=======================================================================
Re: News Release - Tuesday, January 12, 2010
Ginguro Reports High Grade Grab Sample Results On Endurance Pardo
Gold Property
=======================================================================
Endurance Gold Corporation (EDG - TSX.V) announces that Ginguro
Exploration Inc. ("Ginguro") has recently reported exploration results
from the Pardo Property, as outlined in a Ginguro News Release dated
January 11, 2010. The Endurance Pardo property is comprised of 16
claims covering approximately 33 square kilometres ("Pardo Property"),
and forms a part of the larger Ginguro land holdings in the area.
Endurance owns a 100% interest in the Pardo Property. Ginguro has an
Option Agreement with Endurance whereby Ginguro can earn an initial 55%
interest in the Pardo Property.
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.
Through the course of exploration to date, both Endurance and Ginguro
have recognized a coarse, nuggety nature in a portion of the gold
mineralization. This style of gold mineralization leads to highly
variable gold grades. Ginguro has also recognized a strong correlation
between high grade gold assays and low level uranium content (between
10 and 50 parts per million).
Most recently, a series of five pits were blasted by Ginguro on the
Pardo Property in order to collect five 500 pound representative
samples of the mineralization. This was done to provide data necessary
to better analyze the total gold content of the host rock. While the
analysis of the five 500 pound samples will be completed as part of the
ongoing program by Ginguro, grab samples of the fresh, unweathered rock
were taken from each pit site.
The pits are located over a widespread area of the Pardo property. Two
of the pits are approximately 25 metres apart at the Trench 2 area, the
third pit is located at the Northern occurrence, located approximately
1 km south-south west of Trench 2, the fourth pit is located at the Tea
Lake occurrence, approximately 3.2 km south of Trench 2, and the fifth
pit is located at the Line 34 showing, approximately 5 km south west of
Trench 2.
Results of grab samples from these five pits are as follows:
------------------------------------------------
Location Grade
------------------------------------------------
Trench 2 Pit A 107.5 g/T Au (3.1 oz/t)
Trench 2 Pit A 11.9 g/T Au
Trench 2 Pit B 2.6 g/T Au
Trench 2 Pit B 5.3 g/T Au
Northern Showing Pit 1.0 g/T Au
Northern Showing Pit 0.5 g/T Au
Tea Lake Pit 0.9 g/T Au
Line 34 Pit 1.0 g/T Au
Line 34 Pit 2.1 g/T Au
------------------------------------------------
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. 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 totalling $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 onetime cash payment of $500,000 on the
commencement of commercial production.
Endurance Gold Corporation has relied on Ginguro for the technical
content of this news release.
ENDURANCE GOLD CORPORATION
Robert T. Boyd
Per:
Director
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, BOD@endurancegold.com
www.endurancegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
release. This news release may contain forward looking statements
based on assumptions and judgments of management regarding future
events or results that may prove to be inaccurate as a result of
factors beyond its control, and actual results may differ materially
from the expected results.
=======================================================================
Copyright (c) 2010 ENDURANCE GOLD CORPORATION (EDG) All rights
reserved. For more information visit our website at
http://www.endurancegold.com/ or send mailto:info@endurancegold.com
=======================================================================
.
|
Endurance Gold Corporation
|
|
EXPLORATEUR |
CODE : EDG.V |
ISIN : CA29267M1086 |
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Endurance Gold est une société développant des projet miniers d'or basée au Canada. Ses principaux projets en exploration sont CARTER en USA et ANNIE, NATRONA, HUTTON PROJECT, PARKIN, MCCORD GOLD, PARDO, TURNER, BQ, NECHAKO, BANDITO et DOGPAW LAKE au Canada. Endurance Gold est cotée au Canada. Sa capitalisation boursière aujourd'hui est 15,2 millions CA$ (11,2 millions US$, 10,1 millions €). La valeur de son action a atteint son plus bas niveau récent le 16 janvier 2009 à 0,01 CA$, et son plus haut niveau récent le 15 juillet 2022 à 0,57 CA$. Endurance Gold possède 101 090 000 actions en circulation. |