Not for dissemination in the United States of America
Vancouver -- August 30, 2010 -- Endurance Gold Corporation (EDG -- TSX.V, "Endurance") is pleased to announce that Endurance has been granted an option to acquire up to a 75% working interest in the Bandito property, Yukon. Bandito is currently 100% owned by True North Gems Ltd (TGX: TSX-V). The Bandito property is located in the Yukon, 155 kilometres east of Watson Lake, 18 kilometres east of North Toobally Lake and 55 kilometres northeast of the road head at Smith Falls, British Columbia.
The Bandito property is underlain by Proterozoic-aged sandstone, argillite and volcaniclastics which have been intruded by Proterozoic-aged (650 Ma) multi-phased and sericite-altered nepheline syenite. TGX has collected grab samples that assay up to 1.2% copper and 9.5% nickel from an approximate one square kilometre hornfels and iron-oxide enriched gossan near the syenite intrusive contact. Grab samples are selective by nature and are unlikely to represent average grades within the gossan, or on the property. The Bandito property was also previously explored for uranium, thorium, and rare earth elements (REE), with some encouraging results for REE. All of these nickel, copper, and REE prospects occur at the convergence of the headwaters of Copper and Zircon creeks between Corundum and Pyrochlore Domes, the topographic highs on the property.
Orientation stream sediment and soil geochemical surveys completed by TGX in 2006 indicate anomalous copper, nickel, and arsenic geochemical results that extend the potential for discovery of additional mineralization outside of the currently mapped gossan area on Bandito.
Under the terms of the agreement, Endurance can earn an initial 51% joint venture interest in the Bandito property by completing a total of C$125,000 in cash payments by December 31, 2012 and also completing C$1,000,000 in exploration expenditures by December 31, 2013. The initial cash payment of $25,000 is due on regulatory acceptance of the transaction.
Once Endurance earns its 51% interest, it has a further option that will allow Endurance to acquire an additional 24% interest (total 75%) by issuing TGX 200,000 shares of Endurance and by completing an additional C$1,000,000 in exploration expenditures prior to December 31, 2015.
Neither TGX nor the 1980's exploration activities systematically evaluated Bandito for its potential to host significant base or precious metal prospects. Endurance plans to conduct a field program this fall and will also compile all historic data in anticipation of a systematic exploration program in the summer of 2011.
Robert T. Boyd, P.Geo. is a qualified person as defined in National Instrument 43-101 and supervised the compilation of the information forming the basis for this release.
There is no finder's fee payable for this transaction. Endurance and TGX share a common Director. The transaction is subject to acceptance by the TSX Venture Exchange.
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.