Welcome!

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
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls "Bimodal IT," where business struggle to apply modern tools and practices to traditional monolithic applications. But these existing assets can be modernized and made more efficient without havin...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...