TORONTO,
Feb. 23, 2015 /CNW/ - Geodrill
Limited ("Geodrill" or the "Company") (TSX:GEO), a leading West
African based drilling company, announced today that the Company
has been awarded a significant drilling contract with SEMAFO Inc.
("SEMAFO")(TSX, OMX: SMF), a Canadian-based mining company
with gold production and exploration activities in West Africa.
The contract with SEMAFO in Burkina Faso is for a minimum 100,000 meters
of exploration drilling at its various Burkina Faso projects. The drill program
includes a combination of reverse circulation and core drilling
using three to four multi-purpose drill rigs.
Geodrill has also secured new drilling contracts
with existing clients including, Kinross Gold Corporation (TSX: K,
NYSE: KGC) who has extended its current drilling contract for 2015
at the Chirano Gold Mine in Ghana
and Endeavour Mining Corporation (TSX:EDV) (ASX:EVR) (OTCQX:EDVM)
in the Ivory Coast.
"We are pleased to have been awarded multi-rig,
multi-million dollar contracts with top-tier gold companies
expanding our footprint in our core geographic regions," said
Dave Harper, President and CEO of
Geodrill Limited. "These contracts demonstrate the value of
our high-performance fleet of rigs and highly-skilled labour force.
They are also an encouraging sign of recovery in what remains a
challenging mineral drilling market."
About SEMAFO
SEMAFO is a Canadian-based mining company with
gold production and exploration activities in West Africa.
The Corporation operates the Mana Mine in Burkina Faso, which includes the high-grade
satellite deposits of Siou and Fofina. SEMAFO is committed to
evolve in a conscientious manner to become a major player in its
geographical area of interest. SEMAFO's strategic focus is to
maximize shareholder value by effectively managing its existing
assets as well as pursuing organic and strategic growth
opportunities
About Geodrill Limited
Geodrill Limited is a leading exploration
drilling company operating in West
Africa with established operations in Ghana, Burkina
Faso, Cote d'Ivoire,
Mali and Togo. Geodrill
provides exploration and development drilling services to major,
intermediate and junior mining companies with exploration and
development operations. The Company is currently expanding
into the Central African copper belt and other African
jurisdictions.
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 quarter ended September 30, 2014 and the Company's Annual
Information Form dated March 31, 2014
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