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Wednesday, March 24, 2010

Newmont (NYSE:NEM) Awards Swick (OTC:SWCKF) Mining Contract

Newmont Offers Swick Mining Services $50 Million Drilling Contract

Swick Mining Services (OTC:SWCKF) $50 Million landed a $50 million mining contract with Newmont Mining (NYSE:NEM) for underground drilling.

The contract will generate the revenue over a period of three years.

This is the largest contract Swick has been awarded in its history, and promises to be the key revenue generator for the company for the duration of the contract.

Swick will provide drilling services at the Tanami and Jundee gold mines for Newmont beginning in April 2010, which they have been working on since 2007. There is a provision to add a fourth year if needed.

The $50 million plus estimated by Swick is based on eight rigs working full time for the duration of the contract.

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