| | Publié le 28 octobre 2013 | Responds To Arbitration Notice Respecting The Pardo Joint Venture Dispute |
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Monday, October 28, 2013 Endurance Responds To Arbitration Notice Respecting The Pardo Joint Venture Dispute
Endurance Gold Corporation (EDG -- TSX.V, "Endurance") wishes to provide shareholders an update on the Company's planned response to the Notice of Arbitration issued by Ginguro Exploration Inc. ("Ginguro") regarding the Pardo Joint Venture ("Pardo JV"). The Pardo JV includes 16 claims that are jointly owned by Endurance and Ginguro. Ginguro also owns about 88 claims (the "GEG 100% Property") which encompass the external boundaries of Pardo JV Property.
Endurance categorically rejects Ginguro's allegation that its 45% Pardo JV Property Interest has been diluted as represented by Ginguro in their release dated October 24, 2012.
Robert T. Boyd, the President and Chief Executive Officer of Endurance states "I welcome the intervention of an independent arbitrator to resolve the disagreements that have arisen between Endurance and Ginguro. Endurance only wishes to be treated in a fair manner and would prefer an amicable settlement; however it was becoming apparent that Ginguro's disregard for the provisions of the Pardo JV Agreement, oppressive tactics, and unreasonable position would inevitably result in arbitration".
The disputes between the parties stem from the following facts:
- Ginguro as operator of the Pardo JV failed to conduct the approved 2012 Pardo JV exploration program in accordance with the JV Agreement;
- Ginguro carried out a 2013 program on the JV Property without Management Committee approval and without the knowledge of Endurance. It was only in mid-August, when Ginguro presented a draft press release on preliminary results from this program for review, that Endurance learned of the existence of the 2013 field program on the JV property;
- Ginguro withheld from Endurance details of significant under-expenditures on the approved 2012 Pardo JV Program. These under-expenditures, if disclosed to Endurance, would have entitled Endurance to the option to "back- in" to the 2012 Program and maintain a 45% JV interest;
- Despite requests from Endurance, Ginguro withheld the required periodic financial reports and technical reports and updates for over 15 months.
Preliminary Review of the Pardo JV Expenditures
After preliminary review of the expenditures of the 2012 Program first provided by Ginguro on September 6, 2013, Endurance exercised its right under the Pardo JV Agreement and provided notice of audit to Ginguro on September 25, 2013. Such audit is fully warranted since Ginguro has made a number of significant errors in failing to distinguish between activities allocated to the Pardo JV Property and activities on GEG's immediately adjoining and much larger 100% owned property ("GEG 100% Property"). Our preliminary review of the September 6, 2013 expenditure statement and backup has identified numerous material items which Endurance does not agree should be included in the Pardo JV Expenditures and, if warranted, any potential dilution calculation. These include:
- Disproportionate allocation of the majority of executive salaries to the Pardo JV without any material allocation of executive salaries to the GEG 100% Property, GEG's other 100% properties or GEG's corporate activities which includes their shareholder relations activities,
- Inappropriate allocation of executive and employee corporate bonuses to the Pardo JV;
- Incorrect allocation to the Pardo JV of contractor's drilling costs and related assay and logging costs for drill holes on the GEG 100% Property;
- Incorrect allocation to the Pardo JV of contractor's costs for down-hole geophysical logging of drill holes located on the GEG 100% Property;
- Incorrect allocation to the Pardo JV of costs related to surface samples collected on the GEG 100% Property;
- Inappropriate allocations of consultants time to participate in visits with GEG shareholders, and other shareholder relations activities;
- Disproportionate allocation of other corporate expenses to the Pardo JV.
Endurance is pleased with the recent discovery by the Operator of encouraging gold mineralization at surface on the Pardo JV. However this success does not give Ginguro the right to ignore the provisions of the Pardo JV Agreement and to oppress Endurance, their JV partner, by withholding information and opportunities to participate in funding of programs, to which Endurance is entitled. Endurance will vigorously present its case to the arbitrator.
ENDURANCE GOLD CORPORATION
Robert T. Boyd President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation (604) 682-2707, info@endurancegold.com www.endurancegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results. | tr> |
Address: |
Suite 1700 - 750 West Pender Street Vancouver, BC Canada V6C 2T8 |
Phone: Fax: Email: |
604-682-2707 604-681-0902 info@endurancegold.com
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Données et statistiques pour les pays mentionnés : Canada | Tous Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous
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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. |
Financements de Endurance Gold Corporation |
Nominations de Endurance Gold Corporation |
Rapports Financiers de Endurance Gold Corporation |
Projets de Endurance Gold Corporation |
21/11/2013 | Completes 2013 Rattlesnake Hills Exploration Program in Wyom... |
28/10/2013 | (Pardo)Responds To Arbitration Notice Respecting The Pardo Joint V... |
24/09/2013 | (Pardo)Final Gold Assays At 007 And Eastern Reef Zones Pardo Gold J... |
03/09/2013 | Initiates 2013 Rattlesnake Hills Exploration Program, Wyomin... |
10/04/2013 | Significantly Expands Rattlesnake Hills Gold District Proper... |
04/04/2013 | Partner Proceeds with McCord Creek Gold Property Option, Ala... |
21/01/2013 | (Bandito)to Acquire 100% Interest in the Bandito Heavy Rare Earth Nio... |
11/09/2012 | (Pardo)Drilling Commences on Pardo Gold Joint Venture, Ontario |
01/08/2012 | Doubles Size of McCord Creek Gold Property, Alaska |
02/05/2012 | Identifies Partner To Fund The McCord Creek Gold Property, L... |
25/04/2012 | Soil Anomalies Discovered on the McCord Creek Property, Live... |
29/03/2012 | (Pardo)Enters Into Joint Venture On Pardo Gold, Ontario |
27/02/2012 | Expands Land Position on Elephant Gold Prospect, Alaska |
19/09/2011 | (Bandito)Drilling Commenced on the Bandito Property |
08/09/2011 | (Bandito)Copper, Rare Earth and Niobium Prospects Discovered Bandito ... |
17/08/2011 | Exploration Commenced on the Mccord Creek Gold Property, Liv... |
25/07/2011 | (Bandito)Exploration Commenced On The Bandito Rare Earth And Nickel P... |
03/03/2011 | (Bandito)Additional Staking Further Increases Size of the Bandito Pro... |
24/08/2010 | (Dogpaw Lake)New High Grade Gold Zone Discovered on Dogpaw Lake Joint Ven... |
29/06/2010 | (Pardo)2010 Drilling Commenced |
13/01/2010 | Ginguro Reports High Grade Grab Sample Results On Endurance ... |
23/11/2009 | (Nechako)Nechako Drill Program Results |
27/10/2009 | (Nechako)Completes Drilling on the Nechako Gold Project, B.C., and Ge... |
18/08/2009 | (Pardo)Commences Work On Endurance Pardo Property |
20/02/2008 | (Pardo)Pardo Cyanide Leach and Screen Fire Metallic Analytical Resu... |
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Communiqués de Presse de Endurance Gold Corporation |
23/07/2016 | Endurance Closes First Tranche of Private Placement |
30/06/2016 | Endurance Gold Announces Private Placement of $500,000 |
29/06/2016 | Endurance Announces Update On Rattlesnake Hills District, Wy... |
26/05/2016 | Endurance Announces Grant Of Stock Options |
20/10/2015 | Endurance Confirms No Material Change |
13/10/2015 | Endurance Closes the Sale of Rattlesnake Hills Property, Wyo... |
10/08/2015 | Endurance Announces Sale of Rattlesnake Hills Property, Wyom... |
11/06/2015 | Exploration Commenced - Elephant Mountain Intrusive-Hosted G... |
20/04/2015 | Significant Intrusive-Hosted Gold Targets Confirmed - Elepha... |
07/04/2015 | Endurance Gold Announces Private Placement of $500,000 |
10/03/2015 | Endurance Announces Start Of Drilling - Pardo JV, Ontario |
20/01/2015 | Endurance Announces Winter Drill Program - Pardo JV, Ontario |
15/01/2015 | Endurance Announces Winter Drill Program - Pardo Jv, Ontario |
20/11/2014 | Endurance Provides Update From The Pardo Joint Venture, Onta... |
20/11/2014 | Endurance Provides Update from the Pardo Joint Venture, Onta... |
30/10/2014 | Endurance Closes Private Placement Of $650,000 |
20/10/2014 | Endurance Provides Further Update From The Godzilla Zone, Pa... |
16/10/2014 | Endurance Announces Re-Pricing And Increase Of Private Place... |
29/09/2014 | Endurance Reports 25 Metres of 3.4 Grams Per Tonne Gold from... |
13/01/2014 | Encouraging Gold Results In Intrusive - Elephant Mountain Go... |
19/12/2013 | (Pardo)Pardo JV Operator Provides Clarifying Disclosure on Eastern ... |
03/12/2013 | Serves Defense and Counterclaim - Arbitrator Appointed |
06/09/2013 | (Pardo)Further Results At Eastern Reef Zone Discovery, Pardo Gold J... |
29/08/2013 | (Pardo)Further High Grade Gold at 007 Zone Discovery, Pardo Gold Jo... |
15/08/2013 | (Pardo)New High Grade Gold Discoveries On Pardo Gold Joint Venture,... |
05/11/2012 | (Bandito)New "Heavy" Rare Earth And Niobium Discoveries At Bandito, Y... |
27/09/2012 | Wide Low Grade Gold Zone Discovered on Flint Lake (Dogpaw) J... |
09/01/2012 | Acquires Intrusive-Hosted Gold Prospect In Alaska |
12/10/2011 | Trench Returns 2.65% Treo+Y over 6 Meters |
01/06/2011 | (Bandito)2011 Bandito Rare Earth and Nickel Program Initiated |
24/05/2011 | (Bandito)Bandito Rare Earth Alteration System Expanded Nine Square Ki... |
11/05/2011 | Creates Technical Advisory Committee |
17/03/2011 | Closes Private Placement Of $540,000 |
12/04/2010 | President and CEO Duncan McIvor Passes away |
13/11/2009 | Granted State Leases Totaling An Additional 2,560 Acres In R... |
26/06/2009 | Identifies Gold Mineralization On 100% Owned Gold Properties... |
01/02/2008 | Virginia Silver Property Optionor Mega Silver Inc. Completes... |
28/01/2008 | Retains Renmark Financial Communications Inc. |
05/11/2007 | Commences Aerial Survey Of Pardo Property; Provides Turner ... |
20/08/2007 | Completes 56 Holes at Pardo |
12/07/2007 | Moves Drill To Pardo For 80 Hole Program |
24/05/2007 | Stakes Additional Claims Near Pardo And Turner Properties |
28/03/2007 | Stakes Additional 175 Claim Units Around Turner Property |
28/03/2007 | Options Remaining Dogpaw Lake Area Claims To North American ... |
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