News Release 07-02
Endurance Gold Corporation (TSX.V:EDG),is pleased to announce that it has optioned two (2) land packages made up of 28 claim units (448 hectares or 1107 acres) in the Cedartree Lake area to Houston Lake Mining Inc. (TSX.V:HLM) of Sudbury, Ontario. The option agreement is subject to regulatory approval. The claims adjoin Houston Lake's 100% owned and 100% optioned gold properties located in the Kenora Mining District of Ontario.
The one year Dogpaw Lake Agreement requires Houston Lake to issue 100,000 common shares and to apply a total of $56,000 in approved assessment work for a 100% interest in the two claim blocks. The ownership interest is subject to a 2.5% net smelter royalty ("NSR"). Houston Lake can purchase up to 1.5% of the NSR for $500,000 per 0.5%. The issuance is subject to regulatory approval and a 4 month hold period.
The 28 claim units form two separate properties. The five claim unit Dogpaw West property adjoins Houston Lake's 100% optioned Dogpaw Lake property while the 23 claim unit Golden Sun property adjoins the southern end of HLM's West Cedartree property. Upon completion of the earn in Houston Lake would control a land package of 1310 hectares (3236 acres) and over 6 km (3.6 miles) of the key geology hosting the Angel Hill, McLennan and Dogpaw No. 1 Vein gold trends.
E. Grayme Anthony P. Geo., president and CEO of Houston Lake stated: "The option agreement is an excellent outcome for both companies. Endurance Gold realizes value for some claims that lie outside its exploration focus in the Bag Lake, Stephen Lake and Dogpaw Lake areas. At the same time Houston Lake consolidates its land position at West Cedartree."
Duncan F. McIvor, President and CEO of Endurance stated: "This transaction is a win-win for both companies. Houston Lake continues to grow its core asset, and we now become exposed to the up-side of that asset as shareholders. It also continues to free Endurance to focus on its core gold and gold-uranium projects in the Proterozoic Cobalt Basin of Ontario, on its sediment hosted gold projects in British Columbia, and retaining a 100% interest in the remaining 160 claim units in the Dogpaw Lake area."
ENDURANCE GOLD CORPORATION
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.