🕐25.07.13 - 18:27 Uhr
THE ENERGOLD GROUP(R) ANNOUNCES NEW ENERGY SEISMIC DRILLING BUSINESS IN COLOMBIA
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Re: News Release - Thursday, July 25, 2013
The Energold Group(r) Announces New Energy Seismic Drilling
Business in Colombia
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The Energold Group ("Energold" or "the Company") is pleased to announce
that it has expanded its energy business into Latin America with an
immediate focus on Colombia.
The Company has entered into a joint
venture, called "EESI", with a local partner in Colombia, who is a
leader in the seismic drilling business.
Energold holds 60% ownership
of EESI and the partner holds 40%.
The development of this long term commitment to Colombia and the region
is accelerated by leveraging Energolds know-how and logistic network
in South America.
One of the key synergies envisioned from the
acquisition of Bertram Drilling Corp.
("Bertram") was the potential to
enter new energy markets where Energold already held a strong mineral
presence.
In doing so, the Company is immediately beginning work in
Colombia with its JV partner.
"Colombia is one of the fastest growing
energy markets on the planet.
We are excited to work with our partner
and provide specific equipment to the JV that has already begun to
result in new business and revenue for EESI and Energold," said Fred
Davidson, CEO.
As part of the JV agreement, Energold has agreed to contribute
specialized drilling equipment including underutilized seismic rigs
from Energolds wholly owned subsidiary Bertram in Alberta.
As well,
Energold will also be contributing new equipment manufactured by
Energolds wholly owned manufacturing subsidiary Dando Drilling in the
United Kingdom.
The local partner in Colombia will operate EESI in conjunction with
support from management at Bertram.
Energold has agreed to provide
fully secured loans for up to $1.5 million to EESI for equipment
acquisition and working capital purposes, bearing an interest rate of
7% per annum.
"We have spent significant time in Colombia working to
develop an energy presence.
We believe that we have found a strong
partner with considerable business opportunities and envision future
growth into other Latin American countries over the medium term," said
Brian Bertram, President, Bertram Drilling Corp.
Energold Drilling Corp.
is a leading global specialty drilling company
that services the mining, energy, and manufacturing sectors in 24
countries.
Specializing in a socially and environmentally sensitive
approach to drilling, Energold provides a comprehensive range of
drilling services from early stage exploration to onsite operations for
both metals and energy sectors and has an established drill rig
manufacturer, Dando Drilling International Ltd.
Energold also holds
6.98 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:
Steven Gold - Chief Financial Officer
(416) 275-4070 or via email at
or
Jerry Huang - Investor Relations Manager
(604) 681-9501 or via email at
1100 - 543 Granville St.
Vancouver, BC V6C 1X8
Telephone 604 681 9501
Facsimile 604 681 6813
www.energold.com
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.
Cautionary Note Regarding Forward-Looking Statements:
This news release may contain forward-looking statements.
These
statements involve known and unknown risks, uncertainties, and other
factors that may cause the Companys actual results, levels of
activity, performance or achievements to be materially different from
any future results, levels of activity, performance or achievement
expressed or implied by these forward-looking statements.
The factors
that could cause actual results to differ materially include, but are
not limited to, the following: general economic conditions; changes in
financial markets; the impact of exchange rates; political conditions
and developments in countries in which the Company operates; changes in
regulatory requirements impacting the Companys operations; the ability
to properly and efficiently staff the Companys operations; the
sufficiency of current working capital; and demand for the Companys
drill rigs.
As a result of the foregoing and other factors, no
assurance can be given as to any future results, levels of activity or
achievements and neither the Company nor any other person assumes
responsibility for the accuracy and completeness of these
forward-looking statements.
The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, or to
explain any material difference between subsequent actual events and
such forward-looking statements, except to the extent required by
applicable law.
View News Release in PDF Format:
http://www.energold.com/i/pdf/nr/2013-07-25_NR.pdf
162 KB in size, approx.
31 seconds to download at 56.6Kbps
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Copyright (c) 2013 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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