Endurance Gold Corporation (EDG -- TSX.V) is pleased to report its audited financial results and summary of activities for the year ended December 31, 2005.
- The Company incurred a net loss of $434,728 or $0.04 per common share in fiscal year 2005, compared to a net loss of $148,592 or $0.05 per common share in 2004.
- Working capital increased to $984,051 at December 31, 2005 from a deficiency of $146,277 in 2004. The increase is primarily attributed to the completion of the Company's IPO on July 27, 2005, raising gross proceeds of $2,000,000 ($1,678,270 net of share issuance costs).
- The expenses before other items for fiscal 2005 at $442,701 were about $294,109 higher than the $148,592 incurred in 2004. All categories of expenses were higher during 2005, as the Company ramped up its activities following the closing of the IPO financing.
Summary of 2005 activities
The Company completed the initial public offering ("IPO") of its common shares on July 27, 2005. The IPO consisted of 4,800,000 flow-through common shares at a price of $0.25 per share and 3,200,000 units (the "Units") at a price of $0.25 per Unit. Each Unit consists of one common share and one common share purchase warrant which may be exercised at any time until 24 months from closing. During the first 12 months the exercise price is $0.35 per share and thereafter the exercise price is $0.45 per share. Shares of the Company commenced trading on the TSX Venture Exchange on August 04, 2005.
- Optioned the BQ property in British Columbia and Pardo Property in Ontario.
- Staked the Nechako-Endurance claims in British Columbia and Turner property in Ontario.
- Work completed on the Nechako Gold Property included line-cutting, soil geochemistry, induced polarization ("IP") geophysical surveys and a three hole, 422 metre diamond drilling program. As a result of that work, the Company vested its 60% interest in the Joint Venture.
- Work completed on the Company's 100% owned Dogpaw property included detailed humus sampling, geological mapping, soil geochemistry and IP geophysical surveys.
- The work completed on the BQ property included line-cutting, geological mapping, soil and silt geochemical sampling and IP surveys.
- Subsequent to year-end, the Company optioned the Eagle Project in British Columbia, the Simmie Project in Saskatchewan and acquired a 100% interest in the Minnitaki Project, via staking, in northwestern Ontario.
The Company plans to focus its 2006 exploration efforts on the BQ, Nechako and Eagle properties in British Columbia, the Pardo, Turner and Minnitaki properties in Ontario, and the Simmie Project in Saskatchewan. The Company will continue to review, evaluate, and acquire new, highly prospective land positions, either by staking, purchase or optioning, or by negotiating joint venture arrangements.
The Company has no producing properties, and no sales or revenues. It is anticipated that for the foreseeable future, the Company will rely on the equities markets to meet its financing needs.
This summary of financial highlights should be read in conjunction with the Company's 2005 audited financial statements and Management's Discussion and Analysis available on www.sedar.com and Endurance's website at www.endurancegold.com.
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.