Endurance Gold Corporation (EDG -- TSX.V, "Endurance") and Ginguro Exploration Inc. ("Ginguro") jointly announced today that the Pardo Joint Venture Management Committee has approved the 2014 exploration program for the Pardo Joint Venture.
Initial work will continue the program of prospecting, stripping and channel sampling started last year, which led to the high grade gold discoveries of the 007 and Eastern Reef Zones. The new program also includes geophysical assessment by ground penetrating radar of the sedimentary rocks associated with the gold bearing layers and a radon gas survey that will be used to search for buried high grade gold shoots similar to the 007 Zone.
In addition, as part of the 2014 program, a study of the primary distribution of gold on the Pardo JV claims will be undertaken. This study will be conducted under the direction of Jim Tilsley, a recognized expert in determining best sampling procedures in complex gold deposits. It is anticipated that the study, which will include drilling of new boreholes as well as special large diameter holes, will establish the technical framework for future drilling to assist in defining any mineral resource.
While Endurance and Ginguro are currently in arbitration regarding the joint venture ownership percentages and some matters related to JV operation, both parties recognize the importance of continuing exploration of their exciting project and not losing the upcoming field season
Robert Boyd, President and CEO of Endurance, stated that "Endurance is pleased to see activities re-commence on the Pardo JV property and our company will be working efficiently towards our participation decision. We also look forward to both parties finalizing the arbitration action by late summer."
"I am very happy to be getting back to the work that led to the discovery and initial sampling of the 007 and Eastern Reef Zones last year, commented Richard Murphy, President and CEO of Ginguro. I believe the work we will be undertaking over the rest of the year will add tremendous value to the Pardo Joint Venture and benefit both Ginguro and Endurance shareholders."
While the 2014 program and budget for $1.3MM has been approved by the Joint Venture Management Committee, Endurance has until June 1, 2014 to decide whether to participate financially or dilute. In the event that Endurance elects to participate, the parties have agreed that Endurance will initially participate at a "funding level" of 36.5% and Ginguro at 63.5%. Ownership percentages at the time of the formation of the Joint Venture in 2012 were Ginguro 55% and Endurance 45%. The "funding level" agreed by the parties in order to facilitate the commencement of the 2014 program does not reflect the parties' actual joint venture interests, which will be determined in the arbitration. Should Endurance elect not to participate financially, Ginguro has stated that they are prepared to fund 100% of the $1.3MM program.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits. The Company's exploration focus, for projects operated by Endurance, is intrusive-related mineral systems with potential for discovery of major new precious or rare metals deposits, and its business plan offers shareholders exposure to several majority-owned exploration projects with significant discovery potential such as the Elephant Gold Property in Alaska, the Rattlesnake Hills Gold Property in Wyoming, and the Bandito Rare Earth-Niobium Property in the Yukon. Please visit www.endurancegold.com
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