TORONTO, Feb. 23,
2022 /CNW/ - Geodrill Limited ("Geodrill" or
the "Company") (TSX: GEO), a leading West African based drilling
company announces the Company has been awarded significant
multi-rig long-term drilling contracts with Endeavour Mining PLC
("Endeavor")(TSX: EDV), a West African-based mining company with
gold production and exploration activities across West Africa.
The contracts with Endeavour Mining Corp Plc are for a total
350,000 meters of exploration and mine reserve drilling across
Endeavour Mining's key West African operations for a period of two
years drilling utilizing up to 10 drill rigs from the Company's
existing fleet. The contracts are expected to generate
revenues of US$31 million over the
term of the contracts. Geodrill currently has a rig fleet of 71
drill rigs operating in West
Africa, Egypt and
Peru.
"This third significant contract win, within a relatively short
time frame, and again with a key valued top tier gold producer,
underscores the strength of our reputation and an endorsement of
our drilling expertise in our core geographic region and beyond,"
said Geodrill President and CEO Dave
Harper. "Most importantly, these contracts add top-line
revenue growth this year extending through to 2024 which will
provide an even stronger base to build on."
About Endeavour Mining Corp Plc
Endeavour Mining Corp Plc is one of the world's senior gold
producers and the largest in West
Africa, with operating assets across Senegal, Cote
d'Ivoire and Burkina Faso
and a strong portfolio of advanced development projects and
exploration assets in the highly prospective Birimian Greenstone
Belt across West Africa. A member
of the World Gold Council, Endeavour is committed to the principles of
responsible mining and delivering sustainable value to its
employees, stakeholders and the communities where it operates.
Endeavour is listed on the
London and Toronto Stock
Exchanges, under the symbol EDV.
About Geodrill Limited
Geodrill has been successful in establishing a leading market
position in Ghana, Burkina Faso, Cote
d'Ivoire and Mali. The
Company is also expanding its geographic presence into Egypt in North
Africa, and Peru in
South America. With the largest
fleet of multi-purpose rigs, Geodrill provides a broad selection of
diverse drilling services, including exploration, delineation,
underground and grade control drilling, to meet the specific needs
of its clients. The Company's client mix is made up of senior
mining, intermediate and junior exploration companies.
www.geodrill-gh.com.
Forward Looking Information
This press
release may contain "forward-looking information" which may
include, but is not limited to the future financial or operating
performance of the Company, its subsidiaries, future growth,
results of operations, performance, business prospects and
opportunities. Often, but not always, forward-looking statements
can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "believes", or variations (including
negative variations) of such words and phrases, or by the use of
words or phrases that state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved.
Forward-looking statements are based on certain assumptions
and analyses made by the Company in light of its experience and
perception of historical trends, current conditions and expected
future developments and other factors it believes are appropriate.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company and/or its subsidiaries
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements
contained in this press release including, without limitation those
described in the Management's Discussion & Analysis for the
year ended March 31, 2021 and the
Company's Annual Information Form dated March 29, 2021 under the heading "Risk Factors".
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in such forward-looking statements,
there may be other factors that may cause actions, events or
results to differ from those anticipated, estimated or intended.
Should one or more of these risks or uncertainties materialize or
should assumptions underlying such forward-looking statements prove
incorrect, actual results, performance or achievements may vary
materially from those expressed or implied by the forward-looking
statements contained in this press release. The forward-looking
information and forward-looking statements contained herein are
made as of the date of this press release and the Company disclaims
any obligation to update or review such information or statements,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Geodrill Limited