Energold

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Rapidly Growing Contract Drill Service

[Energold Drilling Corp]. is a contract diamond driller servicing the mining industry. Throughout its operations in the developing world, Vancouver based Energold emphasizes an environmentally and socially sensitive approach to drilling. Energold is listed on the TSX Venture exchange under the symbol EGD.

Energold's goal is to build shareholder value by continuing to be an innovator in the specialized drilling services industry throughout the developing world. The use of state-of-the-art man-portable rigs provides a competitive advantage allowing Energold to realize consistent earnings, and strong margins. The company expanded its drill fleet by 40% to 69 drill rigs in summer 2008.

Strategic Investments

Energold holds 6.6 million shares in silver producer Impact Silver.

Recent Key Figures

Energold announced [record 2008 second quarter results].

  • Gross drilling revenues for the second quarter were $11.4 million, up 91% from $6 million in the second quarter of 2007.
  • Net income from continuing operations for the second quarter was $2.4 million, up 54% from $1.5 million.
  • The Company ended the quarter with a very strong balance sheet with a fully consolidated working capital position of $43.6 million.
  • Consolidated group cash and cash equivalents at the end of the quarter were $20.4 million.

Energold has drilled a record number of meters for the second quarter of over 63,000 meters, up 65 per cent from 38,000 meters in the comparable quarter of 2007. For the first six months Energold drilled 120,000 meters (70,000 meters -- 2007). Strong growth in Mexico and Africa provided, once again, the largest increases for the period.

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