|August 20, 2007|
Energold Announces Record Number Of Meters Drilled And Expansion Of Drill Fleet
|Energold Drilling Corp. ("the Company") is pleased to announce that it drilled a record number of meters for the second quarter of 2007. Meters drilled in the second quarter were in excess of 64,000. For the first six months of the year, 117,678 meters were drilled, up over 40% from the comparable period in 2006. |
Summary of Quarterly (Q) and Year-To-Date Meters Drilled
The third quarter should see the first of the six recently ordered drill rigs in the field. These new additions as they commence operations should result in significantly higher levels of activity for the latter part of the year as compared to prior years. Energold's rapid expansion of its drilling capacity is designed to respond to the very significant demand in our particular industry niche.
The Company has placed an order for an additional two drill rigs for delivery prior to the end of September with an option on an additional two rigs. These new rigs are over and above the six previously announced on July 10, 2007. The two newest rigs, the four remaining to be delivered from the previous order, and the currently commissioned 35 rigs will bring the fleet up to a total of 41 drills by late fall. All the new drills being added are wholly-owned and are being funded through existing cash balances. The Company holds its cash and cash equivalents in bank secured investments. The Company holds no commercial paper.
Energold Drilling Corp. is an environmentally and socially-sensitive diamond drilling company that services the mining industry. The Company fully consolidates the total meterage drilled by its 50.01%-owned Pac Rim Drilling S.A.C., 50%-owned subsidiary Kluane International Drilling and its affiliates. Energold also holds 6.6 million shares in silver producer IMPACT Silver Corp. ("IPT-V") and a project portfolio in the Dominican Republic.
On behalf of the Directors of Energold Drilling Corp.
"Frederick W. Davidson"
For further information, please contact:
Darrell Rader - Corporate Development
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
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