|August 21, 2008|
Energold Announces Record Number Of Meters Drilled
|Energold Drilling Corp. ("Energold" or "the Company") is pleased to announce that it has drilled a record number of meters for the second quarter of over 63,000 meters, up 65% from 38,000 meters in the comparable quarter of 2007. Strong growth in Mexico and Africa provided, once again, the largest increases for the period.|
Summary of Quarterly (Q) Meters Drilled on a Consolidated Basis
The Company experienced strong growth in the number of meters drilled for the quarter. Virtually none of the recently announced 20 new drill rigs had commenced operations and contributed to earnings. The new additions are expected to begin contributing during the latter half of the third quarter. With a strategic focus on expanding operations in Africa, the Company experienced a slightly extended period between new drill rig construction and their subsequent deployment in the field. This longer mobilization period reflects in part the difference in distance between the Company's traditional markets in Latin America.
As of June 30 2008, the Company had 69 drill rigs with a further seven drills ordered subsequent to the end of the second quarter, in response to continued significant demand in its industry segment and increased exploration expenditures in frontier drilling.
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, a profitable silver producer in Mexico.
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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