ORBIT GARANT DRILLING INC. SELLS ITS MINORITY INTEREST IN USINAGE X-SPEC INC.
Val-d’Or, Québec, February 4, 2011 — Orbit Garant Drilling Inc. (“Orbit Garant”) (TSX: OGD) today announced, effective as of February 1, 2011, the sale to Usinage X-Spec Inc. of all the shares it held in the share capital of Usinage X-Spec Inc., representing forty percent (40%) of all the issued and outstanding shares in the share capital of Usinage X-Spec Inc.
The purchase price consists of $898,000 plus forty percent (40%) of the increase of the retained earnings of Usinage X-Spec Inc. within the period comprised between February 1, 2010 and January 31, 2011.
Under terms of the transaction, the Orbit Garant has agreed to purchase goods and services from Usinage X-Spec Inc. in the amount of $2.5 million within a period of 24 months following the closing.
About Orbit Garant
Orbit Garant is one of the largest Canadian-based drilling companies, providing both underground and surface drilling services in Canada and internationally through its 164 drills and more than 600 employees. Orbit Garant provides services to major, intermediate and junior mining companies, through each stage of mining exploration, development and production.
For further information:
| Eric Alexandre President and Chief Executive Officer (819) 824-2707 Ext. 233 | Derek Henderson Investor Relations (416) 447-4740 Ext. 232 |