GEODRILL ANNOUNCES USD 31M CONTRACT 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."