Glass Earth Gold-Options Into Rise & Shine Gold Prospect

TORONTO, ONTARIO, Jun 10 (MARKET WIRE) --
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass Earth")
announces that it has entered into an option agreement to acquire a 70%
equity interest in Golden Fern Resources, which currently holds 70% of
the Rise & Shine prospect in Otago, New Zealand.

Transaction

Glass Earth has entered into an option agreement with CanAlaska Uranium
to acquire 70% of the common shares in its wholly owned subsidiary,
Golden Fern Resources, by funding up to NZ$900,000 (C$640,000) of
exploration expenditures by October 1, 2011.

Golden Fern has a concurrent Joint Venture with OceanaGold (owner of the
Macraes mine in Otago) over the Rise & Shine prospect (EP 40 481). Golden
Fern has earned a 70% interest and has the right to earn up to 100%
(subject to OceanaGold retaining an NSR).

Prospectivity

Glass Earth's ultra-detailed geophysical survey, coupled with targeting
and ranking for large hard rock gold prospects allows significant new
interpretations of the Rise & Shine prospect that shows that the gold
bearing veins appear to be localised at the intersection of northeast and
northwest oriented structures.

The pre-drilling exploration programme, commencing immediately, will
target:

1. Large tonnage/ounce resource in relation to un-oxidised shear-related
mineralization;

2. Small, multiple, high grade, oxidised ore deposits, more specifically
in association with and centred upon shear-controlled styles of
mineralization.

Location

The 'Rise & Shine' prospect area is located approximately 25 kilometres
northeast of Cromwell in Central Otago. The prospective
structures/geology in the area are held under exploration permits by
Glass Earth (EP 40 771 & EP 40 748) and Golden Fern (EP 40 481). These
three exploration permits are surrounded by Glass Earth's Prospecting
Permit 39 322 (see map below).

Technical Background

Rise & Shine was subject to historical mining (late 19th Century)
including limited sluicing of gravel immediately above the shear zone in
the 'Alluvials' area and underground mining of steeply dipping structures
in the 'Rise & Shine Mine' where grades of up to 13 oz gold/tonne were
historically recorded. The 'Bendigo Gold Mine', also within the Golden
Fern permit, lies south west but in close proximity (less than 3 km) to
the main shear area. (Refer to map below).

Prior to Glass Earth's Otago regional geophysical survey, the Rise &
Shine Shear Zone, a low angle mineralised shear, was considered to be the
only major recognised structure and similar to the Hyde-Macraes Shear
Zone.

2005 results of the CanAlaska RC drilling programme included:

--------------------------------------------------------------------------
LOCATION HOLE FROM (m) TO (m) WIDTH (m) GOLD (g/t)
--------------------------------------------------------------------------

--------------------------------------------------------------------------
"Rise & Shine" Area RCB 19 37 42 5 2.76
--------------------------------------------------------------------------
"Rise & Shine" Area RCB 21 8 16 8 1.16
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"Rise & Shine" Area RCB 23 25 34 9 1.90
--------------------------------------------------------------------------
"Alluvials" area RCB 24 56 64 8 2.03
--------------------------------------------------------------------------
and 97 108 11 2.20
--------------------------------------------------------------------------
" Rise & Shine" Area RCB 31 39 57 18 1.58
--------------------------------------------------------------------------
"Come in Time" Area RCB 33 39 42 3 1.76
--------------------------------------------------------------------------
and 52 53 1 28.2
--------------------------------------------------------------------------

Following its 2007 ultra-detailed geophysical survey Glass Earth
completed a comprehensive process of data compilation, data processing,
new modelling and interpretations for exploration targets in the Central
Otago Mesothermal gold district. This work highlighted the Rise & Shine
Prospect and the neighbouring Bendigo Prospect.

Simon Henderson, President and CEO commented, "This agreement is a great
opportunity for Glass Earth to link up this resource potential, as this
is a major structure in the middle of our existing permitted ground."

Golden Fern President Peter Dasler commented, "The historic New Zealand
gold rushes provided ample evidence of extensive gold mineralizing
systems throughout the country. The Company is very pleased to work with
Glass Earth and its committed and competent staff on the highly
prospective Rise and Shine property, so as to allow CanAlaska to advance
Rise and Shine and to concentrate more closely on its uranium exploration
activities in Canada's Athabasca Basin."

Qualified Persons

Glass Earth's exploration programmes are carried out under the
supervision of Glass Earth's President and CEO, Simon Henderson, M.Sc,
M.AUSIMM, F.SEG. Mr. Henderson meets the qualified person requirements
(as defined by National Instrument 43-101) with more than 30 years of
experience in the gold mining and exploration industry.

About Glass Earth Gold Limited

Glass Earth is one of the largest New Zealand-based gold exploration
companies exploring a land position of over 17,000 km2 in the North and
South Islands. With its main office in Wellington, New Zealand, Glass
Earth Gold Limited is listed on the TSX Venture Exchange (TSX VENTURE:
GEL) and the New Zealand Alternative Stock Exchange (NZAX: GEL).

To receive Company news via email, contact lindsay@chfir.com and mention
"Glass Earth news" in the subject line.

To view a map of "Glass Earth Gold & JV Permits", please visit the
following link:

http://media3.marketwire.com/docs/gelmap610.pdf

Neither 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.

Contacts:
Glass Earth Gold Limited
Simon Henderson
President and Chief Executive Officer
+64 4 903 4980
info@glassearthlimited.com
www.glassearthgold.com

CHF Investor Relations
Lindsay Carpenter
Account Manager
416-868-1079 x239
lindsay@chfir.com

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