Energold Announces $20 Million Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Energold Drilling Corp. (TSX VENTURE:EGD) ("Energold ") is pleased to announce that it has entered into an agreement pursuant to which a syndicate of underwriters led by TD Securities Inc. (the "Underwriters") has offered to purchase, on a bought deal private placement basis, 3,900,000 common shares (the "Shares") of Energold at a price of $5.20 per Share for gross proceeds of $20,280,000 (the "Offering"). Energold has also granted the Underwriters an option to purchase up to an additional 585,000 Shares at the same price, which is exercisable by the Underwriters at any time up to 2 business days prior to closing. If this option is fully exercised, additional gross proceeds will be $3,042,000 for total gross proceeds of $23,322,000.

The net proceeds from the Offering will be used for the construction and development of new rigs and for working capital purposes.

The Offering is scheduled to close on or about March 21, 2012 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The securities to be issued under the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.

In consideration for their services, the Underwriters will receive a cash commission of 6% of the gross proceeds of the Offering and non-transferable common share purchase warrants equal to 6% of the Shares issued pursuant to the Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold directly or indirectly within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or unless an applicable exemption from such registration is available.

Energold Drilling Corp. is a global contract diamond drilling company servicing the mining and energy industry. Throughout its operations in the developing world, Energold emphasizes an environmentally and socially sensitive approach to drilling. Energold also holds 6.87 million shares of IMPACT Silver Corp.

On behalf of the Directors of Energold Drilling Corp.

Frederick W. Davidson, President, CEO

Forward-Looking Statements. Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to proposed activities, work programs and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the effects of general economic conditions, the price of commodities, changing foreign exchange rates, actions by government authorities, title matters, environmental matters, reliance on key personnel, the ability for operational and other reasons to complete proposed activities and work programs, the need for additional financing and the timing and amount of expenditures. IMPACT does not assume the obligation to update any forward-looking statement.