Exploration company and dual-listed Glass Earth Gold has booked a $1.33 million loss for the year to December after spending about $4.1 million on exploration during the past year, largely on five prospects in East Otago.
The $1.33 million loss follows a $2.68 million loss for the corresponding period last year, but chief executive Simon Henderson said cash in hand of $2.4 million would carry the company through to July next year.
Glass Earth this week revealed plans for a move from explorer to producer, and intends beginning alluvial and hard-rock mining operations in Otago's Ida Valley, between July and October this year, as it chases up to 9000oz of gold, which would give it some much-needed cash flow.
Much of the full-year report was an exploration update by Glass Earth on its Otago proposals and joint-venture partnerships in exploration around Hauraki and near Rotorua.
