|November 23, 2004|
Energold Announces 290% Increase in Year to Date Earnings and Expansion of Drill Fleet
|Energold Mining Ltd. (EGD:TSX.V) is extremely pleased to announce a third quarter profit of $794,475 ($0.05 earnings per share) up 300% from $197,902 in the third quarter of 2003. The year to date profit is $1,695,990 ($0.11 earnings per share) up 290% from $433,973 ($0.03 earnings per share) in the comparable period. At the end of the quarter total assets were $13.9 Million ($8.1 Million-2003) and working capital was $6.8 Million ($2.3 Million-2003).|
The Kluane International Drilling Group completed another productive and profitable quarter leading to Energold posting its ninth consecutive profitable quarter. Nine month gross drill revenues were $12.4 Million on over 97,000m drilled up from $4.56 Million on 34,078m drilled in the comparable period. Kluane currently has 15 drill rigs. With demand for Kluane's services expected to continue at a strong rate, Kluane is mobilizing 2 new rigs and building 2 more.
Energold Mining Ltd. is pleased to announce that its review of the 2004 Third Quarter results will be broadcast live via the Internet at 4:00 PM ET, 1:00 PM PT, Thursday, November 25, 2004. The live webcast (audio only) can be accessed at: http://events.onlinebroadcasting.com/energold/112504/index.php and will feature management discussing Energold's financial and operational results ending with a question and answer period. Since this webcast will be broadcasted in a listen-only mode, shareholders and interested investors are encouraged to submit any questions they may have to Energold by Thursday, November 25, 2004.
Vancouver-based Energold Mining Ltd. is a profitable exploration company that holds a 50% interest in contract diamond driller Kluane International Drilling, a controlling interest in silver explorer IMPACT Minerals International Inc. (IPT: TSX.V), as well as a portfolio of projects 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
The TSX Venture Exchange has neither approved nor disapproved this news release.
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