Endurance Gold Corporation (EDG -- TSX.V, "Endurance") is pleased to announce that it has received the final $50,000 option payment from a wholly-owned subsidiary of Ginguro Exploration Inc ("Ginguro" or "GEG"). Furthermore, both parties have now executed the definitive Joint Venture ("JV") agreement for the Pardo JV. Under the terms of the original option agreement, GEG was required to incur $1,000,000 in exploration expenditures and pay Endurance $200,000 in cash to earn their majority interest. Under the terms of the JV, Ginguro has been appointed operator and Endurance retains a 45 percent participating JV interest. With the formation of the JV, the option agreement on the Pardo property has been replaced with the JV agreement.
The Pardo JV Property is comprised of 16 claims covering approximately 33 square kilometres and is located 65 kilometres northeast of Sudbury, Ontario.
Between 2009 through 2011, GEG completed geophysical surveys, geological mapping, metallurgical samples, and the drilling of 154 holes on the Pardo JV Property. GEG successfully identified a shallow-dipping gold bearing channelized conglomerate "reef" that encompasses approximately 400 meters in width and 10,000 meters in length, with 3,600 meters of the reef located within the Pardo JV Property. Based on the drill programs, the most significant gold intersections that outline the extent of the reef are related to visible gold, detrital pyrite, and free carbon, hosted within the Proterozoic Huronian Mississagi quartz pebble conglomerate, at a regionally significant unconformity.
Geological work and drilling to-date has demonstrated similar geologic processes at work in Pardo to those that created the world's largest gold deposits in the Witwatersrand Basin of South Africa and that the Pardo project constitutes the discovery of the first confirmed paleo-placer gold deposit in Ontario.
GEG have informed Endurance that a 2012 exploration program is planned on GEG's consolidated land holding in the district. The 2012 program would include a comprehensive basin analysis, under the direction of GEG's Witwatersrand consultants. The purpose of the basin analysis is to "zero-in" on the best area (mid-fan setting) within the 10,000 meter length of the gold trend identified to date. On completion of the study, additional diamond drilling will test the mid-fan gold setting. A program proposal on the Pardo JV Property is expected shortly.
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 Bandito Rare Earth-Niobium Property in the Yukon, the Elephant Gold Property in Alaska, and the Rattlesnake Hills Gold Property in Wyoming. An updated corporate presentation is available on the Company website.
In the preparation of this news release, Endurance has relied on data compiled and completed by GEG as the operator of exploration programs. Robert T. Boyd, P.Geo. is a qualified person as defined in National Instrument 43-101 and supervised the compilation of the technical information provided by GEG and forming the basis for this release.
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.