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Energold Announces Record Number Of Meters Drilled
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Energold Drilling Corp. ("Energold" or "the Company") is pleased to
announce that it has drilled a record number of meters for the second
quarter of over 63,000 meters, up 65% from 38,000 meters in the
comparable quarter of 2007. Strong growth in Mexico and Africa
provided, once again, the largest increases for the period.
Summary of Quarterly (Q) Meters Drilled on a Consolidated Basis
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Q2 Q2 YTD YTD YTD
2008 2007* % Change 2008 2007* % Change
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Meters Drilled 63,578 38,565 65 120,440 69,871 72
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* Calculated on equitable meters drilled in 2007. Under the prior
arrangement, Energold shared the operations in Peru, Ecuador, Guatemala,
Brazil, the Dominican Republic, Nicaragua, Zambia and Vietnam. Equitable
meters would include 50% of those meters and 100% of the meters drilled
on its own account.
The Company experienced strong growth in the number of meters drilled
for the quarter. Virtually none of the recently announced 20 new
drill rigs had commenced operations and contributed to earnings. The
new additions are expected to begin contributing during the latter half
of the third quarter. With a strategic focus on expanding operations
in Africa, the Company experienced a slightly extended period between
new drill rig construction and their subsequent deployment in the
field. This longer mobilization period reflects in part the difference
in distance between the Company's traditional markets in Latin America.
As of June 30 2008, the Company had 69 drill rigs with a further seven
drills ordered subsequent to the end of the second quarter, in response
to continued significant demand in its industry segment and increased
exploration expenditures in frontier drilling.
Energold Drilling Corp. is an environmentally and socially sensitive
diamond drilling company that services the mining industry. Energold
holds 6.6 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:
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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