VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 22, 2011) - Energold Drilling Corp. (the "Company", "Energold", or "the Energold Group") (News - Market indicators) announced today that it has entered into an agreement with a group of private Canadian investors ("PCI") that have agreed to fund by way of a Convertible Debenture ("CD") aggregate gross proceeds of up to $10,000,000 for a term of three years. The CD will bear interest at a rate 10% calculated and compounded annually, payable quarterly. The CD shall be convertible into common shares of Energold at a conversion price of $5.25 per share.

At any time after the first anniversary date following closing, the Borrower may prepay the CD, in whole or in part, including all outstanding interest cumulated to the date of prepayment, and a payment of 1.5% of the amount to be prepaid, subject to ninety (90) days written notice. Any such prepayment shall permanently reduce the CD and may not be re-borrowed.

A general security agreement on all the assets of the Borrower and a specific security agreement on (i) all right, title and interest in the intellectual property of the Borrower; (ii) Accounts Receivable outstanding; and (iii) 2 million of the common shares of IMPACT Silver Corp. (TSX VENTURE:IPT) owned by Energold shall be held by the Lender.

The net proceeds of the CD will be used to provide interim funding of the Borrower's ongoing business operations, in particular for the funding of acquisitions and capital commitments related to the expansion of the Borrower's core mineral drilling services business.

Closing of the offering is anticipated to occur on or before July 1, 2011 and is subject to receipt of applicable regulatory approvals, including approval of the TSX-V.

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, directly or indirectly, or delivered 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 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.

The Company will be reviewing all current events via Conference Call at 04:15 pm ET, 1:15 pm PT, Wednesday June 22^nd. The dial-in numbers are 1-866-782-8903 or 647-426-1845. Management will be discussing the Company's strategic acquisition and Convertible Debenture, ending with a question-and-answer period. Investors are encouraged to forward any questions they may have to info@energold.com. The recorded conference call can be accessed at our website on June 22, 2011: http://www.energold.com/s/Events.asp

Energold Drilling Corp. is an environmentally and socially-sensitive Diamond drilling company that services the international mining industry. Energold holds 7 million shares of IMPACT Silver Corp.

On behalf of the Directors of Energold Drilling Corp.

Frederick W. Davidson, President, CEO 

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.