The Energold Group announced that it has expanded its energy business into Latin America with an immediate focus on Colombia. The company has entered into a joint venture, called "EESI", with a local partner in Colombia, who is a leader in the seismic drilling business. Energold holds 60% ownership of EESI and the partner holds 40%.

The development of this long term commitment to Colombia and the region is accelerated by leveraging Energold's know-how and logistic network in South America. One of the key synergies envisioned from the acquisition of Bertram Drilling Corp. was the potential to enter new energy markets where Energold already held a strong mineral presence.

In doing so, the company is immediately beginning work in Colombia with its JV partner. As part of the JV agreement, Energold has agreed to contribute specialized drilling equipment including underutilized seismic rigs from Energold's wholly owned subsidiary Bertram in Alberta. As well, Energold will also be contributing new equipment manufactured by Energold's wholly owned manufacturing subsidiary Dando Drilling in the United Kingdom.

The local partner in Colombia will operate EESI in conjunction with support from management at Bertram. Energold has agreed to provide fully secured loans for up to $1.5 million to EESI for equipment acquisition and working capital purposes, bearing an interest rate of 7% per annum.