|December 02, 2002|
Energold Announces Quarterly Earnings
|Energold Mining Ltd. (EGD:TSX.V) is pleased to announce earnings of $320,436 ($0.02 per share) for the third quarter of 2002 and a year to date profit of $141,287 ($0.01 per share). The renewed confidence in Gold and the subsequent increase in drilling generated a third quarter increase in working capital of $528,741. |
Kluane International Drilling Inc. ("Kluane") completed its busiest quarter ever. Third quarter revenue (net of direct costs) was $965,951 eclipsing the comparative quarter in 2001 by $472,051, an increase of almost 96%. Since Kluane was incorporated, it has developed into a profitable and substantial revenue-generating venture. Kluane has enabled Energold to not only maintain its cash position without dilution to current shareholders but also add another significant growth entity to Energold's holdings.
During the September 11th crisis that aggravated an already industry wide down turn, Energold's management took the time to position the Company for future growth and to redefine its current policies and direction. Strict control over cash outflows and revenue enhancing activities have enabled Energold to balance its exploration expenditures with revenues generated by property joint ventures and Kluane's drilling activities. An ambitious expansion of marketing activities for Kluane and the continuous advancing of our properties has paid off with the aforementioned financial results.
During the fourth quarter, financings and exploration programs are continuing to occur in the industry indicating that demand for KID's drilling services should continue at similar levels.
On behalf of the Directors of Energold Mining Ltd.
"Frederick W. Davidson"
For further information, please contact:
Fred Davidson or
Darrell Rader-Corporate Development
The TSX Venture Exchange has neither approved nor disapproved this news release.
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