Endurance Gold Corporation (EDG - TSX.V, "Endurance") is pleased to announce that it has recently staked an additional 110 claims to increase the size of the Bandito property to 255 claims or about 5,300 hectares. The Bandito Property is governed by the Bandito Property Option Agreement dated August 20, 2010 between Endurance and True North Gems Inc. (TGX: TSX-V). Endurance has the right to earn up to 75% joint venture interest.
The property is located in the Yukon, 155 kilometres east of Watson Lake, 18 kilometres east of North Toobally Lake and about 60 kilometres northeast of the road head at Smith Falls, British Columbia. The Bandito property hosts potential for the discovery of nickel, copper and rare earth mineralization based on grab samples that have returned up to 11% nickel, 2.07% copper, and 0.584% total rare earth oxides and yttrium. The geological setting and analytical results from current and historic work on Bandito are summarized and tabulated in Endurance press releases issued on November 22, 2010 and December 21 2010. Grab samples are selective by nature and are unlikely to represent average grades on the Bandito property. A 2011 summer program is currently in the planning stages.
Under the terms of the agreement, Endurance can earn an initial 51% joint venture interest in the Bandito property in Watson Lake district, Yukon by completing a total of C$125,000 in cash payments by December 31, 2012 and also completing C$1,000,000 in exploration expenditures by December 31, 2013. Once Endurance earns its 51% interest, it has a further option that will allow Endurance to acquire an additional 24% interest (total 75%) by issuing TGX 200,000 shares of Endurance and by completing an additional C$1,000,000 in exploration expenditures prior to December 31, 2015.
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.