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December 11, 2007 |
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GLASS EARTH: Incurs CND$136,000 Net Loss in Qtr. Ended Sept. 30 Glass Earth Ltd booked a net loss of CND$136,000 on revenues of CND$59,000 in the three months ended Sept. 30, 2007, the company's consolidated interim financial statements showed. The company incurred operating expenses for the quarter totaling CND$231,000 and earned interest income of CND$36,000. For the nine months ended Sept. 30, 2007, the mining firm reported net loss of CND$721,000. Revenues for the period totaled CND$59,000, which was pulled down by operating expenditures of CND$938,000. For the nine-month period, the company earned interest income aggregating CND$158,000. Accumulated deficit as of Sept. 30, 2007, is at CND$3,558,000. Glass Earth is still a development-stage company, hence it has not earned revenues, the company noted in its financial results. The company admits that its ability to meet obligations and continue as a going concern is dependent on its ability to obtain additional financing, the discovery, development or sale of mining reserves and achievement of profitable operations. The company is planning to meet its future expenditures and obligations by raising funds through public offerings, private placements or by farm-outs of mineral properties. However, the company says, it is not possible to predict whether these efforts will be successful or whether the company will attain profitable levels of operation. A full-text copy of the company's interim financial statements for the quarter and nine-month ended Sept. 30, 2007, is available for free at http://researcharchives.com/t/s?263f Glass Earth Ltd -- http://www.glassearthlimited.com/ -- and its Subsidiaries' principal activity is the exploration for and mining of gold deposits in New Zealand. Glass Earth has established a large portfolio of gold prospecting and exploration permits in New Zealand, including advanced gold prospects in the Hauraki-Waihi area; advanced and greenfields gold prospects at the Mamaku-Muirs Reef area between Rotorua and Tauranga; Greenfield gold prospects in the Central Volcanic Region between Rotorua and Taupo, and advanced and greenfields gold prospects in the Otago mesothermal gold fields, including priority over a 20,550km2 prospecting permit area which it believes is prospective for Macraesstyle gold mineralisation. All Glass Earth's business operations are owned and managed by its New Zealand subsidiaries Glass Earth (New Zealand) Limited and HPD New Zealand Limited. As of December 27, 2006, St Andrew Goldfields Ltd. held approximately 50.2% interest in the company. As of June 30, 2007, the company booked a deficit of CND3,422,000, compared with the CND1,953,000 deficit as of May 31, 2006. |
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