=====================================================================
Energold Announces Record Number Of Meters Drilled And A Further
Expansion Of Its' Drill Fleet
=====================================================================
Energold Drilling Corp. ("the Company") is pleased to announce that it
has drilled in excess of 71,279 meters (another record) in the third
quarter of 2007. For the first nine months of the year, 189,353 meters
were drilled, up over 35% from the comparable period in 2006. In
October the Company announced the consolidation of its activities in
conjunction with its former partner whereby the latter would assume
100% over two markets, Ecuador and Guatemala, while Energold acquired
the balance of the joint activities. Although the accounting for this
transaction means that the third quarter results will consolidate the
joint operations thereafter the results will exclude those two markets.
The Company enjoyed an especially strong performance in the markets it
will retain, with a year over year growth of 69% compared to 35% for
the consolidated meters drilled to September 30th 2007.
Summary of Quarterly (Q) and Year-To-Date Meters Drilled on a
Consolidated Basis
September 30, 2007 Q3 Q3 % YTD Comparable %
2007 2006 Change 2007 2006 Change
Previously 71,279 56,349 26 189,353 140,532 35
consolidated
-- Meters
Drilled
Ongoing 49,041 38,361 28 139,168 82,444 69
markets
only
- Meters
Drilled
The third quarter saw the first of the six recently-ordered drill rigs
arrive in the field. These new additions as they commence operations
should result in higher levels of activity than typical for the next
two quarters. Energold's rapid expansion of its drilling capacity is
designed to respond to the very significant demand in our particular
industry niche. The two Series III rigs originally scheduled for
delivery in September were delayed approximately 2 months for
modifications as recent field tests with existing prototypes have
provided upgrades that will improve the Series III model overall
performance well beyond the original design parameters of 700+ meters.
Continued Expansion of Drill Fleet
Energold, because of the ongoing demand has expanded the size of orders
for new rigs for the balance of the year. The Company has ordered a
further 5 rigs which are anticipated to be delivered over the next 3 to
4 months. The previous orders were to increase the fleet to
approximately 41 rigs by the beginning of 2008 and with the latest
additions we expect to have 46 rigs actually either in the field or
being mobilized by the end of the first quarter, 2008. On October 31st
of this year, Energold was acknowledged by the Vancouver Sun newspaper
as being one of the top 50 fastest growing public companies in British
Columbia.
Energold Drilling Corp. is an environmentally and socially sensitive
diamond drilling company that services the mining industry especially
with regard to frontier drilling. Until September 30th inclusive the
Company fully consolidated the total meterage drilled by its
50.01%-owned Pac Rim Drilling S.A.C., 50%-owned subsidiary Kluane
International Drilling and its affiliates. Energold also holds 6.6
million shares in silver producer IMPACT Silver Corp. ("IPT-V") which
coincidently was also in the top 50 fastest growing public companies in
British Columbia.
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.
=====================================================================
Copyright (c) 2007 ENERGOLD DRILLING CORP. (EGD) All rights reserved.
For more information visit our website at http://www.energold.com/ or
send mailto:info@energold.com
=====================================================================
.
![]()