|February 07, 2008|
Energold Announces Record Number Of Metres Drilled And A 121% Expansion Of Drill Fleet In 2007
|Energold Drilling Corp. ("the Company") is pleased to announce that is had drilled a record number of meters for the year ended December 31, 2007. The fourth quarter, typically the slowest quarter of the year due to seasonality, saw the Company drill 52,800 net meters, the most meters in a single quarter. As a result of the October 2, 2007 rationalization of its previous 50/50 Joint Venture, the Company is recording its drill meters on a net basis for the quarter and year-to-date, as well as for the comparative periods. Strong growth in the Dominican Republic, Peru and Mexico provided the largest increases for the year. |
Summary of Quarterly (Q) and Full Year Net Metres Drilled
Expansion of Drill Fleet
The company commenced 2007 with 27 rigs, 17 of which were jointly owned, or on a net basis 18.5 rigs. As a result of the October 2, 2007 transaction, it disposed of its interest in seven of the Joint Venture rigs and their production, effective as of January 1, 2007 in exchange for a 100% interest in the other 10. The effect of this transaction, along with the construction of a number of new rigs, enabled the Company to end the year with a total of 41 wholly-owned rigs, either operating or being mobilized. The majority of these rigs were built in the last four to five months and were unable to contribute significantly to meters and revenues during 2007.
By the end of the first quarter of 2008, the Company anticipates that virtually all of its rigs will be mobilized and operating, while a further seven new rigs will be delivered during that same period. In response to continuing demand, a similar sized order for additional rigs has been placed for the second quarter.
Energold Drilling Corp. is an environmentally and socially sensitive diamond drilling company that services the mining industry. Energold also holds 6.6 million shares in silver miner IMPACT Silver Corp. 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
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