🕐21.12.12 - 00:54 Uhr
ENERGOLD DRILLING ENTERS INTO OPTION AGREEMENT FOR ITS NON-CORE DOMINICAN REPUBLIC LAND ASSETS
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News Release - Thursday, December 20, 2012
Energold Drilling Enters Into Option Agreement for its Non-Core
Dominican Republic Land Assets
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Energold Drilling Corp.
(EGD: TSX.V) ("Energold" or "the Company" or
"Energold Group"), a leading worldwide operator and manufacturer of
mineral exploration and energy drilling rigs, has entered into an
agreement with a third party whereby Energold has agreed to option out
some of the Companys legacy, non-core land package in the Dominican
Republic.
The option agreement includes a multi-phased work program to
be executed by Energold Drilling Corp.
at market rates and to be paid
for by the option holder.
Management estimates the initial phase of
the work program to be executed as part of the option agreement to be
worth $800,000 over the course of the next 12 months with the potential
for additional work thereafter.
Pending the results of the work program, the third party can exercise,
at its discretion, an option to acquire 100% of the land package in
12-18 months for a consideration of $1.6 million.
Energold
continuously seeks to monetize its non-core assets in an effort to
allocate capital and resources towards the Companys core drilling
business as it pursues its ongoing organic and external growth programs
worldwide.
Energold currently has its exploration assets recorded on
its balance sheet at $1.586 million as of September 30, 2012.
About Energold Drilling Corp.
Energold Drilling Corp.
is a leading global specialty drilling company
that services the mining and energy, and manufacturing sectors in 22
countries globally.
Specializing in a socially and environmentally
sensitive approach to drilling, Energold provides a comprehensive range
of drilling services from early stage exploration to mine site
operations for both metals and energy in addition to its established
drill rig manufacturer, Dando.
Energold also holds 6.98 million shares
of IMPACT Silver Corp., a profitable silver producer in Mexico.
For further information, please contact:
Steven Gold - Chief Financial Officer
(416) 648-4065 or via email at
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: Some statements in this news release
contain forward-looking information.
These statements include, but are
not limited to, statements with respect to proposed activities, work
programs and future expenditures.
These statements address future
events and conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the
statements.
Such factors include, among others, the effects of general
economic conditions, a reduction in the demand for the Companys
drilling services, the price of commodities, changing foreign exchange
rates, actions by government authorities, the failure to find
economically viable acquisition targets, title matters, environmental
matters, reliance on key personnel, the ability for operational and
other reasons to complete proposed activities and work programs, the
need for additional financing and the timing and amount of
expenditures.
Energold Drilling Corp.
does not assume the obligation to
update any forward-looking statement.
Associated File:
http://www.energold.com/i/pdf/nr/EGD-12-20-12NR.pdf
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Copyright (c) 2012 ENERGOLD DRILLING CORP.
(EGD) All rights reserved.
For more information visit our website at http://www.energold.com/ or
send mailto:
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