Golden Phoenix Forms In-House Drilling Department; Acquires State-of-the-Art Drill Rig to Spearhead Mineral Exploration in 2008
SPARKS, Nev., Dec. 19 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) is pleased to announce the formation of Exploration Drilling Services, an in-house drilling department focused on the discovery, delineation and expansion of reserves at Company-owned mining properties. A five-year lease with option-to-purchase has been executed with Atlas Copco for a new Ingersoll Rand TH60 drill rig. The Company expects delivery of the rig in February of 2008, with exploratory drilling to begin soon after.
Exploration Drilling Services (EDS) will start up under the direction of COO Don Prahl, who has years of drilling and development experience with Barrick Goldstrike and Cyprus Minerals. A team of Golden Phoenix senior staffers will supervise the various aspects of EDS, including Wayne Colwell, Manager of Golden Phoenix's Technical Services Group, Sam Chavez, Purchasing Agent, and Larry Kitchen, Controller. Jason Layton, former supervisor of the Ashdown mill, will serve as Manager of Drilling Services. Mr. Layton is a Nevada-licensed driller with 20 years experience operating drill rigs for regional companies including WDC. He has personally overseen in excess of one million feet of exploratory and water-well drilling throughout the Western states and will be joined by a handpicked team of veteran drillers.
Over the past several months, Ed Falk and Rich Dixon of the Technical Services Group (TSG) have been preparing initial drill targets for Golden Phoenix mineral holdings. Because industry demand for contracted drilling services is presently high and therefore difficult to secure, the possession of a "captured" rig assures that the Company's basic drilling needs will be met and its projects advanced in a timely way. The aggressive scope of the drill plan for 2008 means that there may be times that this in-house capability will be augmented with contracted equipment, but this acquisition provides an insurance policy that significant progress will be made regardless of third party availability.
The TH60 drill rig is state-of-the-art equipment and is being purchased off the assembly line in Dallas, Texas. It will be augmented by a specially designed angle package for drilling up to 45 degrees off vertical. The rig features 70,000 pounds of pullback and is capable of drilling reverse circulation holes up to 2000 feet. Additional support equipment will include a 10-wheel water truck, 4-ton crane, forklift and service vehicle.
Don Prahl commented on the arrival of the new drill rig, saying "Acquisition of this top quality equipment serves as the centerpiece for a focused and effective drilling initiative that expands our horizons. Putting resources and reserves on our books is the key to building share value for years to come. We are fortunate to have the in-house talent with the background capable of launching this program quickly. Golden Phoenix is no longer just a producer, it now joins the ranks of explorers."
Well you can Have Paris,
I'll take Mineral Ridge in the Spring. |
