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Energold Announces Record Number Of Meters Drilled And Expansion
Of Drill Fleet
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Energold Drilling Corp. ("the Company") is pleased to announce that it
drilled a record number of meters for the second quarter of 2007.
Meters drilled in the second quarter were in excess of 64,000. For the
first six months of the year, 117,678 meters were drilled, up over 40%
from the comparable period in 2006.
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The third quarter should see the first of the six recently ordered
drill rigs in the field. These new additions as they commence
operations should result in significantly higher levels of activity for
the latter part of the year as compared to prior years. Energold's
rapid expansion of its drilling capacity is designed to respond to the
very significant demand in our particular industry niche.
The Company has placed an order for an additional two drill rigs for
delivery prior to the end of September with an option on an additional
two rigs. These new rigs are over and above the six previously
announced on July 10, 2007. The two newest rigs, the four remaining to
be delivered from the previous order, and the currently commissioned 35
rigs will bring the fleet up to a total of 41 drills by late fall. All
the new drills being added are wholly-owned and are being funded
through existing cash balances. The Company holds its cash and cash
equivalents in bank secured investments. The Company holds no
commercial paper.
Energold Drilling Corp. is an environmentally and socially-sensitive
diamond drilling company that services the mining industry. The Company
fully consolidates 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") 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) 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
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