TORONTO, Jan. 11, 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 Perseus
Mining Ltd ("Perseus") (ASX: PRU) (TSX: PRU), a West
African-based mining company with gold production and exploration
activities in Ghana and Côte
d'Ivoire.
The contracts with Perseus are for exploration drilling in
Ghana and Côte d'Ivoire and to be
completed by August 2023 utilizing up
to 15 drill rigs from the Company's existing fleet. The
contracts are expected to generate revenue in excess of
US$45 million over the term of the
contracts. Geodrill currently has a rig fleet of 71 drill rigs
operating in West Africa,
Egypt and Peru.
"Geodrill continues to build meaningful relationships and
revenue by expanding contracts with top-tier gold customers in our
core geographic region. These contracts bring top-line growth,
improving economies of scale and support our goal of delivering
consistent earnings in 2022," said Dave
Harper, CEO and President of Geodrill.
About Perseus Mining Ltd
Perseus Mining is a multi-mine, multi-jurisdictional explorer,
developer, and producer of gold with a solid track record of
successfully operating in West
Africa. Perseus currently has three producing gold mines,
one in Ghana and two in Côte
d'Ivoire, including the recently commissioned Yaouré Gold Mine
which achieved commercial production in March 2021. Perseus is on track to produce more
than 500,000 ounces of gold per year with three mines in operation,
generating a cash margin of more than US$400 per ounce from financial year 2022.
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