|November 13, 2007|
Energold Announces Record Number Of Meters Drilled And A Further Expansion Of Its' Drill Fleet
|Energold Drilling Corp. ("the Company") is pleased to announce that it has drilled in excess of 71,279 meters (another record) in the third quarter of 2007. For the first nine months of the year, 189,353 meters were drilled, up over 35% from the comparable period in 2006. In October the Company announced the consolidation of its activities in conjunction with its former partner whereby the latter would assume 100% over two markets, Ecuador and Guatemala, while Energold acquired the balance of the joint activities. Although the accounting for this transaction means that the third quarter results will consolidate the joint operations thereafter the results will exclude those two markets.|
The Company enjoyed an especially strong performance in the markets it will retain, with a year over year growth of 69% compared to 35% for the consolidated meters drilled to September 30th 2007.
Summary of Quarterly (Q) and Year-To-Date Meters Drilled on a Consolidated Basis
The third quarter saw the first of the six recently-ordered drill rigs arrive in the field. These new additions as they commence operations should result in higher levels of activity than typical for the next two quarters. Energold's rapid expansion of its drilling capacity is designed to respond to the very significant demand in our particular industry niche. The two Series III rigs originally scheduled for delivery in September were delayed approximately 2 months for modifications as recent field tests with existing prototypes have provided upgrades that will improve the Series III model overall performance well beyond the original design parameters of 700+ meters.
Continued Expansion of Drill Fleet
Energold, because of the ongoing demand has expanded the size of orders for new rigs for the balance of the year. The Company has ordered a further 5 rigs which are anticipated to be delivered over the next 3 to 4 months. The previous orders were to increase the fleet to approximately 41 rigs by the beginning of 2008 and with the latest additions we expect to have 46 rigs actually either in the field or being mobilized by the end of the first quarter, 2008. On October 31st of this year, Energold was acknowledged by the Vancouver Sun newspaper as being one of the top 50 fastest growing public companies in British Columbia.
Energold Drilling Corp. is an environmentally and socially sensitive diamond drilling company that services the mining industry especially with regard to frontier drilling. Until September 30th inclusive the Company fully consolidated 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") which coincidently was also in the top 50 fastest growing public companies in British Columbia.
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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