🕐08.03.10 - 23:06 Uhr
Energold Announces Strategic Acquisition Of African Drilling Operation
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Energold Announces Strategic Acquisition Of African Drilling
Operation
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Energold Drilling Corp.
("Energold" or "the Company") is pleased to
announce that it has acquired the assets and the drilling operations of
Envirodrill, Ltd., United Kingdom.
Envirodrill has a proven track
record of successfully completing complex and difficult drilling
programs in West Africa and Madagascar and brings strong technical and
operational expertise to the Energold team.
Through this purchase, the Company has acquired nine diamond and
reverse circulation drill rigs, with related support equipment,
together with inventory and existing contracts.
In addition to
purchasing the drilling assets, Energold is retaining the drilling
operational team and has entered into a management services agreement
with Ritcan Envirodrill Ltd.
to allow the Company to utilize
administrative and logistics personnel and existing facilities.
The total equivalent value of the purchase price for the transaction is
$1.7 million, comprised of a combination of cash; settlement of debt
for shares in Energold (amounting to 107,225 shares); lease
arrangements; and, a future holdback that can be satisfied by way of
shares in Energold at its sole option at any time during the two-year
term of the holdback.
Assuming conversion of the future holdback to
payment in shares, approximately one-third of the acquisition price
would be satisfied by payment in Energold shares (amounting to 157,016
shares).
This acquisition is part of a strategic program to expand the
operations of the Energold Group.
With the nine additional rigs, the
Company now has 91 drill rigs, with two more to be delivered during
this quarter.
Due to recent demand, the Company has placed a further
order for six more of its EGD Mobile Surface Rigs.
Energold Drilling Corp.
is a contract diamond drilling company
servicing the international mining industry.
Throughout its operations
in the developing world, Energold emphasizes an environmentally and
socially sensitive approach to drilling.
Energold also holds 6.6
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:
Craig Geier, VP Corporate Development
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
1100 - 543 Granville Street
Vancouver, BC V6C 1X8
www.energold.com
Telephone 604 681 9501
Facsimile 604 681 6813
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Copyright (c) 2010 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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