Endurance Gold Corporation (EDG -- TSX.V) is pleased to release its unaudited interim financial statements and summary of activities for the three months ended March 31, 2007.
This summary of financial highlights should be read in conjunction with the Company's unaudited 2007 first quarter 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's net loss for the three month period ended March 31, 2007 was $114,969 or $0.01 per common share, as compared to a net income of $344,161 or $0.02 per common share for the same period in 2006. The net income incurred in the same quarter in 2006 reflects a non-cash income tax recovery of $419,400 that relates to the renouncement of $1.2 million in flow-through expenditures to investors in February 2006. This income item effectively reduces Capital whilst also decreasing Deficit by the same amount. There is no effect on cash.
- Working capital increased to $1,966,033 at March 31, 2007 as compared to working capital of $204,265 at December 31, 2006. The increase is primarily attributed to the Company completing two financings in March 2007 and receiving 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.
Summary of activities
- The Company exploration efforts during the first quarter in 2007 were primarily focused on generative exploration in the gold and uranium sectors, and on project planning for the upcoming 2007 field season.
- The Company entered into an option agreement with Houston Lake Mining Ltd. ("HLM"), whereby HLM could earn a 100% interest, subject to a 2.5% NSR, in four claims forming part of the Dogpaw property in return for a work commitment of $56,000 and 100,000 shares (received) of HLM in January 2007.
- The Company entered into an option agreement with Houston Lake Mining Ltd. ("HLM"), whereby HLM could earn a 100% interest, subject to a 2.5% NSR, in four claims forming part of the Dogpaw property in return for a work commitment of $56,000 and 100,000 shares (received) 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 (received) 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 staked an additional 14 claims around its 100% owned Turner project in east-central Ontario, bringing the total property size to 17 claims in March 2007.
Subsequent Events
- The Company acquired, by staking, a 100% interest in an additional 6 claims, located in Hutton and Parkin Townships in the Sudbury Mining Division of east-central Ontario in May 2007.
Outlook
The Company intends to continue carry out exploration programs on Pardo and Turner properties in Ontario, the Nechako and BQ properties in British Columbia and the Simmie property in Saskatchewan. 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.