Deccan Gold Mines, the first private sector gold exploration company in India, announced that the company plans to commence drilling operations in Karnataka through Deccan Exploration Services Private Limited (DESPL), its subsidiary by third week of December, 2015.
The proposed drilling program would be carried out by South West Pinnacle Exploration with whom DESPL has entered into a drilling services agreement.
South West Pinnacle is a premier exploration company with extensive experience in rendering exploration services involving exploratory drilling and report preparation and offers drilling rig, equipment and accessories along with experienced drilling and support crew.
Commenting on the proposed drilling program, Sandeep Lakhwara, Managing Director of DGML said, “This is a very important step for DESPL in its transformation from an exploration company to becoming ultimately one of the first new gold producing companies in India. We will be working closely with South West Pinnacle and I look forward to reporting the drilling results to shareholders over the next few months.”
DESPL has proposed to undertake the drilling program in a phased manner including 5000-7000 meters in Phase-I.
Shares of the company gained Rs 2.95, or 9.93%, to trade at Rs 32.65. The total volume of shares traded was 240,165 at the BSE (12.01 p.m., Thursday).