Endurance Gold Corporation (EDG -- TSX.V) reports its unaudited consolidated interim financial results and summary of activities for the three months ended March 31, 2009.
This summary of financial highlights should be read in conjunction with the Company's unaudited 2009 first quarter consolidated financial statements and Management'sEndurance's website at www.endurancegold.com.
Financial Highlights
- The Company's net loss for the three month period ended March 31, 2009 was $115,254 or $0.00 per common share, as compared to a net loss of $83,891 or $0.00 per common share for the same quarter in 2008. The net loss in the current quarter is inclusive of interest income of $409 ($10,691 in 2008), a realized loss on sales of marketable securities of $nil ($2,810 in 2008), an unrealized gain on marketable securities of $21,977 ($28,900 in 2008), and a write down of $nil ($4,501 in 2008) in mineral property costs. Excluding these other items, the net loss for the quarter ended March 31, 2009 would have been $137,640 ($116,171 in 2008).
- Working capital increased to $378,660 at March 31, 2009 as compared to working capital of $93,514 at December 31, 2008.
Summary of Activities
- The Company completed a non-brokered private placement of 8,000,000 Units at a price of $0.05 per Unit for gross proceeds of $400,000 with four directors, an officer and a consultant of the Company in March 2009. Each Unit consists of one common share and one share purchase warrant, each such warrant entitling the holder to acquire one common share of the Company for a period of up to twelve months from closing at a price of $0.10 per share.
- The Company, through its 100% owned U.S. subsidiary, Endurance Resources Inc. ("ERI"), signed a Property Option Agreement with The Carter Land Company, whereby in consideration of US$24,000 (US$12,000 paid and US$12,000 due on or before August 17, 2009), the Company has the option to enter into a Lease Agreement on certain coal properties in Sandy River Magisterial District of McDowell County, West Virginia, on or before February 17, 2010. In connection with the option agreement, the Company agreed to issue 400,000 common shares as a finder's fee, payable in two tranches, 200,000 shares (issued with a value of $5,000) upon acceptance of the transaction by the TSX Venture Exchange, and the remaining 200,000 shares upon execution of the Lease Agreement, subject to an expenditure commitment of $335,000 on the property.
- The Company, through ERI, acquired by staking an 100% interest in 45 claims in the Rattlesnake Hills, Natrona County, Wyoming, USA.
Outlook
The Company completed a non-brokered private placement in March 2009 raising gross proceeds of $400,000. The funds will be used to advance the Carter Coal Property, where a drilling effort is expected to commence in June 2009, on receipt of all applicable permits. A portion of the funds will also be used to complete a first pass reconnaissance exploration program on the Rattlesnake Hills properties in Natrona County, Wyoming, and for general working capital.
The Company will need to raise additional funds in the short term, both to significantly advance its property portfolio, and to meet all 2009 estimated G & A requirements. Additional funding would also allow the on-going review of potential new acquisitions, in a climate where numerous exceptional opportunities exist. The Company is working to secure those funds, both from conventional equity financing sources, and from private investors and major mining corporations. Failure to raise such funds on a timely basis could cause the Company to suspend its operations and eventually to forfeit or sell its interest in its properties.
ENDURANCE GOLD CORPORATION
Duncan McIvor
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, dmivor@endurancegold.com
www.endurancegold.com
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