TORONTO, Jan. 15, 2018 /CNW/ - Geodrill Limited
("Geodrill" or the "Company") (TSX:GEO), a leading West African based drilling company, announced today the Company has
been awarded its second significant long-term drilling contract by Newmont Mining, one of the World's largest gold producers,
that is currently developing the Subika operations, part of Ahafo mine, located in Ghana.
"We are proud to be awarded this contract, as the preferred underground diamond driller by Newmont, signifying a natural
transition and expansion of our platform capabilities. We remain committed to maintaining our strategy of providing gold
standard customer service with our fleet of highly-efficient, well-maintained rigs, positioning Geodrill to continue to deliver
strong financial results," said Dave Harper, President and CEO of Geodrill Ltd.
About Geodrill Limited
Geodrill has been successful in establishing a leading market position in Ghana,
Burkina Faso and Cote d'Ivoire and also operates in other
African jurisdictions including Mali and Zambia. The Company
provides a broad selection of diverse drilling services, including exploration, delineation, grade control and underground
drilling, to meet the specific needs of its clients. Geodrill operates a fleet of high performance multi-purpose rigs, which
offer the versatility of being able to perform both reverse circulation and diamond core drilling. Geodrill's client mix is
made up majors, intermediates and juniors that are exploring for gold and other minerals. The Company's operational proximity to
countries such as Mauritania, Liberia, Sierra Leone, Nigeria and Cameroon
positions the Company favourably in its ability to service these markets.
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 quarters ended September 30, 2017 and the Company's Annual Information Form dated March 31, 2017
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
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