Business
Major Drilling Announces Purchase of Mozambique Operation
Mar. 24, 2011 (Canada NewsWire Group) -- MONCTON, NB, March 24 /CNW/ - Major Drilling Group I...
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\n\n Mar. 24, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nMONCTON, NB, March 24 /CNW/ - Major Drilling Group International Inc.\n (TSX: MDI) is pleased to announce that it has, today, completed the\n purchase of the drilling operations of Resource Drilling in Mozambique.\n This business operates in a region where Major Drilling does not\n currently have a presence.\n\n\nThrough this purchase Major Drilling will acquire 15 drill rigs,\n together with related support equipment, inventory, and contracts. In\n addition to purchasing the drilling assets, Major Drilling is retaining\n the operations' management teams, as well as most of the other\n employees, including a large number of experienced drillers.\n\n\nThe purchase price for the transaction is US$9.73 million.\n\n\n"We are very pleased to welcome this new operation into the Major group.\n Not only does this acquisition provide us with assets, experienced\n drillers and existing contracts in Mozambique, it also provides a\n foundation for our expansion in this exciting region, which shows great\n mining potential, particularly for coal projects," said Francis\n McGuire, President and CEO of Major Drilling Group International Inc.\n\n\nSome of the statements contained in this press release may be\n forward-looking statements, such as, but not limited to, those relating\n to worldwide demand for gold and base metals and overall commodity\n prices, the level of activity in the minerals and metals industry and\n...