Endurance Gold Corporation (the "Company"), symbol "EDG" on the TSX Venture Exchange, announces that on July 27, 2005, the Company, through its agent Haywood Securities Inc. (the "Agent"), completed its initial public offering of 4,800,000 flow-through shares (the "FT Shares") at a price of $0.25 per share and 3,200,000 units (the "Units") at a price of $0.25 per Unit for gross proceeds of $2,000,000. Each Unit is comprised of one common share and one share purchase warrant (the "Warrant"); each Warrant entitles the holder to purchase one common share of the Company at a price of $0.35 per share on or before July 27, 2006 and at a price of $0.45 per share on or before July 27, 2007. The Warrants are subject to accelerated exercise if the Company's shares trade at over $0.90 per share for 20 consecutive trading days. The Agent received a cash commission, as well as a compensation option equal to 10% of the aggregate number of Units and FT Shares sold.
The Company's directors are Duncan McIvor, J. Christopher Mitchell, H. Ross Arnold III and Richard Gilliam.
The Company is actively exploring two gold projects in Canada. The Nechako Gold Project, located west of Quesnel, is an option from the Hunter Dickenson Group company Amarc Resources Ltd. Endurance can earn an initial 60% interest in the project through completing $250,000 in exploration and issuing 250,000 shares over a three year period. The property covers a large area of anomalous Au-As-Hg-Sb mineralization hosted within flat lying, Cretaceaous age Skeena Group conglomerates, that represents a significant low sulphidation epithermal gold target. In Ontario, the Company owns an 100% interest in the large Dogpaw Property, which covers a variety of Archean gold targets, including a relatively unique granodiorite host to disseminated gold mineralization within the twelve square kilometre Stephen Lake Stock. Exploration programs will commence shortly on each project, and will be the subject of forthcoming, more detailed news releases. In addition to these two projects, the Company is actively seeking new exploration opportunities of merit.
ENDURANCE GOLD CORPORATION
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT
Duncan McIvor, President and CEO (604) 682-2707 or Jeffrey Wilson, Corporate Communications (604) 868-0225
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.