|May 15, 2008|
Energold Announces A Further Record Number Of Metres Drilled And A 19% Expansion Of Drill Fleet In The First Quarter
|Energold Drilling Corp. ("the Company") is pleased to announce that it has drilled a record number of meters for the first quarter, of 56,862 meters. Strong growth in Mexico and our African markets provided the largest increases for the period, while Peru was slower, in part due to extreme weather conditions. |
Summary of Quarterly (Q) Metres Drilled
*As a result of the October 2, 2007 rationalization of its previous 50/50 drilling relationship, the Company is recording its drill meters for the comparative period on a net basis.
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, and ended 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 of 2007 and were unable to contribute significantly to meters and revenues during that year. Most of the newly-built rigs were mobilized during the first quarter of 2008 and by the end of the first quarter of 2008, the Company had built a further 8 drill rigs for a total of 49 drill rigs.
In response to continuing demand, Energold has ordered another seven rigs for delivery in the second quarter and on the 23rd of April announced the acquisition of a further six drill rigs for a total price of $1.0 million in southern Africa. By mid summer the Company anticipates it will have in excess of 60 rigs either in the field or being mobilized.
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
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
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