Endurance Gold Corporation (EDG -- TSX.V, "Endurance" or "Company")) announces the approval of 2016 Program on the Pardo Joint Venture ("Pardo JV") Property. The Pardo JV Property is comprised of 16 claims located approximately 65 kilometres ("km") northeast of Sudbury, Ontario. Endurance holds a 35.5% JV interest in the Pardo JV Property. The other 64.5% JV interest is held by a wholly-owned subsidiary of Inventus Mining Corp. (formerly Ginguro Exploration Inc. ("Inventus")). Inventus is the operator (the "Operator") of the Pardo JV. The property is subject to a 3% net smelter returns royalty , of which one-half can be purchased for $1,500,000 at any time.
Endurance received an initial program proposal from the Pardo JV Operator on August 17. The program budget included expenditures that predated the JV Management Committee ("MC") meeting and the program did not conform with the defined program timing requirements in the JV Agreement.. After unsuccessful requests to resolve, on September 2 Endurance issued a Notice of Arbitration, seeking to enforce, amongst certain other contested issues, the provisions of the JV Agreement regarding the timing of annual programs and the timing for implementation of expenditures for approved programs. As a result, an interim award from the arbitrator was issued on September 14, which set the date for the Pardo JV MC meeting to review and approve the 2016 program on September 23 and the earliest possible start-date for the proposed program expenditures attributable to the 2016 JV program was set at October 23. Furthermore, the interim award stated that the 2017 annual program must be presented at least 60 days before year-end unless agreed otherwise by the parties.
Subsequently, the Operator of the JV decided to withdraw the bulk-sample from the 2016 program proposal and submitted to the MC a revised 2016 program which focused on certain studies in preparation for the 2017 program. The revised 2016 program, with a budget totaling $253,000, was approved by both JV parties on September 23. Thus activities during the balance of 2016 will include two engineering studies relating to geostatistical analysis and ore sorting technologies, as well as other land administrative expenditures. Endurance has until October 23 to elect to participate in the amended 2016 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 Mountain Gold Property in Alaska and the Bandito Rare Earth-Niobium Property in the Yukon. The company also owns a significant shareholding in GFG Resources which controls the entire Rattlesnake Hills gold district, Wyoming. Please visit www.endurancegold.com.
ENDURANCE GOLD CORPORATION
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.
In the preparation of this news release, Endurance has relied on information prepared by the operator of exploration programs, and summarized to the Company for this release. Robert T. Boyd, P.Geo. is a qualified person as defined in National Instrument 43-101 and supervised the information provided by the operator and forming the basis for this release. There has been insufficient exploration to define a mineral resource on the Pardo JV Property to date, and it is uncertain if further exploration will result in a delineated mineral resource.