Endurance Gold Corporation (EDG - TSX.V) announces that Ginguro Exploration Inc. ("Ginguro") has commenced exploration work on the Pardo Property, as outlined in a Ginguro News Release dated August 17, 2009. Endurance owns a 100% interest in the Pardo Property, subject to an underlying 3% NSR, of which 1.5% can be purchased for $1,500,000 at any time. The property is comprised of 16 claims covering approximately 33 square kilometres, and forms a part of the larger Ginguro land holdings in the area.
On July 02, 2009, Endurance announced it had optioned the property to Mount Logan Resources Ltd., a private Ontario corporation. Ginguro subsequently acquired a 100% interest in Mount Logan, and the underlying Option Agreement with Endurance.
Under the terms of the Option Agreement, Ginguro can earn an initial 55% interest in the property by completing $1,000,000 in exploration expenditures and making cash payments totaling $200,000 to Endurance over a three year period.
On completion of its 55% earn-in, Ginguro has a one-time option to increase its ownership interest to 70%, by completing an additional $1,000,000 in exploration, and making a further cash payment of $250,000 to Endurance.
On completion of either its 55% or 70% earn-in, Ginguro will form a joint venture with Endurance to continue the exploration and development of the project. In the event either party dilutes to a 10% or less joint venture interest, that interest will convert to a 1.5% Net Smelter Royalty, and a one time cash payment of $500,000 on the commencement of commercial production.
The Pardo Property, located 65 kilometres northeast of Sudbury, Ontario, is largely underlain by flat lying, Proterozoic aged conglomerates resting unconformably on Archean aged metasediments. Gold mineralization defined to date on the property is spatially associated pyritic and quartz pebble bearing portions of the conglomerates, at or proximal to the unconformity. Endurance has completed approximately $1 Million in exploration on the claim block, including two drilling campaigns totaling 1,626 metres in 97 holes. Intercepts to 1.67 grams per tonne gold over 8.4 metres have been returned to date.
Duncan McIvor, P. Geo, is the Qualified Person as defined by National Instrument 43-101, and is responsible for the content of this news release.
ENDURANCE GOLD CORPORATION
President and Chief Executive Officer
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Endurance Gold Corporation
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