Goldfield Wins Major Electrical Construction Mandate

The Goldfield Corporation

has been selected as prime contractor by South Texas Electric Cooperative, Inc. ("STEC") to build the new Bakersfield to Big Hill 345kV Transmission Line in the Texas counties of Crockett, Pecos, and Schleicher. The project is a Competitive Renewable Energy Zone Project. The Bakersfield to Big Hill line will be approximately 110 miles long and will connect the Bakersfield Substation, just south of McCamey, Texas to the new Big Hill Substation, just north of Eldorado, Texas. The award is subject to execution of definitive agreements, expected to take place by mid-March. Goldfield's electrical construction subsidiary, Southeast Power Corporation, plans to commence work on this project next month. The project is required to be completed by July 31, 2013. Goldfield estimates that the revenue to be recognized over the life of the project will be approximately $52 million.