Endurance Gold Corporation (EDG -- TSX.V, "Endurance" or the "Company") is pleased to provide an update with respect to the Company's shareholding investment in GFG Resources Inc. (GFG-TSXV) ("GFG"). GFG owns, subject to underlying royalties, an undivided 100% interest in the Rattlesnake Gold exploration district comprised of unpatented lode mining claims and state fee land leases totaling 33,500 acres in the Rattlesnake Hills District, Natrona County, Wyoming, located approximately 100 kilometres southwest of Casper in central Wyoming, USA.
As announced October 13 2015, the Company's Rattlesnake Hills property was sold to GFG through the payment of US$150,000 in cash and the issuance of 1,400,000 GFG shares to Endurance (850,000 GFG shares were issued on closing and the balance of 550,000 GFG shares were subject to issuance on or before February 7, 2017). The second tranche of 550,000 shares has now been received.
Endurance retains a 2% net smelter returns royalty on Endurance's former federal mining claims (6,997 acres). GFG can purchase one half of the Endurance Royalty on or prior to December 31, 2017 for a cash payment of US$750,000, and thereafter, at any time, for a cash payment of US$1,500,000. Additional bonus share payments totaling 750,000 GFG shares are payable under certain circumstances related to any discovery on Endurance's former property.
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 Inventus Mining Inc.(IVS-TSXV) which controls the entire Pardo paleoplacer gold district near Sudbury, Ontario and GFG Resources Inc (GFG-TSXV) which controls the entire Rattlesnake Hills gold district, Wyoming. Please visit www.endurancegold.com.
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