May 29, 2006
Endurance Reports 2006 First Quarter Financial Results and Summary of Activities
|News Release 06-13|
Endurance Gold Corporation (EDG - TSX.V) is pleased to release its unaudited interim financial statements for the three months ended March 31, 2006.
Summary of activities
- The Company's net income for the three month period ended March 31, 2006 was $344,161 or $0.02 per common share, as compared to a net loss of $140,732 or $0.02 per common share for the same period in 2005. The net income incurred in the current quarter reflects a non-cash income tax recovery of $419,400 that relates to the renouncement of $1.2 million in flow-through expenditures to investors in February 2006. This income item effectively reduces Capital whilst also decreasing Deficit by the same amount. There is no effect on cash.
- Working capital increased to $768,253 at March 31, 2006 from $66,435 in 2005. The increase is primarily attributed to the completion of the Company's IPO on July 27, 2005, raising gross proceeds of $2,000,000 ($1,678,270 net of share issuance costs).
- Subsequent to March 31, 2006, the Company negotiated a non-brokered private placement of 1,000,000 units, at a price of $0.30 per unit. 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.
- The Company completed a 16 line-kilometre grid and a three hole, 526 metre diamond drilling program on the BQ property during the first quarter in 2006.
- The Company optioned the Eagle Project in British Columbia, the Simmie Project in Saskatchewan and acquired a 100% interest in the Minnitaki Project, via staking, in northwestern Ontario.
The Company plans to focus its 2006 exploration efforts on the BQ, Nechako and Eagle properties in British Columbia, the Pardo, Turner and Minnitaki properties in Ontario, and the Simmie Project in Saskatchewan. The Company will continue to review, evaluate, and acquire new, highly prospective land positions, either by staking, purchase or optioning, or by negotiating joint venture arrangements.
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.
This summary of financial highlights should be read in conjunction with the Company's unaudited interim financial statements for the three month period ended March 31, 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
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.
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