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Energold Announces A Further Record Number Of Metres Drilled And
A 19% Expansion Of Drill Fleet In The First Quarter
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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
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March 31, 2008 1st Q 2008 1st Q 2007(i) % Change
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Metres Drilled 56,862 31,306 81
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*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"
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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Copyright (c) 2008 ENERGOLD DRILLING CORP. (EGD) All rights reserved.
For more information visit our website at http://www.energold.com/ or
send mailto:info@energold.com
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