Last checked at 3 May 2011 07:00
For Immediate Release | 3 May 2011 |
Capital Drilling Limited
("Capital Drilling" or "the Group")
New Contract Awards
Capital Drilling Limited (CAPD: LN), the emerging and developing markets drilling company, is pleased to announce it has recently been awarded two new contracts.
Contract 1 - BHP Billiton/Chile
Capital Drilling Chile has been awarded a contract with BHP Billiton (LSE: BLT / ASX: BHP), which will initially involve the deployment of three rigs. The rigs will be carrying out development drilling around the Cerro Colorado copper mine which lies in the Atacama desert at an altitude of 2,600m, east of Iquique, Chile. The contract is expected to run until late 2011 and represents the Company's first contract with BHP Billiton. Site inductions are currently taking place at the mine and the rigs are expected to start drilling in May. The rigs required for the contract will be deployed from Capital Drilling's existing fleet.
Contract 2 - Allied Gold/Solomon Islands
Capital Drilling Asia has been awarded a contract with Allied Gold (AIM: AGLD) in the Solomon Islands. Allied Gold recently announced their first gold pour at the re-opened Gold Ridge gold mine in Guadalcanal. Capital Drilling has deployed one rig to the Solomon Islands, which has recently commenced development drilling on site. The new contract in the Solomons continues to develop the relationship with Allied Gold, with Capital Drilling currently operating 2 drill rigs in Papua New Guinea. The rig required for the contract is being sourced from Capital Drilling's existing fleet.
Commenting on the new contracts, Brian Rudd, Chief Executive Officer, said:
"I am very pleased to announce today's contract wins. We welcome the opportunity of working with BHP Billiton in Chile, as well as deepening our relationship with Allied Gold in South East Asia. We look forward to continuing to develop these relationships and growing our business further."
For further information please access Capital Drilling's website www.capdrill.com or contact:
Capital Drilling | ||
Jamie Boyton, Executive Chairman | +65 6227 9050 | |
Brian Rudd, CEO | ||
David Payne CFO | ||
Liberum Capital Limited | ||
Clayton Bush Richard Bootle | +44 (0)20 3100 2000 | |
Canaccord Genuity | ||
Andrew Chubb Bhavesh Patel | +44 (0)20 7050 6500 | |
Buchanan Communications | ||
Bobby Morse | +44 (0)20 7466 5000 | |
Chris McMahon |
About Capital Drilling
Capital Drilling provides specialised drilling services to mineral exploration and mining companies in emerging and developing markets, for exploration, development and production stage projects. The Company currently owns and operates a fleet of 77 drilling rigs with established operations in Tanzania, Zambia, Egypt, Mauritania, Mozambique, PNG, Eritrea & Chile. The Group's corporate headquarters is in Singapore and it has its administrative offices for South America in Santiago.