| | Published : October 13th, 2015 | Closes the Sale of Rattlesnake Hills Property, Wyoming |
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Tuesday, October 13, 2015 Endurance Closes the Sale of Rattlesnake Hills Property, Wyoming Alkaline Gold District Consolidated under Single Ownership
Endurance Gold Corporation (EDG - TSX.V, "Endurance") is pleased to announce that it has closed the sale, for shares and cash, of its 100% ownership interest in the Rattlesnake Hills Property to GFG Resources (US) Inc. ("GFG"), a private company incorporated in the United States. A Letter of Intent for the sale was initially announced on August 10, 2015.
The Company's Rattlesnake Hills Property encompasses about 7,000 acres consisting of 298 unpatented lode mining claims and four Wyoming state mining leases. The property consists of both 100% owned property and a property that is subject to an option to earn 100% interest from a private vendor.
"We are pleased to see the emerging Rattlesnake Hills alkaline gold district consolidated under single ownership" stated Mr. Boyd, President and CEO of Endurance. "GFG shares our Company's vision on the unrealized discovery potential of the Rattlesnake Hills district and we look forward to benefiting both as a shareholder of GFG, and a royalty owner"
The sale price for the Rattlesnake Property is US$150,000 cash and 1,400,000 common shares in the capital stock of GFG. The Company received a total of US$150,000 and 850,000 GFG shares at closing. The remaining 550,000 GFG purchase shares are deliverable on or before February 6, 2017. GFG has assumed the 2015 annual federal payments on the lode mining claims and will also assume the obligations of an underlying option agreement which included obligations to pay the private vendor US$70,000 by December 31, 2016 and issue Endurance common shares to vest ownership. Concurrent with this sale, the Company, GFG, and the vendor renegotiated the terms of this option agreement such that the private vendor received GFG common shares instead of the Company's shares.
The Company retains a 2% net smelter returns royalty ("NSR") on the 298 unpatented lode mining claims, a 1% NSR on the State leases, and a 1% NSR on certain private fee simple mineral rights if those rights are acquired by GFG. GFG can purchase one-half of the NSR prior to December 31, 2017 for a cash payment of US$750,000, and thereafter, at any time, for a cash payment of US$1,500,000.
Within seven (7) years of closing, the Company may also be entitled to two payments of bonus shares for a total of an additional 750,000 GFG common shares on the achievement of certain technical thresholds on the Rattlesnake Hills Property. The first 375,000 GFG common shares will be payable in the event of a Discovery Drill Hole as defined in the sale agreement to include a drill intersection of at least 100 gram-metre gold equivalent and a further 375,000 GFG common shares payable in the event that an independent NI 43-101 resource calculation defines an aggregate mineral resource (including the "inferred mineral resource", category within the meaning of NI 43-101) of at least 500,000 ounces of gold equivalent.
GFG have agreed to use reasonable commercial efforts to obtain a listing on a recognized stock exchange in Canada or the US prior to March 31st, 2016. The GFG common shares received and deliverable after this event will be based on an equivalency formula and will be subject to resale restrictions and hold periods under the applicable securities laws and regulations.
About Endurance
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits. The Company's exploration focus, for projects operated by Endurance, is intrusive-related mineral systems with potential for discovery of major new precious or rare metals deposits, and its business plan offers shareholders exposure to several majority-owned exploration projects with significant discovery potential such as the Elephant Mountain Gold Property in Alaska and the Bandito Rare Earth-Niobium Property in the Yukon. The company also owns 35.5% in the Pardo joint venture, a Precambrian-aged paleoplacer gold system. Please visit www.endurancegold.com.
ENDURANCE GOLD CORPORATION
Robert T. Boyd
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation (604) 682-2707, info@endurancegold.com www.endurancegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results. | |
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Suite 303 - 543 Granville Street Vancouver, BC Canada V6C 1X8 |
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604-682-2707 604-681-0902 info@endurancegold.com | | |
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Endurance Gold Corporation
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EXPLORATION STAGE |
CODE : EDG.V |
ISIN : CA29267M1086 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Endurance Gold is a gold exploration company based in Canada. Its main exploration properties are CARTER in USA and ANNIE, NATRONA, HUTTON PROJECT, PARKIN, MCCORD GOLD, PARDO, TURNER, BQ, NECHAKO, BANDITO and DOGPAW LAKE in Canada. Endurance Gold is listed in Canada. Its market capitalisation is CA$ 15.2 millions as of today (US$ 11.1 millions, € 10.4 millions). Its stock quote reached its lowest recent point on January 16, 2009 at CA$ 0.01, and its highest recent level on July 15, 2022 at CA$ 0.57. Endurance Gold has 101 090 000 shares outstanding. |
Financings of Endurance Gold Corporation |
Nominations of Endurance Gold Corporation |
Financials of Endurance Gold Corporation |
Project news of Endurance Gold Corporation |
11/21/2013 | Completes 2013 Rattlesnake Hills Exploration Program in Wyom... |
10/28/2013 | (Pardo)Responds To Arbitration Notice Respecting The Pardo Joint V... |
9/24/2013 | (Pardo)Final Gold Assays At 007 And Eastern Reef Zones Pardo Gold J... |
9/3/2013 | Initiates 2013 Rattlesnake Hills Exploration Program, Wyomin... |
4/10/2013 | Significantly Expands Rattlesnake Hills Gold District Proper... |
4/4/2013 | Partner Proceeds with McCord Creek Gold Property Option, Ala... |
1/21/2013 | (Bandito)to Acquire 100% Interest in the Bandito Heavy Rare Earth Nio... |
9/11/2012 | (Pardo)Drilling Commences on Pardo Gold Joint Venture, Ontario |
8/1/2012 | Doubles Size of McCord Creek Gold Property, Alaska |
5/2/2012 | Identifies Partner To Fund The McCord Creek Gold Property, L... |
4/25/2012 | Soil Anomalies Discovered on the McCord Creek Property, Live... |
3/29/2012 | (Pardo)Enters Into Joint Venture On Pardo Gold, Ontario |
2/27/2012 | Expands Land Position on Elephant Gold Prospect, Alaska |
9/19/2011 | (Bandito)Drilling Commenced on the Bandito Property |
9/8/2011 | (Bandito)Copper, Rare Earth and Niobium Prospects Discovered Bandito ... |
8/17/2011 | Exploration Commenced on the Mccord Creek Gold Property, Liv... |
7/25/2011 | (Bandito)Exploration Commenced On The Bandito Rare Earth And Nickel P... |
3/3/2011 | (Bandito)Additional Staking Further Increases Size of the Bandito Pro... |
8/24/2010 | (Dogpaw Lake)New High Grade Gold Zone Discovered on Dogpaw Lake Joint Ven... |
6/29/2010 | (Pardo)2010 Drilling Commenced |
1/13/2010 | Ginguro Reports High Grade Grab Sample Results On Endurance ... |
11/23/2009 | (Nechako)Nechako Drill Program Results |
10/27/2009 | (Nechako)Completes Drilling on the Nechako Gold Project, B.C., and Ge... |
8/18/2009 | (Pardo)Commences Work On Endurance Pardo Property |
2/20/2008 | (Pardo)Pardo Cyanide Leach and Screen Fire Metallic Analytical Resu... |
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Corporate news of Endurance Gold Corporation |
7/23/2016 | Endurance Closes First Tranche of Private Placement |
6/30/2016 | Endurance Gold Announces Private Placement of $500,000 |
6/29/2016 | Endurance Announces Update On Rattlesnake Hills District, Wy... |
5/26/2016 | Endurance Announces Grant Of Stock Options |
10/20/2015 | Endurance Confirms No Material Change |
10/13/2015 | Endurance Closes the Sale of Rattlesnake Hills Property, Wyo... |
8/10/2015 | Endurance Announces Sale of Rattlesnake Hills Property, Wyom... |
6/11/2015 | Exploration Commenced - Elephant Mountain Intrusive-Hosted G... |
4/20/2015 | Significant Intrusive-Hosted Gold Targets Confirmed - Elepha... |
4/7/2015 | Endurance Gold Announces Private Placement of $500,000 |
3/10/2015 | Endurance Announces Start Of Drilling - Pardo JV, Ontario |
1/20/2015 | Endurance Announces Winter Drill Program - Pardo JV, Ontario |
1/15/2015 | Endurance Announces Winter Drill Program - Pardo Jv, Ontario |
11/20/2014 | Endurance Provides Update From The Pardo Joint Venture, Onta... |
11/20/2014 | Endurance Provides Update from the Pardo Joint Venture, Onta... |
10/30/2014 | Endurance Closes Private Placement Of $650,000 |
10/20/2014 | Endurance Provides Further Update From The Godzilla Zone, Pa... |
10/16/2014 | Endurance Announces Re-Pricing And Increase Of Private Place... |
9/29/2014 | Endurance Reports 25 Metres of 3.4 Grams Per Tonne Gold from... |
1/13/2014 | Encouraging Gold Results In Intrusive - Elephant Mountain Go... |
12/19/2013 | (Pardo)Pardo JV Operator Provides Clarifying Disclosure on Eastern ... |
12/3/2013 | Serves Defense and Counterclaim - Arbitrator Appointed |
9/6/2013 | (Pardo)Further Results At Eastern Reef Zone Discovery, Pardo Gold J... |
8/29/2013 | (Pardo)Further High Grade Gold at 007 Zone Discovery, Pardo Gold Jo... |
8/15/2013 | (Pardo)New High Grade Gold Discoveries On Pardo Gold Joint Venture,... |
11/5/2012 | (Bandito)New "Heavy" Rare Earth And Niobium Discoveries At Bandito, Y... |
9/27/2012 | Wide Low Grade Gold Zone Discovered on Flint Lake (Dogpaw) J... |
1/9/2012 | Acquires Intrusive-Hosted Gold Prospect In Alaska |
10/12/2011 | Trench Returns 2.65% Treo+Y over 6 Meters |
6/1/2011 | (Bandito)2011 Bandito Rare Earth and Nickel Program Initiated |
5/24/2011 | (Bandito)Bandito Rare Earth Alteration System Expanded Nine Square Ki... |
5/11/2011 | Creates Technical Advisory Committee |
3/17/2011 | Closes Private Placement Of $540,000 |
4/12/2010 | President and CEO Duncan McIvor Passes away |
11/13/2009 | Granted State Leases Totaling An Additional 2,560 Acres In R... |
6/26/2009 | Identifies Gold Mineralization On 100% Owned Gold Properties... |
2/1/2008 | Virginia Silver Property Optionor Mega Silver Inc. Completes... |
1/28/2008 | Retains Renmark Financial Communications Inc. |
11/5/2007 | Commences Aerial Survey Of Pardo Property; Provides Turner ... |
8/20/2007 | Completes 56 Holes at Pardo |
7/12/2007 | Moves Drill To Pardo For 80 Hole Program |
5/24/2007 | Stakes Additional Claims Near Pardo And Turner Properties |
3/28/2007 | Stakes Additional 175 Claim Units Around Turner Property |
3/28/2007 | Options Remaining Dogpaw Lake Area Claims To North American ... |
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