Mitchell Services Ltd (ASX:MSV) Trade Higher After Announcing Major Contract Award

AUSTRALIA – Shares of Mitchell Services Ltd (ASX:MSV) are trading 24 percent higher in early hours of trading on the Australian Stock Exchange on Monday after the company announced sealing a major contract.

Mitchell Services Ltd (ASX:MSV)’s stock was trading at 0.021 in the early session hours, up 23.53 percent from last week, after the company announced that it has commenced work under a formal notice of award of a two year contract with leading Australian gold miner Evolution Mining Ltd.

The scope of work includes both underground and surface drilling services at the Pajingo and Cracow mine sites in Queensland. The contract is anticipated to be worth approximately US$27 million in revenue over a two-year period.

“The award of this work is encouraging as it further strengthens an ever increasing Tier 1 client base whilst providing diversification in revenue streams through the significant underground drilling program,” Mitchell Services Ltd Executive Chairman Nathan Mitchell said in a disclosure to the Australian Stock Exchange.

Mitchell Services Limited (ASX:MSV) is a diverse drilling services company strategically located across key exploration, mining and energy sectors. –