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Re: News Release - Friday, November 30, 2007
Energold Announces Record Third Quarter Results
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Energold Drilling Corp. (EGD: TSX.V) ("Energold" or "the Company") is
pleased to announce its 2007 third quarter results. These results
reflect the Corporate Reorganization Agreement concluded at the end of
the quarter and described more completely below. Earnings for the
quarter were $2,756,234 (including a gain on discontinued operations of
$540,831), up 125% from $1,224,032 (which included a gain on
discontinued operations of $566,464) in the third quarter of 2006.
Gross revenues for ongoing activities were $6.89 million on 49,041
meters of drilling up 25% from gross revenues of $5.55 million on
38,361 meters in the comparable quarter of 2006. The ongoing
operations of the Company drilled 139,168 meters in the year-to-date
which is more than all the meters drilled, including the previous joint
venture, for the entire year of 2006 (118,036 meters). Fully diluted
earnings per share were $0.09 up from a $0.05 in the comparable
quarter.

The Company ended the quarter with a very strong balance sheet with a
fully consolidated working capital position of $31.3 million, an
increase of over $14 million from its net consolidated working capital
position of $17.6 million at September 30, 2006. Consolidated group
cash and cash equivalents at the end of the quarter were $20.6 million.
Non-current liabilities including those due to related parties and
non-controlling interests where down from $7.57 million in the
comparable quarter of 2006 to only $0.3 million on September 30, 2007.

At the end of the quarter, the Company completed a Corporate
Reorganization Agreement with its former joint venture partner, whereby
the Company obtained a 100% ownership and control of its drilling
operations in Peru, Brazil, the Dominican Republic, Nicaragua, Zambia
and Vietnam. Its former partner acquired a 100% interest in Ecuador
and Guatemala. Following this agreement, the Company now has a 100%
interest in 35 drilling rigs. Also included in the earnings for the
quarter was a gain on the reorganization which, because of the terms of
the Corporate Agreement, included reallocating certain earnings between
the partners from January 1, 2007 onwards. That, and the goodwill gain
on the acquisition, totalled $1.5 million. As part of the Corporate
Agreement, all amounts due to related parties and non-controlling
interests have been settled in full. The Company has no long term debt
or long term liabilities outstanding, other than a small allowance for
future income taxes. The Company has the financial strength and
capacity to continue with its planned expansion plans unencumbered by
issues involved with managing joint venture operations.

Third Quarter Results Comparison (Canadian $000's except per-share
amounts and meters drilled)

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September 30 2007 2006(i)
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Net Income before gain on
discontinued operations 2,215 657
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Net Income 2,756 1,224
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Earnings Per Share - Basic 0.09 0.06
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- Diluted 0.09 0.05
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Cash and Term Deposits 20,606 5,114
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Consolidated Working Capital 31,700 17,600
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Metres Drilled 49,041 38,361
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(i) restated to record dilution gain on investment in IMPACT.

The Company expects that the Reorganization will have a positive impact
to net income in future years, as the Company capitalizes on the strong
growth opportunities that it sees in South America, the Dominican
Republic and other counties in which the Company previously had to
share its profits as a result of being involved in joint venture
operations.

The Company is continuing an aggressive program of expansion designed
to access new markets for its drills and to increase its market share
in existing markets. The Company is now firmly established throughout
Latin America and is currently expanding into parts of Africa. This
expansion resulted in both higher than normal costs for the period as
well as record levels of production. While the U.S. dollar decline
continues to impact margins, the Company is revising its contracts to
reflect the change.

With the Company's strong financial position, its growth plans have
been significantly accelerated. The Company expects to have
approximately 41 wholly-owned rigs being either mobilized or in the
field by the beginning of 2008. At that point, approximately five new
rigs will be added each quarter thereafter. A target has been set of
approximately 60 rigs by the end of 2008.

The Company will be discussing its 2007 Third Quarter Earnings results
and hosting a question-and -answer period via a conference call and a
live webcast on the Internet at 9:00 am PT, 12:00 pm ET, Friday
November 30th. The dial-in numbers are 416-695-9745 or 1-800-355-4959.
The webcast (audio only) can be accessed at:
http://events.onlinebroadcasting.com/energold/113007/index.php

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.

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
Message sent on Fri Nov 30, 2007 at 9:05:05 AM Pacific Time
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