|March 03, 2003|
Kluane Signs Letter Agreement To Form A Joint Venture Company In China For Contract Drilling
|Energold's 50% drilling subsidiary Kluane International Drilling Inc. ("Kluane") has signed a letter agreement with the Yunnan Geology and Minerals Co. Ltd. ("YG&M") an operating affiliate of the Yunnan Bureau of Geology Mineral Resources Exploration and Development. Under the agreement, Kluane will provide the initial two drill rigs and technical direction for a 60% interest in the JV. As well, Kluane will receive a technical fee during the first 3 years of drilling. YG&M is well established in mineral exploration and exploitation and represents a major property holder in Yunnan and elsewhere in China and South-east Asia. Under the Agreement, YG&M and Kluane will deal with each other exclusively in China for contract drilling using the Kluane approach. The Agreement is subject to ratification by various government authorities and the signing of a formal contract.|
China has the fastest growth rate in the world and in recent years has committed to dramatic changes in government foreign investment policies. The Energold group believes that China offers excellent opportunities for contract drilling as well as for exploration activities by Energold.
The Energold group is currently conducting mineral exploration in the Dominican Republic and contract drilling in six countries on three continents.
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.
You can view the Next News Releases item: Wed Mar 26, 2003, IMPACT Minerals International Inc. - Drilling Confirms Porphyry Copper-Gold Mineralization At El Brujo
You can view the Previous News Releases item: Thu Feb 6, 2003, Energold Mining Ltd. Announces Results of Study on La Parcela and Subsequent Commencement of Exploration Program
You can return to the main News Releases page, or press the Back button on your browser.