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Glass Earth Gold Announces Financial Statements and Management's Discussion & Analysis for the Third Quarter Ended September 30, 2012

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.

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