Energold Announces New Record Number Of
Meters Drilled
Energold Drilling Corp. ("Energold" or the "Company") is pleased to
announce that it has drilled another company record of 103,400 meters in the
fourth quarter of 2010, up 106% from 50,100 meters in the comparable quarter of
2009. Normally considered one of the slowest periods of the drilling season,
the meters completed exceed the previous company record of 102,500 meters
drilled in the third quarter. Over 346,300 meters were drilled in the twelve
months ended December 31, 2010, up 129% from the comparable period of 2009,
demonstrating the strong recovery for drilling in 2010.
Summary of Quarterly (Q) Meters
Drilled
|
Q4 - 2010
|
Q4 - 2009
|
% Change
|
Year Ended
Dec 31, 2010
|
Year Ended
Dec 31, 2009
|
% Change
|
Meters drilled
|
103,400
|
50,100
|
+106%
|
346,300
|
151,300
|
+129%
|
During 2010, the industry experienced renewed confidence from clients in all
stages of the drilling process continuing into 2011. In the first half of the
year, the Company mobilized a large number of rigs that contributed
significantly to meters drilled in the third and fourth quarters. A substantial
portion of the drilling continues to be the more competitively bid 'brownfields exploration', typically mine sites or near mine
site drilling. With the significant increase in demand, there has been a shift
towards more 'frontier drilling' and it is anticipated that the new rigs
currently being mobilized will be dedicated to servicing this market, which
should impact on the average rate per meter during the 2011 year. Mexico
continues to remain the most active region in Latin America with Brazil,
Colombia and Peru showing increasing demand from the prior year, demonstrating
the growing acceptance and competitiveness of our drilling techniques in more
traditional markets.
At December 31, 2010, the Company had 103 drilling rigs with 5 more under
construction in response to continued demand for highly mobile drilling rigs
and increased exploration expenditures in frontier drilling. The fleet includes
78 EGD Highly Mobile Surface Rigs, 7 Underground Rigs as well as a number of
conventional rigs. Further investment into research and development has
resulted in retrofitting a number of the rigs to enhance their performance and
the field testing of two new prototypes designed to expand the potential of its
highly mobile fleet and the value of the Company's service offering to its
clients.
The financial results for the fourth quarter ended and December 31, 2010 fiscal
year end will be released in April.
Energold Drilling Corp. is an environmentally and
socially sensitive diamond drilling company, taking the lead on what is rapidly
becoming the new standard for the mining industry. Energold
holds 6.87 million shares of IMPACT Silver Corp., a profitable silver producer
in Mexico.
On behalf of the Directors of Energold Drilling
Corp.,
"Frederick W. Davidson"
President, CEO
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.