GEL Graphano Energy Ltd

Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth" or the
"Company") announced today that it had finalized a restructuring of the Hauraki
Joint Venture ("the JV") with Newmont Mining Limited ("Newmont") (please refer
to earlier news release dated November 29, 2013). 


Key changes are:



--  GEL takes Management Control of the JV 
--  GEL sets out program of resource drilling, metallurgical and
    environmental studies 
--  GEL aims to have sufficient information for a PEA by June 2015. 
--  GEL may earn 51% by sole funding $3.5M exploration expenditure  
--  Newmont retains claw-back provisions but at a significant premium 



As announced separately today, the 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 (currently Glass Earth 35%, Newmont 65%). 


The Company has conducted a restructure of its board and management, a change of
name (to Antipodes Gold Limited) and a 1 for 10 share rollback to promote this
focus. (Please refer to news release also dated 11 March 2014 "Glass Earth Gold
Announces Fundamental Changes to Company and Strategy".)


"This joint venture is a critical working relationship that governs our key
asset" said Thomas Rabone, CEO "having the ability to manage WKP's development,
with the opportunity to grow our own stake, offers a fundamental change to our
shareholders and a clear path forward for the Company."


Change in JV Management

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 JV and sole fund exploration activities, in order to
increase its equity on the following terms:




--  The Company is to sole-fund approved programs and budgets equal to
    defaulted cash call amounts totaling NZ$720,245 (C$678,000) by 24
    October 2015 (and act as Manager), 
--  Thereafter the Company has the right to continue to sole-fund approved
    programs and budgets earning up to 51% (+16%) at the rate of 1% for
    every NZ$200,000 (C$188,000) in JV expenditures (diluting Newmont from
    65% to 49%) (remaining as Manager),  
--  At that point Newmont must elect to either: 
    --  (i) Continue to joint-fund at Glass Earth-51% / Newmont-49% (no
        change in Manager), or 
    --  (ii) Newmont to sole-fund approved programs and budgets earning
        (back) up to 65% (+16%) at the rate of 1% for every NZ$600,000
        (C$565,000) in JV expenditures (Newmont returns as Manager),
--  If Newmont earns back to 65% then the parties jointly fund at Newmont -
    65%/ Glass Earth - 35% (Newmont as Manager), 
--  Newmont may elect, within 3 years after having earned back to 65%, to
    sole-fund approved programs and budgets earning an additional 10% (to
    75%) until Newmont presents a Feasibility Study (defined in the JV
    agreement) upon which to make a decision to mine, 
--  The Company may elect for Newmont to arrange project financing for
    itself - for which Newmont acquires an additional 5% (to 80%). 



Corporate Refinancing

The Company, in common with many junior gold explorers, needs to refinance.
Management and the Board consider that the company's ability to now manage and
advance the WKP project will improve the Company's investment value, and enhance
its potential to attract funding to continue with technical programs and to
cover General & Administration expenses. 


Neavesville Prospect Dropped 

Negotiations with land owners on some portions this prospect had not progressed
sufficiently for the Company to make an option payment by 31 December. The
Company has chosen to relinquish any further option in the property (which will
return to Eurasian Minerals Limited), in favor of concentrating its resources on
development of the WKP project. 


About the Company 

Glass Earth (soon to be renamed Antipodes Gold Limited) is an experienced
exploration and development company focused on establishing gold resources in
New Zealand's Hauraki region - host to low-sulphidation epithermal gold-silver
deposits including the Newmont-owned Martha gold mine. The Company's strategic
priority is to advance the high-grade potential of the joint ventured WKP
project (Glass Earth 35%, Newmont 65%).  


In March 2014 this joint venture was renegotiated to give the company project
management and sole-funding control of further planned development of the WKP
project, which at present holds an NI 43-101-compliant inferred resource
estimate of 260,000 ounces of gold at an average grade of 6.1 g/t Au (and
cut-off grade of 3 g/t Au). 


For more information and to subscribe to further news updates, please visit
antipodesgold.com.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Glass Earth Gold Limited
Thomas Rabone
President and Chief Executive Officer
+64 22 649 9690

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