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Re: News Release - Thursday, February 07, 2008
Energold Announces Record Number Of Metres Drilled And A 121%
Expansion Of Drill Fleet In 2007
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Energold Drilling Corp. ("the Company") is pleased to announce that is
had drilled a record number of meters for the year ended December 31,
2007. The fourth quarter, typically the slowest quarter of the year
due to seasonality, saw the Company drill 52,800 net meters, the most
meters in a single quarter. As a result of the October 2, 2007
rationalization of its previous 50/50 Joint Venture, the Company is
recording its drill meters on a net basis for the quarter and
year-to-date, as well as for the comparative periods. Strong growth in
the Dominican Republic, Peru and Mexico provided the largest increases
for the year.
Summary of Quarterly (Q) and Full Year Net Metres Drilled
Dec 31, 2007 4th Q 2007 4th Q 2006 % Change 2007 2006 % Change
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Metres Drilled 52,800 28,500 85 192,000 109,500 75
Expansion of Drill Fleet
The company commenced 2007 with 27 rigs, 17 of which were jointly
owned, or on a net basis 18.5 rigs. As a result of the October 2, 2007
transaction, it disposed of its interest in seven of the Joint Venture
rigs and their production, effective as of January 1, 2007 in exchange
for a 100% interest in the other 10. The effect of this transaction,
along with the construction of a number of new rigs, enabled the
Company to end the year with a total of 41 wholly-owned rigs, either
operating or being mobilized. The majority of these rigs were built in
the last four to five months and were unable to contribute
significantly to meters and revenues during 2007.
By the end of the first quarter of 2008, the Company anticipates that
virtually all of its rigs will be mobilized and operating, while a
further seven new rigs will be delivered during that same period. In
response to continuing demand, a similar sized order for additional
rigs has been placed for the second quarter.
Energold Drilling Corp. is an environmentally and socially sensitive
diamond drilling company that services the mining industry. Energold
also holds 6.6 million shares in silver miner IMPACT Silver Corp. 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
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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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