Geodrill Announces Annual and Special Meeting Voting Results

TORONTO, May 8, 2017 /CNW/ - Geodrill Limited ("Geodrill" or the "Company") (TSX: GEO), a leading West African based drilling company, announced the voting results of its Annual and Special Meeting of Shareholders (the "Meeting") held on May 8, 2017.

At the Meeting, the shareholders elected Dave Harper, John Bingham, Colin Jones, Ronald Sellwood, Daniel Im and Adrian Reynolds to the Company's Board of Directors. Detailed results of the vote are set out below:

Director

Outcome of Vote

Votes For

Votes Withheld

Dave Harper

Carried

24,892,934
(99.99%)

2,500
(0.01%)

John Bingham

Carried

24,892,934
(99.99%)

2,500
(0.01%)

Colin Jones

Carried

24,694,217
(99.19%)

201,217
(0.81%)

Ronald Sellwood

Carried

24,892,934
(99.99%)

2,500
(0.01%)

Daniel Im

Carried

24,892,924
(99.99%)

2,510
(0.01%)

Adrian Reynolds

Carried

24,892,934
(99.99%)

2,500
(0.01%)

Note:

Numbers do not add due to rounding.

At the Meeting, the shareholders also re-appointed Deloitte LLP, Chartered Professional Accountants, as the auditors of the Company and authorized the Board of Directors to fix the auditors' remuneration and re-approved the Company's stock option plan as set forth in the management information circular dated April 3, 2017.

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 and grade control, 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 quarter ended March 31, 2017 and the Company's Annual Information Form dated April 3, 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

For further information: Joanna Longo, Terre Partners, (416) 238-1414 ext 233, jlongo@terrepartners.com

RELATED LINKS
www.geodrillgh.com

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