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Energold Announces A 41% Expansion Of Drill Fleet In The Second
Quarter
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Energold Drilling Corp. (EGD: TSX.V) ("Energold") is pleased to
announce a 41% expansion of its drill fleet during the second quarter.
Operations are being expanded into Colombia and Guyana in the Americas
and, in conjunction with Clarity Mineral Services Ltd., into Tanzania,
South Africa, Namibia, and Zimbabwe, bringing the total number of
countries where Energold is currently active to 15.
Quarterly Drill Rig Comparison
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June 30, March 31, December 31, September 30,
2008 2008 2007 2007
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Drill Rigs 69 49 41 35
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Energold commenced the second quarter with 49 drill rigs. Through the
quarter, 20 additional drill rigs were added bringing the total number
of rigs operating or being mobilized at the end of the second quarter
to 69. However, the effect of these additions on revenues and meters
drilled will not become apparent until the second half of the year.
Six of these newly added rigs came through acquisition, the remainder
through organic growth. Much of the growth took place in established
markets where strong demand came from existing clientele. With ongoing
demand continuing to increase, Energold ordered a further seven drills
subsequent to the end of the second quarter. They are anticipated to
be delivered over the next three to four months. Approximately 50% of
the new rigs added have the capability of the new Series III rigs.
Energold's rapid expansion of its drilling capacity is designed to
respond to continued significant demand in its industry segment.
Exploration expenditures in frontier drilling continue to rise as more
exotic locales are being explored for increasingly rare resources.
Energold's clientele remain well financed to carry out their budgeted
exploration programs through the latter half of 2008.
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) 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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