LDI Lithoquest Resources Inc

MONCTON, NB, Sept. 28, 2011 /CNW/ - Landdrill International Inc. ("Landdrill" or the "Company") reports that it has completed their 2011 capital expansion program and related financings.  During the year, Landdrill added 26 drills rigs and related support equipment for a total cost of approximately $14 million. These additions include the March 2011 acquisition in Mexico and these capital assets were fully funded from a combination of debt and equity raises.  In aggregate the Company obtained equipment term loans of $7 million, convertible debentures of $5 million and in February 2011 the Company also completed their previously announced $9 million equity raise.  The equity raise was used to fund a portion of the aforementioned cost of new capital assets, the growth to working capital assets, along with taking out pre-existing loan arrangements. The Company also announces that Brian Maude LLB, their Corporate Secretary, has resigned.  Derrick West, CA, CFO will be acting as interim Corporate Secretary and the Board will formally appoint a replacement in November. Ron Goguen Sr., the President and CEO of Landdrill said, "I am pleased to have our capital asset addition program and related financings completed.  The new rigs have been substantially deployed and has allowed for the Company to achieve company highs for revenues.  On behalf of the Company and its Board of Directors, I would like to thank Brian for his contributions and we wish him the best in his future endeavors." 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 57 drills with full branch operations in Canada, Mexico, Mongolia and Russia. Landdrill is a forward looking company that has drilled in Canada, Mexico and Asia.  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, please visit our website at www.landdrill.com. Forward-looking information This press release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Landdrill International Inc. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all terms of the contracts will be fulfilled in their entirety, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include commodity prices, availability of personnel, materials and equipment, actual performance of equipment and processes relative to specifications and expectations, unanticipated environmental impacts and continued availability of capital and financing and general economic, market or business conditions. These risks and uncertainties are discussed in the Company's regulatory filings available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances, except as required by law. 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. LANDDRILL INTERNATIONAL INC. CONTACT: Ronald GoguenPresident and Chief Executive OfficerLanddrill International Inc.(506) 388 - 8961Renmark Financial Communications Inc.John Bodiman: jboidman@renmarkfinancial.comPeter Mahzari: pmahzari@renmarkfinancial.comTel.: (514) 939-3989 or (416) 644-2020www.renmarkfinancial.com

Copyright