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Ginguro Exploration Inc. Commences Work On Endurance Pardo
Property
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Endurance Gold Corporation (EDG - TSX.V) announces that Ginguro
Exploration Inc. ("Ginguro") has commenced exploration work on the
Pardo Property, as outlined in a Ginguro News Release dated August 17,
2009. Endurance owns a 100% interest in the Pardo Property, subject to
an underlying 3% NSR, of which 1.5% can be purchased for $1,500,000 at
any time. The property is comprised of 16 claims covering approximately
33 square kilometres, and forms a part of the larger Ginguro land
holdings in the area.
On July 02, 2009, Endurance announced it had optioned the property to
Mount Logan Resources Ltd., a private Ontario corporation. Ginguro
subsequently acquired a 100% interest in Mount Logan, and the
underlying Option Agreement with Endurance.
Under the terms of the Option Agreement, Ginguro can earn an initial
55% interest in the property by completing $1,000,000 in exploration
expenditures and making cash payments totaling $200,000 to Endurance
over a three year period.
On completion of its 55% earn-in, Ginguro has a one-time option to
increase its ownership interest to 70%, by completing an additional
$1,000,000 in exploration, and making a further cash payment of
$250,000 to Endurance.
On completion of either its 55% or 70% earn-in, Ginguro will form a
joint venture with Endurance to continue the exploration and
development of the project. In the event either party dilutes to a 10%
or less joint venture interest, that interest will convert to a 1.5%
Net Smelter Royalty, and a one time cash payment of $500,000 on the
commencement of commercial production.
The Pardo Property, located 65 kilometres northeast of Sudbury,
Ontario, is largely underlain by flat lying, Proterozoic aged
conglomerates resting unconformably on Archean aged metasediments. Gold
mineralization defined to date on the property is spatially associated
pyritic and quartz pebble bearing portions of the conglomerates, at or
proximal to the unconformity. Endurance has completed approximately $1
Million in exploration on the claim block, including two drilling
campaigns totaling 1,626 metres in 97 holes. Intercepts to 1.67 grams
per tonne gold over 8.4 metres have been returned to date.
Duncan McIvor, P. Geo, is the Qualified Person as defined by National
Instrument 43-101, and is responsible for the content of
this news release.
ENDURANCE GOLD CORPORATION
Per:
/s/ Duncan McIvor
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
Duncan McIvor; (604) 682-2707, dmcivor@endurancegold.com
www.endurancegold.com
The TSX Venture Exchange or any other regulatory authority has not
reviewed, and does not accept responsibility for, the
adequacy or accuracy of this news release.
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Copyright (c) 2009 ENDURANCE GOLD CORPORATION (EDG) All rights
reserved. For more information visit our website at
http://www.endurancegold.com/ or send mailto:info@endurancegold.com
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Endurance Gold Corporation
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EXPLORATEUR |
CODE : EDG.V |
ISIN : CA29267M1086 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Endurance Gold est une société développant des projet miniers d'or basée au Canada. Ses principaux projets en exploration sont CARTER en USA et ANNIE, NATRONA, HUTTON PROJECT, PARKIN, MCCORD GOLD, PARDO, TURNER, BQ, NECHAKO, BANDITO et DOGPAW LAKE au Canada. Endurance Gold est cotée au Canada. Sa capitalisation boursière aujourd'hui est 15,2 millions CA$ (11,2 millions US$, 10,1 millions €). La valeur de son action a atteint son plus bas niveau récent le 16 janvier 2009 à 0,01 CA$, et son plus haut niveau récent le 15 juillet 2022 à 0,57 CA$. Endurance Gold possède 101 090 000 actions en circulation. |