May 01, 2006
Endurance Proposes Non-Brokered $300,000 Private Placement, Grants Stock Options
|News Release 06-11|
Endurance Gold Corporation (EDG - TSX.V) is pleased to announce a proposed non-brokered private placement of 1,000,000 units, at a price of $0.30 per unit. Each unit (a "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. Net proceeds to the Company will be $300,000. The Units will be subject to a hold period of four months plus one day from the closing date. The placement is expected to close by mid-May, subject to acceptance by the TSX Venture Exchange.
Endurance also announces that it has granted 75,000 stock options to John J. Watkins, a consultant to the Company, exercisable at $0.26 per share for a period of three years. The Options are subject to a four month hold period from April 26, 2006, and are also subject to TSX Venture Exchange acceptance. Mr. Watkins, a well respected Senior Geologist of over 30 years, has been consulting for Endurance on the BQ Property since October, 2005. He has agreed to dedicate a minimum 15 days per month to Endurance, commencing May 01, 2006, and will primarily be responsible for overseeing all exploration work on the BQ Property. Endurance welcomes Mr. Watkins' commitment to both the project and the Company, as it moves forward on the BQ property.
On April 20th, Endurance announced a gold intercept of 0.776 gpt over 33.05 metres, from a zone of stringer and stockwork sulphide mineralization in altered volcanics. That intercept represents a new discovery, which the Company will attempt to expand and up-grade with a planned $380,000 exploration program over the next four month period. That program will include additional Induced Polarization and magnetic geophysical surveys, additional soil geochemistry, detailed geological mapping, and a substantial diamond drilling program.
ENDURANCE GOLD CORPORATION
Per: "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. This news release is not for distribution to United States news wire services or for dissemination in the United States. The securities being offered have not been and will not be registered under the United States Security Act of 1933, as amended, and may not be sold in the United States or to U.S. persons absent registration or applicable exemptions from the registration requirements.
You can view the Next News Releases item: Tue May 16, 2006, Work to Commence on Pardo, Minnitaki Projects in Ontario; IP Crew Mobilized to BQ Property
You can view the Previous News Releases item: Thu Apr 20, 2006, Endurance Intersects 33.05 Metres of 0.766 GPT Gold at BQ, with Multiple Narrow High Grade Zinc Intercepts
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