-Largest contract in company's history expands
geographical footprint-
TORONTO, Feb. 1, 2022 /CNW/ - Geodrill Limited
("Geodrill" or the "Company") (TSX: GEO), a leading West African
based drilling company announced the Company has been awarded a
significant drilling contract with Centamin PLC at their Sukari
Gold Mine, a low cost, bulk tonnage open pit and high grade
underground gold mining operation in Egypt.
The five-year contract, the largest in Geodrill's history, is
for a minimum 90,000 meters of underground drilling per year
utilizing five drill rigs, and is anticipated to generate revenues
in excess of US$54million over the
term of the contract. The win also extends Geodrill's footprint
into a new geographical region.
"That Geodrill was awarded this contract is a testament to our
operational performance, reputation for excellence and is in line
with our strategy of focusing on long-term contracts with top-tier
customers in new geographic regions driving future growth of our
business," said Dave Harper,
President and CEO of Geodrill. "Not only does our business with
Centamin complement our existing work, it will also help us counter
cyclical industry downturns while at the same time delivering
a significant, stable base of long-term revenue over the next 5
years."
About Centamin PLC
Centamin is an established gold
producer, with premium listings on both the London Stock Exchange
and Toronto Stock Exchange. The Company's flagship asset is the
Sukari Gold Mine ("Sukari"), Egypt's largest and first modern gold mine, as
well as one of the world's largest producing mines. Since
production began in 2009 Sukari has produced circa 5 million ounces
of gold, and today has a projected mine life of 12 years.
Through its large portfolio of exploration assets in
Egypt and West Africa, Centamin is advancing an active
pipeline of future growth prospects, including the Doropo project
in Côte d'Ivoire, and over 3,000km2 of highly prospective
exploration ground in Egypt's
Arabian Nubian Shield. Centamin practices responsible mining
activities, recognising its responsibility to not only deliver
operational and financial performance but to create lasting mutual
benefit for all stakeholders.
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 northeast 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
