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News Releases

 December 23, 2010
Energold Drilling Corp. Completes $17,250,000 "Bought Deal" Financing


VANCOUVER, BRITISH COLUMBIA - Energold Drilling Corp. (TSXV:EGD) (the "Company" or "Energold") is pleased to announce that it has completed its previously announced "bought deal" private placement financing (the "Offering"). A total of 4,662,162 units of the Company (the "Units") at a price of $3.70 per Unit for aggregate gross proceeds of $17,250,000 were issued pursuant to an underwriting agreement between the Company and each of Jennings Capital Inc., as the lead underwriter, Clarus Securities Inc., TD Securities Inc. and Beacon Securities Limited (collectively, the "Underwriters"). Each Unit consists of one common share and one half of one common share purchase warrant (each whole common share purchase warrant, a "Unit Warrant"). Each Unit Warrant is exercisable to acquire one common share of the Company at $4.50 per share until the date which is 24 months from the date hereof.

The Underwriters were paid a cash commission equal to 6.0% of the aggregate gross proceeds of the Offering. The Underwriters were also granted 279,729 non-transferable compensation options (the "Compensation Options"), equal to 6.0% of the Units sold pursuant to the Offering. Each Compensation Option entitles the holder to acquire one Unit at an exercise price of $3.70 during the 24 month period following the date hereof. All securities issued under the Offering are subject to a four-month hold period expiring on April 24, 2011.

The net proceeds of the Offering are intended to be used for accelerating the Company's aggressive organic growth with the purchase of new rigs for a fleet targeted to exceed 120 rigs by the end of 2011. This growth is predicated on dramatically increasing client demand for drilling services especially in Energold's primary industry segment. Funds are also to be allocated to assist the Company's strategy of adding accretive acquisitions to expand into new markets, conduct research and development and for working capital and general corporate purposes.

Energold Drilling Corp. is an environmentally and socially-sensitive diamond drilling company that services the international mining industry. Energold holds 6.9 million shares of IMPACT Silver Corp.

The securities have not been and will not be registered under the U.S. Securities Act of 1933 (the "1933 Act"), as amended, or under any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration under the 1933 Act or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

On behalf of the Directors of Energold Drilling Corp.,

"Frederick W. Davidson"
President and Chief Executive Officer

For further information, please contact:
Sunny Pannu, Investor Relations
(604) 681-9501 or via email at info@energold.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to proposed activities, work programs and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the effects of general economic conditions, a reduction in the demand for the Company's drilling services, the price of commodities, changing foreign exchange rates, actions by government authorities, the failure to find economically viable acquisition targets, title matters, environmental matters, reliance on key personnel, the ability for operational and other reasons to complete proposed activities and work programs, the need for additional financing and the timing and amount of expenditures. Energold Drilling Corp. does not assume the obligation to update any forward-looking statement.

You can view the Next News Releases item: Wed Jan 19, 2011, Energold Drilling Corp. Announces Strategic Acquisition of Dando Drilling International Ltd., United Kingdom

You can view the Previous News Releases item: Thu Dec 2, 2010, Energold Drilling Corp. Announces $15,000,000 "Bought Deal" Financing

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