Glass Earth Ltd's gold exploration venture on Volcanic Plateau seeks listing on Toronto exchange

Glass Earth and its shareholders expect to acquire approximately 68% of a Calgary resources (and former conservative news magazine) company BC Report Magazine Ltd which will be renamed Glass Earth.

Three well-known mineral industry figures in New Zealand Ian Brown, Simon Henderson and Peter Liddle founded Glass Earth in 2002. Dr Brown is managing director of Ian R Brown Associates Ltd, a Wellington-based geological and geotechnical consulting firm. Mr Henderson, also of Wellington, is the former exploration manager of Otter Gold Mines Ltd. Mr Liddle, an Auckland accountant, has considerable experience in the mineral and petroleum sector.

The current private New Zealand Glass Earth company holds a prospecting permit PP 39241 covering a 13,800 sq km triangular area lying between the southern Coromandel north of Waihi, Lake Taupo and Whakatane. The Coromandel-Central Volcanics region is known to host a large number of gold deposits including the over 6.6 million oz Martha gold mine at Waihi.

However much of the area south of Waihi has been covered in layers of volcanic ash which obscures the underlying rock that potentially contains significant mineral deposits.

Glass Earth is undertaking exploration to "see through" the surface cover using a combination of aero-magnetic and airborne gravity technology.

The company said it has engaged the Perth-based Geoinformatics Explorations Ltd to undertake an intervention project over the permit area which has resulted in a 3D/4D model and 3D database which was compiled from many diverse databases assembled for the Coromandel-Central Volcanics region.

The 3D model is based on a fundamental understanding of the geodynamic history and architecture of the region and has resulted in the definition of prioritized areas.

Geological exploration targets identified by this process have then been ranked on their potential for the discovery of large epithermal gold systems. Glass Earth said it intends to apply for the next level of permitting (called exploration permits) over these epithermal gold exploration targets.

The intervention project by Geoinformatics is considered to be a "new generation" approach to mineral exploration, Glass Earth said. The approach provided a risk-managed, process-focused methodology to generating exploration targets and mineral discoveries. The methodology was predicated on reducing the time to discovery, lowering the cost of discovery, and significantly increasing the success rate to discovery, adding substantial value to the exploration process.

Geoinformatics has retained a 2% royalty interest over the mineral targets.

The transaction will involve a reverse takeover where all Glass Earth shares will be acquired in exchange for shares in BC Report. A $C3 million financial placement will be help fund Coromandel – Central Volcanic Region exploration.
The acquisition is subject to a number of conditions including BC Report shareholder approval.

Glenn Laing, of Ontario, chief executive and president of St Andrew Goldfields Ltd, Heritage Explorations Ltd, and Geoinformatics Explorations Ltd recently has been appointed president of BC Report. Upon completion of the reverse takeover Simon Henderson and Peter Liddle will be Glass Earth nominees to the new board.