News Release 06-16
Endurance Gold Corporation (EDG -- TSX.V) is pleased to release its unaudited interim financial statements for the six months ended June 30, 2006.
Financial Highlights
- The Company's net income for the six month period ended June 30, 2006 was $279,871 or $0.02 per common share, as compared to a net loss of $218,825 or $0.03 per common share for the same period in 2005. The net income incurred in the current period reflects a non-cash income tax recovery of $419,400 that relates to the renunciation of $1,200,000 of flow-through expenditures to investors in
February 2006. This income item effectively reduces Capital Stock whilst also decreasing Deficit by the same amount. There is no effect on cash.
- The Company had working capital of $779,978 at June 30, 2006.
- The Company completed a non-brokered private placement of 1,000,000 units, at a price of $0.30 per unit in June, raising gross proceeds of $300,000. Each unit is
comprised of one common share and one common share purchase warrant. Each share purchase warrant will be exercisable for a one year period at $0.40 into one
common share.
Summary of activities
- The Company completed 12.5 line kilometres of Induced Polarization ("IP") and ground magnetic geophysical surveys on its BQ property in May, and recently completed an eight hole, 1,491 metre diamond drilling program on the BQ property.
- The Company completed a stripping and channel sampling program over selected IP targets, and attempted to drill a single 150 metre diamond drill hole on the Pardo property. Unfortunately, severe overburden conditions prevented the drill from reaching bedrock, and after six days of trying the hole was abandoned.
Outlook
The Company has no producing properties, and no sales or revenues. It is anticipated that for the foreseeable future, the Company will rely on the equities markets to meet its financing needs.
The Company intends to continue carry out exploration programs on its BQ and Eagle properties in British Columbia, Pardo and Minnitaki properties in Ontario and Simmie property in Saskatchewan.
This summary of financial highlights should be read in conjunction with the Company's unaudited interim financial statements for the six month period ended June 30, 2006 and the Management's Discussion and Analysis, copies of which can be found on the SEDAR website site at www.sedar.com and Endurance's website at www.endurancegold.com.
ENDURANCE GOLD CORPORATION
Duncan McIvor
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.