16 Mar 2012

Glass Earth Gold to buy out partner

2:00 pm on 16 March 2012

New Zealand's largest gold exploration company, Glass Earth Gold, will spend $4 million buying out a joint venture partner, to increase production capacity.

The listed firm says it will buy the 50% of shares it doesn't own in mining operator Dunstan Mining and take full ownership of Goldmines New Zealand. The deal involves cash and shares.

Glass Earth Gold says taking full control of the mining activities and Goldmines in Otago will significantly speed up and increase its production capacity.

Meanwhile, the company says it has had very encouraging results from exploration at Massey Reef in Bay of Plenty, and it will continue drilling at the site.