Landdrill International Inc - 2011 Drilling Contract Commitments

MONCTON, NB, Dec. 21 /CNW/ - Landdrill International Inc. (TSX.V:LDI) reports that it has signed contracts with Canadian base metal & precious metal mining companies for drilling to be performed in 2011. The contracts total over 216,000 meters of drilling in Quebec, Ontario and Labrador, and will utilize 15 of the Company's Canadian-based drills.

Assuming these contracts are completed to their terms, the Company expects that they will generate over $20,000,000 in revenue for 2011.

Furthermore, the Company announces that demand in its Mexican and Mongolian branches for 2011 remains high and it anticipates further commitments to be secured in the near future. We anticipate that these commitments will represent an increase in revenues from our foreign branches over 2010.

Ron Goguen Sr., the President and CEO of Landdrill said, "I am very pleased to announce the signing of these contracts as they represent the first time that Landdrill has secured such a large number of meters prior to the start of the New Year. Our revenues in 2010 represented a significant increase over those of 2009 and we anticipate that our 2011 contract revenues will exceed those of 2010."  

For a review of the Company's results, copies of Landdrill's financial statements along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).

About Landdrill

Landdrill is a growth oriented international drilling company with a focus on the metals and minerals industry. The Company continues to explore opportunities for growth in key markets, either through establishment of new branch offices or through acquisitions as opportunities arise.  The Company now has 35 drills with full branch operations in Canada, Mexico, Mongolia and Russia.

Landdrill is a forward looking company that has drilled all over the world.  Our people have drilled at altitudes over 15,000 feet and in temperatures ranging from -50 degrees Celsius to +50 degrees Celsius.

We view all our customers as partners in every venture because we know that their success ensures our future!

We offer customized drilling programs to meet your every need and we always look forward to our next challenge.

For detailed information on Landdrill International Inc., or to request a bid submission for your project worldwide, please visit our website at www.landdrill.com.

Forward-looking information

This press release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Landdrill International Inc. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all terms of the contracts will be fulfilled in their entirety, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include commodity prices, availability of personnel, materials and equipment, actual performance of equipment and processes relative to specifications and expectations, unanticipated environmental impacts and continued availability of capital and financing and general economic, market or business conditions. These risks and uncertainties are discussed in the Company's regulatory filings available at www.sedar.com.

There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Landdrill International Inc.

For further information: For further information:

Ronald Goguen
President and Chief Executive Officer
Landdrill International Inc.
(506) 388 - 8961
www.landdrill.com

Renmark Financial Communications Inc.
John Boidman: jboidman@renmarkfinancial.com
Peter Mahzari: pmahzari@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com

Organization Profile

Landdrill International Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890