Endurance Gold Corporation (EDG -- TSX.V) announces that it has terminated its option to acquire a 100% interest in the BQ Property, located 25 kilometres northwest of Smithers, British Columbia.
Over the previous three years, Endurance has prudently explored a portfolio of 9 projects throughout Canada. As part of the ongoing exploration process, projects are routinely terminated or set aside as results and market conditions dictate.
To date, the Company has spent the majority of funds raised in detailed exploration of its core asset Pardo Project, in central Ontario. Pardo covers a basal pyritic quartz pebble conglomerate horizon from which previous drill intercepts to 1.67 gpt Au over 8.4 metres (Hole PD-07-31) and 1.58 gpt Au over 7.6 metres (Hole PD-08-20) have been returned (See News Release 08-10 dated August 11, 2008).
In addition to the Pardo Project, Endurance owns;
- A 69% interest in the Nechako Gold Project in the Quesnel area of British Columbia, in joint venture with Hunter
Dickinson group company Amarc Resources Ltd.
- An option to earn a 100% interest in the Virginia Silver Property, located in the Smithers District of British Columbia,
of which Mega Silver Inc. is currently earning a 75% interest through incurring $3 Million in exploration expenditures
and making cash payments to Endurance of $350,000 by October 12, 2009.
- A 30% interest in the Dogpaw Lake/Stephan Lake Property in northwestern Ontario, in joint venture with Metals
Creek Exploration Ltd.
- A 100% interest in the Turner, Hutton and Parkin Township Properties, in north-central Ontario, which cover largely underexplored Proterozoic aged conglomerate horizons similar to the Pardo property.
Endurance Gold Corporation currently has 27.2 million issued and outstanding shares, of which the Board of Directors and Management team own 10.6 million shares, or 39% of the Company.
Endurance is aggressively and actively evaluating several potential acquisitions throughout the Americas, as it seeks an additional asset to enhance its portfolio. The dedicated Board and Management of Endurance are confident in the Company's ability to move through this extremely difficult market environment, and to emerge in a position to grow the company through exploration success.
Duncan McIvor, P. Geo, is the Qualified Person under National Instrument 43-101, and is responsible for the content of this news release.
ENDURANCE GOLD CORPORATION
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, firstname.lastname@example.org
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