Landdrill International Inc - Third Quarter Financial Results

MONCTON, NB, Nov. 29 /CNW/ - Landdrill International Inc. (TSX.V:LDI) reports a $6,427,000 or 125% increase to revenues for 2010's third quarter, as compared to the prior year's amount.   The Company had revenues of $11,557,000 and net income of $649,000 for the three month period ended September 30, 2010, compared to revenues of $5,130,000 and a net loss of $652,000 for 2009's comparable three month period. 

On a year-to-date basis the Company reports revenues of $25,307,000 and net income of $1,204,000 for the nine month period ended September 30, 2010, compared to revenues of $12,458,000 and a net loss of $2,345,000 for 2009's comparable nine month period. 

The Company also announces that after a review of their Asian operations, with the objective of maximizing net income - that the Company will wind-up operations in Russia. Over the next few months Landdrill will move their five drills, related equipment and inventory to the Mongolian Branch. This will eliminate approximately $600,000 per year in overhead costs, while also adding to the drilling capacities of the Mongolian operation. The Mongolian mining market has seen a significant increase in mineral exploration drilling during 2010 and the prospects for 2011 indicate a continuation of this growth. 

Ron Goguen Sr., the President and CEO of Landdrill said, "I am pleased to report our third consecutive quarter of profit, after experiencing the negative effects of the prior years' global slowdown on Landdrill's 2009's financial results. The revenues and profit have been continuously improving during the current year and while net income amounts are still slightly below our expectations, this is still a significant improvement over 2009's comparable period. The Company has benefited from a turnaround in commodity prices and the financial markets, and management has made significant business development initiatives over the last year, which has all combined to substantially increase the demand for Landdrill's services.  We are confident that Landdrill will continue to report improving results into next year - results that will provide a positive return to our shareholders, while maximizing Landdrill's capitalized value."  

For a more complete review of the Company's results, copies of Landdrill's financial statements for the three and nine months ended September 30, 2010, along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).

About Landdrill

Landdrill is a growth oriented international drilling company with a focus on the metals and minerals industry. The Company continues to explore opportunities for growth in key markets, either through establishment of new branch offices or through acquisitions as opportunities arise. The Company now has 35 drills with full branch operations in Canada, Mexico, Mongolia and Russia.

Landdrill is a forward looking company that has drilled all over the world. Our people have drilled at altitudes over 15,000 feet and in temperatures ranging from -50 degrees Celsius to +50 degrees Celsius.

We view all our customers as partners in every venture because we know that their success ensures our future!

We offer customized drilling programs to meet your every need and we always look forward to our next challenge.

For detailed information on Landdrill International Inc., or to request a bid submission for your project worldwide, please visit our website at www.landdrill.com.

Caution Concerning Forward Looking Statements

This press release includes certain statements that would be deemed "forward-looking statements". These statements are "forward-looking" because they are based on current expectations, estimates and assumptions about the markets the Company operates in, the world economic climate as it relates to the mining industry, the Canadian economic environment and the Company's ability to attract and retain customers and to manage its assets and costs.

Actual results could differ materially from expectations if known or unknown risks affect the business, or if estimates or assumptions turn out to be inaccurate. The Company does not guarantee any forward-looking statement will materialize and, therefore, investors are cautioned not to place reliance on these forward looking statements. The Company disclaims any intention to update or revise any statement of forward-looking information whether as a result of new information, future events or otherwise.

ON BEHALF OF THE BOARD:
(signed) "Ronald Goguen"
President and Chief Executive Officer
Landdrill International Inc.
(506) 388 - 8961

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

Renmark Financial Communications Inc.
John Bodiman: [email protected]
Peter Mahzari: [email protected]
Tel.: [phone] or [phone]
www.renmarkfinancial.com