Glass Earth and Newmont Restructure Hauraki Joint Venture

Posted by on 13/03/2014

Glass Earth Gold Limited announced that it had finalised a restructuring of the Hauraki Joint Venture with Newmont Mining Limited in a media release today.

They state that their company is now focused solely on exploration and development projects in New Zealand’s Hauraki region, site of its key joint ventured WKP gold project with Newmont Waihi Gold.

“This joint venture is a critical working relationship that governs our key asset” said Thomas Rabone, CEO.

WKP (or Wharekirauponga) is a gold-silver system, located in the southern Hauraki Goldfield 10 km north of Newmont's Waihi gold mines.

Glass Earth Gold Limited has also restructured its board and management and changed its name to Antipodes Gold Limited.

Since the Company’s decision to focus on the WKP gold project, it has explored several avenues to boost exploration progress and give more momentum to the project.

Negotiations have now been completed with Newmont for the Company to assume management of the joint venture and sole fund exploration activities, in order to increase its equity.

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.

Former Vision Waihi Trust trustee, Newmont Australia managing director and Pike River chairman, John Dow, who held the role at Pike River from February 22, 2007 to September 30, 2011, has resigned as a director of Glass Earth Gold. Paul Jones and Peter Liddle have also tendered their resignations as directors. Mr Simon Henderson has advised of his resignation as CEO and will remain with the Company as a director and Exploration Manager. The Company stated it 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.