News Release 07-18
Endurance Gold Corporation (EDG - TSX.V) is pleased to announce that, pursuant to an agreement dated September 14, 2007, it has granted Treat Systems (Mega Silver Inc.) an option to acquire a 75% interest in the Virginia Silver and surrounding Annie claims (collectively the "Virginia Silver Property"), comprising 10 claims totaling 3,041 hectares, and located in the Smithers region of northwestern British Columbia. To earn its interest, Treat must make $350,000 in cash payments to Endurance and incur an aggregate of CDN$3.0 million in expenditures (or make commensurate cash payments to Endurance) on or before August 07, 2009. Of those totals, cash payments totaling CDN$100,000 and a minimum of CDN$250,000 in exploration expenditures are required on and by the first anniversary date of the execution and delivery of definitive agreements.
The Endurance Option Agreement is conditional on Treat completing a financing of not less than CDN$3.0 million allocated to the funding of the expenditure obligations outlined above.
If Treat duly exercises the option, Treat and Endurance will form a joint venture to fund on-going exploration and development work on the property, on a pro-rata basis. An obligation of that joint venture will be a final property payment of CDN$250,000 to the underlying property vendor.
Treat is undergoing a change of business to the mining sector, and is completing a series of silver property acquisitions in Canada and Mexico, as outlined in its news release of earlier today. As part of that change of business, Treat also announced plans to raise up to CDN$16.025 million to fund the acquisitions and exploration commitments there-on, as well as for working capital.
Endurance welcomes Treat as a new partner in British Columbia, joining Houston Lake Mining and North American Uranium Corp. as optionors of Endurance projects in Ontario. Endurance continues to focus its own exploration efforts on its sediment hosted gold-uranium projects in Ontario (Pardo and Turner), and its sediment hosted gold projects in British Columbia (BQ and Nechako).
Duncan McIvor, P. Geo., is the Qualified Person under National Instrument 43-101, and is responsible for the content of this news release.
ENDURANCE GOLD CORPORATION
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT EITHER
Duncan McIvor (604) 682-2707, or Jeffrey Wilson, Corporate Communications (604) 868-0225, or visit our website at www.endurancegold.com.
The TSX Venture Exchange or any other regulatory authority has not reviewed, and does not accept responsibility for, the adequacy or accuracy of this news release.