|May 27, 2004|
Energold Announces Exceptional First Quarter Results
|Energold Mining Ltd. (EGD:TSX.V) is pleased to announce a first quarter profit of $493,223 ($0.03 earnings per share) up 153% from $194,847 in the first quarter of 2003. Gross drill revenues were $3.4 Million up 113% from $1.6 Million in the first quarter of 2003. At the end of the quarter, cash and cash equivalents were $1.3 Million, total assets were $11.3 Million and working capital was $3.3 Million. Energold's review of the 2004 first quarter results will be broadcast via the internet at 9:00 AM PT, 12:00 ET, Friday May 28 at http://web1.to.fastvibe.com/cws/egd/040526egd/staging.htm|
The Kluane International Drilling Group completed another productive and profitable quarter leading to Energold posting its seventh consecutive profitable quarter. In the first quarter, the Kluane Group drilled in excess of 26,000 metres on projects in Latin America, Central America, Asia and the Caribbean. Demand for Kluane's services continues to grow and the second quarter of 2004 appears to continue the trend of increasing production. Kluane currently has 15 drill rigs.
Energold's 1,500 metre drill program on the Real de Belem project commenced with the goal of verifying previous drill results and expanding our knowledge of several of the veins on the project. Exploration continues in the Dominican Republic on the Longyear Concession that is under option to Minmet.
Energold's 2003 Annual Report and 2004 First Quarter Financial Statements have been filed on SEDAR and can also be found at www.energold.com
Vancouver-based Energold Mining Ltd. is a profitable exploration company focusing on precious and base metals targets within Mexico and the Dominican Republic. Energold owns 50% of Kluane International Drilling, a contract diamond drilling company and a controlling interest in IMPACT Minerals International Inc. (IPT: TSX.V), a precious metals exploration company with properties in the Dominican Republic.
On behalf of the Directors of Energold Mining Ltd.
"Frederick W. Davidson"
For further information, please contact:
Darrell Rader - Corporate Development
900 - 543 Granville St.
Vancouver, B.C. V6C 1X8
Telephone 604 681-9501
Facsimile 604 681-6813
The TSX Venture Exchange has neither approved nor disapproved this news release.
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