Endurance Gold Corporation (EDG -- TSX.V) is pleased to announce an agreement with Liberty Gold Corporation ("Liberty") that provides Liberty an option to earn a 60% joint venture interest in the company's 100% owned McCord Creek Gold Property in Alaska.
Liberty must complete US$600,000 in exploration expenditures and make US$85,000 in cash payments over three years to earn a 60% joint venture interest. A cash payment of $15,000 was required on signing. As part of the agreement Liberty has agreed to incur a minimum of US$150,000 in exploration expenditures in 2012. The 2012 agreed program includes additional soil sampling and trenching with the objective of defining drill targets for the 2013 field season.
The McCord property is located in the eastern extension of the Livengood gold district and immediately adjoins International Tower Hill's ("ITH") Livengood Property on the eastern side. In August 2011, ITH reported in-situ measured, indicated and inferred resource (at 0.50 grams per tonne cut-off) of 13.1 million ounces of gold (see the ITH website for complete disclosure).
As reported on April 24th, 2012 a program of grid-based and power auger assisted soil sampling was completed on the McCord Property in 2011. Soil sampling identified five gold-in-soil anomalies. The two largest soil anomalies, exceeding 10 parts per billion ("ppb") gold, are 850 by 250 metres and 650 by 200 metres in size. The maximum soil value exceeds 100 ppb gold.
Program timing and budget details for the 2012 summer field program are currently being finalized.
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. Robert T. Boyd, P.Geo., President, CEO and Director, is a qualified person as defined in National Instrument 43-101 and supervised the compilation of the information forming the basis for this release