Endurance Gold Corporation (EDG -- TSX.V) is pleased to report its audited financial results and summary of activities for the year ended December 31, 2006.
This summary of financial highlights should be read in conjunction with the Company's 2006 audited financial statements and Management's Discussion and Analysis available on www.sedar.com and Endurance's website at www.endurancegold.com.
Financial Highlights
- The Company reported a net gain of $79,133 or $nil per common share in fiscal year 2006, compared to a net loss of $434,728 or $0.04 per common share in 2005. The net gain reported in the fiscal year 2006 is connected to potential future tax effects and adjustments related to the renouncement of $1.2 million of flow through expenditures to investors in February 2006.
- Working capital decreased to $204,265 at December 31, 2006 from $984,051 in 2005. During 2006, the Company incurred exploration expenditures in the order of $840,000 on its optioned and wholly-owned properties.
- The Company completed a non-brokered private placement of 1,000,000 units, at a price of $0.30 per unit in June, raising gross proceeds of $300,000. Each unit is comprised of one common share and one common share purchase warrant. Each share purchase warrant can be exercisable for a one year period at $0.40 into one common share.
Summary of 2006 activities
- Work completed on the BQ property included soil geochemistry, ground IP and magnetic surveys, and two rounds of diamond drilling totaling 11 holes and 2,017 metres.
- Work completed on the Pardo property included two rounds of surface stripping and channel sampling, line-cutting and ground magnetic-VLF surveys. The Company expanded its land position in the area by staking an additional 96 claim units and increasing the property size to 180 units, or some 24 square kilometres.
- The Company optioned the Virginia Silver Property in Northwestern British Columbia and completed a program of line-cutting, geological mapping, soil sampling, and a small three hole diamond drilling program.
- The Company acquired the Minnitaki claims in Ontario by staking.
- The Company optioned the Simmie property in Saskatchewan.
- The Company optioned the Eagle Project in British Columbia, and completed a small reconnaissance prospecting program on the property. Subsequent to year end, the Company gave notice to terminate the option agreement on the property.
Subsequent Events
- The Company entered into an option agreement with Houston Lake Mining Ltd. ("HLM"), whereby HLM could earn a 100% interest in four claims forming part of the Dogpaw property in return for a work commitment of $56,000 and 100,000 shares of HLM in January 2007.
- The Company entered into an option agreement with North American Uranium Corp. ("NAUC"), whereby NAUC has the right to acquire a 70% interest in the remaining 14 claims comprising the Dogpaw property, in return for a work commitment of $200,000 and payment of 400,000 common shares of NAUC by June 30, 2007. NAUC can earn a further 5% by issuing 50,000 common shares and spending an additional $250,000 in exploration expenditures.
- The Company completed two financings in March 2007 and received gross proceeds of $2,009,648 by issuing 4,340,000 flow through shares and a total of 4,397,600 units. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase one common share of the Company for a period of eighteen months at a price of $0.40.
Outlook
The Company plans to focus its 2007 exploration efforts on the Pardo and Turner properties in Ontario, and the Nechako and BQ properties in British Columbia. The Company will continue to review, evaluate, and potentially acquire new, highly prospective land positions, either by staking, purchase or option, or by negotiating joint venture agreements.
ENDURANCE GOLD CORPORATION
Duncan McIvor
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.