------------------------------------------------- Loss before & after Income Taxes (456,000) (670,000) (8,952,000) (993,000) ---------------------------------------------------- Notes: 1. Revenues from mining operations increased significantly for the quarter to $1,079,000 (June quarter: $349,000) but was less than budgeted due to the extended commissioning of the GRU#1 plant and lower 'wash' grades for both sites. Mining and processing costs were higher during this settling down process which coincided with 2 of the 3 months of winter in the South Island. Gold production in September and October was considerably higher than the winter period and the December quarter is expected to increase further. All commissioning costs have been written off as incurred. The increased production in September - November has resulted in a turnaround to monthly profits. Attention will now focus on costs reduction, which combined with a move to higher grade areas for both sites, should see a marked improvement in cash generation and profitability. 2. The lower administrative expenses for the quarter reflect the significant decrease in investor relations costs.
The Company's cash position as at September 30, 2012 was $522,000 compared to $3,614,000 for the same date in 2011. The Company completed a private placement financing for gross proceeds of $360,000 in October and announced it is undertaking a non-brokered private placement financing for gross proceeds of up to $3,000,000.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a large land position in the North and South Islands (refer attached map).
In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki/Central Volcanic Region. This Region is host to the 10 million ounce Martha Gold Mine, (Newmont Mining).
Hauraki Region - Glass Earth occupies a significant ground position around Newmont's currently active Waihi gold operations; The Newmont-Glass Earth Waihi West JV (Newmont earning 60%) and Hauraki JV (North and Central Areas - 65/35) are currently being explored and managed by Newmont in collaboration with Glass Earth Gold. Glass Earth Gold also intends to progress activities at the newly announced Neavesville prospect.
Glass Earth Gold has also defined several significant epithermal gold targets to independently explore in this region, including the Muirs Reef Gold project.
In the South Island, exploration efforts are focused on the Otago Region for mesothermal "Macraes-style" gold targets and placer/alluvial gold.
For more information on Glass Earth Gold, please visit www.glassearthgold.com.
To receive Company news via email, contact [email protected] and mention "Glass Earth news" in the subject line.
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.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Aug. 30, 2015 09:15 AM EDT Reads: 430
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
Aug. 30, 2015 09:15 AM EDT Reads: 593
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Aug. 30, 2015 08:45 AM EDT Reads: 564
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Aug. 30, 2015 08:45 AM EDT Reads: 333
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
Aug. 30, 2015 08:45 AM EDT Reads: 153
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
Aug. 30, 2015 08:30 AM EDT Reads: 383
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Aug. 30, 2015 07:15 AM EDT Reads: 488
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ET...
Aug. 30, 2015 07:00 AM EDT Reads: 116
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
Aug. 30, 2015 06:45 AM EDT Reads: 519
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
Aug. 30, 2015 06:00 AM EDT Reads: 384
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Aug. 30, 2015 02:00 AM EDT Reads: 391
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Aug. 30, 2015 01:00 AM EDT Reads: 428
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Aug. 30, 2015 01:00 AM EDT Reads: 472
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
Aug. 30, 2015 01:00 AM EDT Reads: 209
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Aug. 30, 2015 01:00 AM EDT Reads: 385