|August 30, 1999|
Energold Announces a New "KID" on the Block
|Energold Mining Ltd. announces it has co-founded a new private drilling company, Kluane International Drilling Inc. ("KID"), to provide the mining industry with more cost-effective and environmentally sensitive drill programs.|
Energold and Kluane Drilling Ltd., based out of Whitehorse, each own 50% of the new company. Kluane and Energold have been using a special lightweight, manually portable drill in the Dominican Republic for several years in early stage, small drill programs. During that time, a major mining company expressed interest in the cost-effectiveness of the drill, as Energold was able to post all-in drilling costs of almost half what other junior and senior companies were experiencing. After the major company audited the drill's performance, it became clear there was a market for this type of drill.
Cash is obviously very tight in today's mining and exploration environment, and Kluane International's drill and experience can reduce costs and still provide an excellent service for early stage, small drill programs, particularly in an environmentally sensitive area or where access and site preparation are difficult.
The drills used by Kluane International are lightweight and manually portable and can be moved readily on foot paths by a crew of 4 - 6 men with the heaviest component weighing 160 kg (350 pounds). The rigs require a site of less than 4 x 4 metres to set up and are capable of drilling "N" core to 200 metres and "B" core to 300 metres at rates averaging 30 metres per 12 hour drilling shift. Mobilization and set up costs are greatly reduced. Setup and teardown is quick, averaging less than one shift. The environmental impact can be almost zero, a clear bonus as mining continues to go "green".
Kluane International Drilling Inc. is already operating. The company just completed its first drill contract in Latin America for a major mining company, drilling 1,397 metres on three properties 100 and 15 km apart in 27 days from start to finish. A picture of the drill and more information on Kluane Drilling International Inc. will soon be posted to Energold's web site.
On behalf of the Directors
(signed) H. Walter Sellmer
The Vancouver Stock Exchange has neither approved nor disapproved this news release.
For further information please contact:
900 - 543 Granville St.
Telephone 604 681-9501
Facsimile 604 681-6813
HYPERLINK http://www.energold.com www.energold.com email@example.com
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