+ Energold Drilling Corp. - News Releases - Energold Announces A 41% Expansion Of Drill Fleet In The Second Quarter - Wed Aug 5, 2020

News Releases

 August 05, 2008
Energold Announces A 41% Expansion Of Drill Fleet In The Second Quarter

 Energold Drilling Corp. (EGD: TSX.V) ("Energold") is pleased to announce a 41% expansion of its drill fleet during the second quarter. Operations are being expanded into Colombia and Guyana in the Americas and, in conjunction with Clarity Mineral Services Ltd., into Tanzania, South Africa, Namibia, and Zimbabwe, bringing the total number of countries where Energold is currently active to 15.

Quarterly Drill Rig Comparison
               June 30,     March 31,   December 31,   September 30,
                  2008          2008           2007            2007
Drill Rigs          69            49             41              35

Energold commenced the second quarter with 49 drill rigs. Through the quarter, 20 additional drill rigs were added bringing the total number of rigs operating or being mobilized at the end of the second quarter to 69. However, the effect of these additions on revenues and meters drilled will not become apparent until the second half of the year. Six of these newly added rigs came through acquisition, the remainder through organic growth. Much of the growth took place in established markets where strong demand came from existing clientele. With ongoing demand continuing to increase, Energold ordered a further seven drills subsequent to the end of the second quarter. They are anticipated to be delivered over the next three to four months. Approximately 50% of the new rigs added have the capability of the new Series III rigs.

Energold's rapid expansion of its drilling capacity is designed to respond to continued significant demand in its industry segment. Exploration expenditures in frontier drilling continue to rise as more exotic locales are being explored for increasingly rare resources. Energold's clientele remain well financed to carry out their budgeted exploration programs through the latter half of 2008.

Energold Drilling Corp. is an environmentally and socially sensitive diamond drilling company that services the mining industry. Energold holds 6.6 million shares of IMPACT Silver Corp.

On behalf of the Directors of Energold Drilling Corp.

"Frederick W. Davidson"
President, CEO

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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