Goldfield Announces Electrical Construction Awards as Part of Western Expansion

MELBOURNE, Fla., June 30 /PRNewswire-FirstCall/ -- The Goldfield
Corporation (Amex: GV), a leading provider of electrical construction
services in the southeastern United States, announced that it has recently
been awarded new electrical construction contracts aggregating $12.5
million, including significant awards outside its customary southeastern
base.

The contracts include installation of 105 miles of optical ground wire
(OPGW) in central Colorado; 6.5 miles of 161 kV transmission line in
western Tennessee (contract subject to final regulatory approval); 40 miles
of OPGW near Birmingham, Alabama; and a small tie line in northern Texas.
In addition, Goldfield has been awarded Phase II of the previously
announced multi-phase upgrade of 46.2 miles of high voltage (230 kV)
transmission line to support load growth in the central Florida area. Phase
II consists of 11 miles of 230 kV rebuild. Phase I of this project was
completed in May 2008 ahead of schedule and below budget. Southeast Power,
Goldfield's electrical construction subsidiary, is the "preferred
contracting partner" for the remaining segments.

John H. Sottile, President of The Goldfield Corporation, commented,
"For several years, Southeast Power has been working towards expanding our
customer and geographic base to include the western parts of the United
States. These new projects represent an important initial step in
implementing our business plan."

Mr. Sottile also commented, "With aggressive competition for the fewer
available electrical construction jobs, work is expected to remain slow
throughout the summer. The challenging economic environment, which has
impacted Southeast Power over the past few quarters, is expected to
continue into our third quarter, but we are encouraged by this growth in
new business and new territories."

About Goldfield

Goldfield is a leading provider of electrical construction and
maintenance services in the energy infrastructure industry in the
southeastern United States. The company specializes in installing and
maintaining electrical transmission lines for a wide range of electric
utilities. Goldfield is also involved in the development of high-end
condominium projects on Florida's east coast. For additional information,
please visit http://www.goldfieldcorp.com .

This press release includes forward-looking statements based on our
current expectations. Our actual results may differ materially from what we
currently expect. Factors that may affect the results of our electrical
construction operations include, among others: the level of construction
activities by public utilities; the timing and duration of construction
projects for which we are engaged; adverse weather; our ability to estimate
accurately with respect to fixed price construction contracts; heightened
competition in the electrical construction field, including intensification
of price competition, and the availability of skilled construction labor.
Factors that may affect the results of our real estate development
operations include, among others: interest rates; ability to obtain
necessary permits from regulatory agencies; adverse legislation or
regulations; ability to acquire land; our ability to maintain or increase
historical revenues and profit margins; our ability to collect contracts
receivable and close homes in backlog, particularly related to buyers
purchasing homes as investments; availability of labor and materials and
material increases in labor and material costs; ability to obtain
additional construction financing; increases in interest rates and
availability of mortgage financing; increases in construction and homeowner
insurance and the availability of insurance; the level of consumer
confidence; the negative impact of claims for contract rescission or
cancellation by unit purchasers due to various factors including the
increase in the cost of condominium insurance; adverse weather; natural
disasters; changes in generally accepted accounting principles; the
continued weakness in the Florida condominium market and general economic
conditions, both nationally and in our region. Important factors which
could cause our actual results to differ materially from the
forward-looking statements in this press release are detailed in the
Company's Risk Factors and Management's Discussion and Analysis of
Financial Condition and Results of Operation sections of our Annual Report
on Form 10-K and Goldfield's other filings with the Securities and Exchange
Commission, which are available on Goldfield's website:
http://www.goldfieldcorp.com .



For further information, please contact:
The Goldfield Corporation
Phone: (321) 724-1700
Email: investorrelations@goldfieldcorp.com

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[Via Real Estate Newswire]

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