Goldfield Corporation awarded $4.2 million in new energy construction contracts

MELBOURNE, Fla., Sept. 26, 2001 – The Goldfield Corporation, a provider of construction services for energy suppliers in the southern United States, has been awarded contracts valued at $4.2 million to improve electrical service for two utilities.

Under the contracts, Goldfield will relocate 500kv transmission towers, replace and upgrade existing 115kv transmission lines with new 230kv lines, and provide transmission maintenance services.

Upgrading the transmission lines will enable the utilities to provide more reliable electrical service, and expand their coverage area.

Goldfield recently commenced work on the projects, and expects completion within the next nine months. The utilities involved are existing Goldfield customers.

“Much of the nation’s energy infrastructure is stretched to the limits because of age and the increasing demands from our growing population,” said John Sottile, president and CEO of Goldfield. “Upgrading transmission lines is one way utilities can provide quality service to existing customers, and meet the growing demands on their systems. In light of this, the demand for our electrical construction services remains strong.”

Work on the contracts will be performed by Goldfield’s Southeast Power operation, which has been providing construction and maintenance services to electric utilities, government organizations, and private companies for more than 40 years.

About Goldfield

Goldfield is engaged in electrical construction and mining operations. Electrical construction includes the construction and maintenance of electric power lines and fiber optic communication systems. Mining operations include the mining of industrial minerals as well as base and precious metals.

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