Foraco International wins a major 60 MU$ Deep Directional Drilling Contract with BHP Olympic Dam in South Australia

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TORONTO, May 25, 2022 /CNW/ - Foraco International SA (TSX:FAR) (the "Company" or "Foraco"), a leading global provider of mineral and water drilling services, today announced it has been awarded a major contract with BHP Olympic Dam.

This contract is for exploration and evaluation drilling services near Olympic Dam mine complex, involving diamond drilling and is signed for 3 years firm plus 2 optional years extension. It will involve a total of 5 rigs, most of them being remotely operated, and has a total face value of 80 million AUD, or U$ 60 million, excluding options. If the 2 year options are exercised, the face value could reach U$ 90 million.

"We have been working hard to market our technical expertise in deep diamond directional drilling services around the world for nearly a decade now and are very excited to start a new relationship with BHP. This is a great reward for all our employees, field crews and support teams" said Daniel Simoncini, CEO of Foraco.

"We believe long term relationships with leading global companies like BHP are an efficient way to increase our profitability resilience, while providing good quality professional life to our employees with who we can share a decent time horizon long enough to develop them, train them and make them safer and happier."

About Foraco International SA

Foraco International SA (TSX: FAR) is a leading global mineral and water drilling services company that provides a comprehensive and reliable service offering in mining and water projects. Supported by its founding values of integrity, innovation and involvement, Foraco has grown into the third largest global drilling enterprise with a presence in 22 countries across five continents. For more information about Foraco, visit www.foraco.com.

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

Caution concerning forward-looking statements

This document may contain "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. These statements and information include estimates, forecasts, information and statements as to Management's expectations with respect to, among other things, the future financial or operating performance of the Company and capital and operating expenditures. Often, but not always, forward-looking statements and information can be identified by the use of words such as "may", "will", "should", "plans", "expects", "intends", "anticipates", "believes", "budget", and "scheduled" or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" in the Company's Annual Information Form dated March 30, 2022, which is filed with Canadian regulators on SEDAR (www.sedar.com). The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to Foraco or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.

SOURCE Foraco International SA

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View original content: http://www.newswire.ca/en/releases/archive/May2022/25/c5507.html

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