|May 21, 2003|
Energold Announces Year-End Results
|Energold Mining Ltd. (EGD:TSX.V) is pleased to announce a year-end profit of $199,337 ($0.01 earnings per share). The company generated a net profit of $378,486 during the last six months of the year. Gross drill revenues were $4.25 Million up $1.76 Million from $2.49 Million in 2001. Cash and cash equivalents ended the year at $1,184,937.|
The Kluane International Drilling Group completed its most productive and profitable year to date. In 2002 the Kluane Group drilled on projects in the Dominican Republic, Yemen, Eritrea, Peru, Costa Rica, Tunisia, Guatemala and Vietnam. Demand for Kluane's services continues to grow and in-spite of the traditional slow-down during the Christmas holidays, the first quarter of 2003 appears to have been the second best quarter in terms of production on record.
Exploration continued on a number of concessions through our joint venture with Minmet. Highlights on the joint ventures concessions included the discovery of 44.4g/t Au and 509 g/t Ag in float at the Las Cayas Zone on the El Brujo concession, an initial 800 metre exploratory drill program completed on the El Brujo concession that confirmed copper-gold porphyry mineralization and surface sampling values of up to 9.5 g/t Au and 112 g/t Ag on the Bacco y Ofir concession.
The company's wholly owned concessions also had numerous positive developments including float sampling from an old test pit on the Los Pedregones concession returning values of 198 g/t Ag and 1.67% Cu and the results of a detailed report on the La Parcela concession.
Vancouver-based Energold Mining Ltd. is an exploration company focusing on precious and base metals targets within the Dominican Republic and South America. Energold owns 50% of Kluane International Drilling Inc., a profitable diamond drilling company, and 46.7% of IMPACT Minerals International Inc. (IPT: TSX.V), a gold exploration company in the Dominican Republic.
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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