Glass Earth Limited: Gold Exploration Update Cont'd-Central North Island, NZ

Glass Earth Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass Earth") provides a progress report of exploration in its 3,550km2 permits in the Central Volcanic Region (CVR) and Mamaku Region, both situated in the central North Island, New Zealand.

Glass Earth also wishes to announce the execution of a Letter of Intent with GCO Minerals Company, for Glass Earth to conduct exploration on GCO's permits in the Central Volcanic Region ("CVR").

CENTRAL VOLCANIC REGION

GCO Minerals Company Joint Venture

Glass Earth has entered into a Letter of Intent with GCO Minerals Company ("GCO") to enter into a Joint Venture on GCO's Exploration Permits 40 656, 40 690 and 40 691 in the CVR. The permits contain several high ranked targets including Ohakuri.

Glass Earth has significant permit holdings in the CVR contiguous to GCO's permits. Glass Earth has now secured exploration rights over all targets it has identified in the CVR.

The proposed terms of the joint venture are as follows:

a) Glass Earth to invest in meeting near and mid term work obligations of the GCO Permits to potentially earn a 70% equity in the Permits;

b) The detailed joint venture agreement will include the usual matters of a dilution formula, pre emptive rights etc and be conditional upon the consent of the Minister, pursuant to section 41 of the (New Zealand) Crown Minerals Act 1991.

Exploration update

Since January 2006, Glass Earth has been engaged in a two-pronged approach to making a significant discovery in the CVR, progressing work on both advanced targets and regional reconnaissance targets.

Advanced targets

Detailed geological mapping, soil geochemical surveying and resistivity (CSAMT) surveying have been completed over the top 21 targets of the 106 targets in the target bank in the past 18 months. Preliminary exploration diamond drilling commenced in May 2006 and has been continuous since November 2006.

Progressively, Tahunaatara (4 drillholes), Humphrey's Rd (2 drillholes), Thompson's (1 drillhole), Pukemoremore (1 drillhole) etc are being drill-tested in an expanding drilling programme which aims to test the top 20 targets in the next 18 month period. Simultaneously, the high ranking Ohakuri target with known gold intercepts is being readied for a drilling campaign.

The progress of work on Glass Earth's advanced targets is highlighted by the following reviews of Tahunaatara and Ohakuri.

Tahunaatara, 40kms southwest of Rotorua, North Island

Glass Earth announced in July 2006 the intersection of a new epithermal gold system at Tahunaatara, in its first drillhole in the region, an early validation of Glass Earth's targeted approach to exploration.

Since July 2006, 4 additional drillholes have been completed; targeting resistive anomalies detected using detailed CSAMT resistivity techniques within the extensive hydrothermal alteration and silicification mapped. These holes have returned individual 1m assays of indicative economic grade (1m intervals of 1g, 2g, 3g Au) and broad low grade mineralisation. Petrology, including clay thermometry and fluid inclusion studies reinforces Glass Earth's belief that the mineralised system intercepted is in the epithermal gold deposition range and mineral assemblages have all the ingredients for a high grade ore zone.

Exploration targeting for the next drilling campaign is focussing on the higher density more competent host rocks punctured by hydrothermal breccias. This is refocusing our geophysical targeting and expanding the ground resistivity. Simultaneously, further ground mapping has detailed extensive silicified breccias with up to 8g/t Au in rock chips.

To date only a fraction of the 2km x 5km area has been tested. The valuable information from the first 4 drillholes compiled with detailed follow-up surface work encourages further drilling.

Ohakuri, 45kms southwest of Rotorua, North Island

Located 7.5 kilometres south of No1 ranked target Tahunaatara, the Ohakuri prospect was recognised in the 1970's during engineering studies of the region for suitable hydroelectric dam sites, where incisive erosion by the Waikato River exposed the system beneath shallow cover.

Extensive silicification, micro-veining and enveloping clay alteration received significant exploration attention by a number of mining companies (BP Minerals - Amoco - Cyprus - Delta Gold - Coeur Gold - GCO).

Glass Earth's Data Intervention, targeting and ranking processes highlighted the Ohakuri prospect as ranking in the top 5 targets within the CVR. With the benefit of ultra-detailed magnetics (March 2005), detailed airborne gravity (BellGeo's AirGravTM, April-June 2005) and 3D visualisation processes, Glass Earth believes it has the additional data and tools to focus on the economic potential of this target area. Planned extensive 3D ground resistivity (Premier Geophysics Inc.: E-Scan technology) in conjunction with rigorous re-mapping and integration of legacy data will provide targets for diamond drilling in the third quarter of 2007.