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Endurance Options Remaining Dogpaw Lake Area Claims To North
American Uranium Corp
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News Release 07-07
Endurance Gold Corporation (EDG -- TSX.V, the "Company") is pleased to
announce that it has entered into an option agreement with North
American Uranium Corp ("NAUC"), a private British Columbia corporation,
whereby NAUC can acquire up to a 75% interest in 14 claims comprising
60 claim units (the "Property") in the Dogpaw Lake Area of northwestern
Ontario. Under the terms of the agreement, NAUC may earn an initial 70%
interest (the "Initial Option") in the Property through issuing 400,000
shares to EDG, and by completing $200,000 in exploration expenditures
on the Property by June 30, 2007. On exercise of the Initial Option,
NAUC has 30 days to determine if it will elect to exercise a second
option (the "Second Option"), whereby it may earn an additional 5%
interest in the Property through issuing an additional 50,000 shares
and completing an additional $250,000 in exploration expenditures
within 12 months of electing to exercise.
On exercise of the Initial Option, and if NAUC elects not to exercise
the Second Option, then the parties will form a 70% NAUC -- 30% EDG
joint venture to proceed with any exploration and development on the
Property. Should NAUC exercise the Second Option, then the parties will
form a 75% NAUC -- 25% EDG joint venture to proceed with any
exploration and development on the Property.
The claims comprising the Property occur in three groupings. Four
claims, located in the southeast portion of the Dogpaw Lake Area
map-sheet, cover a large felsic intrusive known as the Stephen Lake
Stock. During a 2003 reconnaissance mapping program within the
intrusive, EDG discovered a zone of fracture controlled pyritic
mineralization that returned initial grab samples to 47.3 gpt Au.
Surface stripping and channel sampling of this zone opened up an area
of mineralization measuring 80 metres by 30 metres, from which the
composite grade of 93 channel samples was 1.99 gpt Au, including a 10.0
metre trench averaging 4.22 gpt Au. In the winter of 2004, EDG
completed a short seven hole drill program beneath the surface
mineralization, with best results of 1.79 gpt Au across 7.0 metres.
In the northwest portion of the map-sheet, five claims cover a series
of north-south trending shear zones cutting mafic intrusive and
metavolcanic rocks, along which several gold occurrences have been
documented. At the Jenson-Johnson Occurrence, surface sampling by EDG
in 2003 returned widespread anomalous gold values in excess of 1.0 gpt
over a north-south distance of 250 metres. At the Knapp Lake
Occurrence, narrow zones of silicification within a north-south shear
returned individual grab samples to 47.75 gpt Au.
In the north-central portion of the map-sheet, an additional five
claims cover a northwest-southeast trending mineralized zone within
altered (sericitized) felsic tuffaceous rocks. Surface sampling on the
shores of Dogpaw Lake in 2003 returned individual grab samples to 23.42
gpt Au from this horizon, with a 6.8 metre channel sample returning
gold values of 1.05 gpt.
Duncan McIvor, President and CEO of EDG stated: "This transaction
continues our effort to divest ourselves of non-core assets, while
maintaining a substantial equity position in our new partners and the
ability to participate down the line in the event of real exploration
success. I believe NAUC will become an exciting new partnership for
Endurance, as they explore the Dogpaw Lake Property and assemble a
strong portfolio of new projects. At the same time, this frees us to
aggressively pursue our gold and gold-uranium projects in the Cobalt
Embayment area of Ontario, and our sediment hosted gold projects in
central and northwestern British Columbia."
NAUC will immediately undertake a drilling program on several targets
on the Property, in order to meet its June 30th expenditure commitment.
Duncan McIvor, P. Geo is the Qualified Person under National Instrument
43-101, and is responsible for the content of this news release.
ENDURANCE GOLD CORPORATION
Per: "Duncan McIvor"
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeffrey Wilson, Corporate Communications (604) 868-0225, or visit our
website at 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) 2007 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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