|November 09, 2005|
Energold Announces Expansion of Drill Fleet and Services
|Trading Symbol "EGD: TSX.V" |
ENERGOLD ANNOUNCES EXPANSION OF DRILL FLEET AND SERVICES
Energold Drilling Corp. is pleased to provide an update on its operations and strategy going forward. Throughout this past year, the Company has focused its attention on a number of areas in order to build a strong foundation for future growth. These include offering a wider range of value added services, advancing the drill technology, as well as increasing staffing.
In response to clients needs the Company has created a heavy drilling division. This division is expected to be limited in size but will enable the Company to service a broader spectrum of projects while complementing its current activities and taking advantage of existing infrastructure. A heavy mechanized Les Aterlier Val d'Or style "SS-51" drill capable of depths in excess of 2,500m has been purchased and allocated to Mexico. The purchase includes ancillary field equipment including a D6-C caterpillar. Operated in conjunction with Suisse Diamond Drilling Ltd. of Smithers, B.C., the rig will be one of the most powerful in Mexico. It has already been awarded its first drill contract.
To service demand, the Company and its subsidiaries have continued to construct drills. Through a gradual phase in, the Company intends to expand its total man-portable drill fleet to approximately 30 rigs over the next 12--18 months. The added rigs would consist of the new Series III model that was developed over the past year. The Series III model boasts greater pullback strength while retaining its man-portable dimensions.
Following our strategy of building a strong staffing core, the Company has appointed Richard Younker MBA, CA as Chief Financial Officer.
Looking forward, the Company believes that the strong demand for drilling will continue for the foreseeable future. Its clients are well funded and the expansion into Mexico has begun to pay dividends. Government bureaucracy and shipping delays continue to plague the industry but as critical mass in various markets form and drill fleet expansion occurs, the effects of these issues should be minimized for the Company.
Energold Drilling Corp. is focused on providing environmentally and socially sensitive diamond drilling to the mining industry. Energold also holds a controlling interest in IMPACT Silver Corp. (IPT:TSX.V) as
well interest in 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.
900 - 543 Granville St.
Telephone 604 681-9501
Vancouver, B.C. V6C 1X8
Facsimile 604 681-6813
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