October 24, 2006
TSX Venture Exchange Accepts Acquisition Of Virginia Silver Property
|NEWS RELEASE 06-21 |
Endurance Gold Corporation (EDG -- TSX.V) announces that the TSX Venture Exchange has accepted for filing the Property Option Agreement dated August 08, 2006, between the Company and George Braun, whereby Endurance can earn a 100% interest in the Virginia Silver Property, located in the Omineca Mining Division of northwestern British Columbia. Under the terms of the agreement, Endurance will issue 100,000 warrants exercisable at $0.20 for a period of two years from October 23, 2006. In addition, the Company must, at the discretion of Mr. Braun, issue 250,000 common shares of Endurance or pay $250,000 on or before October 23, 2009 to complete its 100% earn-in.
The Virginia Silver property covers a narrow mineralized vein/shear zone hosted in Lower Cretaceous Skeena Group sediments, which was initially discovered in 1966, and aggressively worked by Silver Standard Mines during the period 1968-1969. That work included driving two exploration adits totaling 152 metres, and 22 short diamond drill holes. Based on detailed underground channel sampling, and on the limited diamond drilling, Silver Standard's mining engineer at the time estimated a resource of 30,000 tons grading 25 ounces per ton silver. This resource estimate is not National Instrument 43-101 compliant, but to the best of Endurance's knowledge, is relevant and reliable.
Endurance, on receipt of permitting and identification of a drilling contractor, plans to complete a short, approximately 400 metre, diamond drilling program in November 2006, to test for extensions of mineralization southwest and along strike. Please refer to News Release 2006-18, dated September 7, 2006, for additional details regarding the acquisition.
Duncan McIvor, P. Geo, is the Qualified Person under National Instrument 43-101, and is responsible for the content of this News Release.
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.
You can view the Next News Releases item: Mon Nov 6, 2006, Surface Sampling Confirms High Grade Tenor Of Virginia Silver Deposit, With Grades To 2.94 Gpt Gold, 1830 Gpt Silver -- Drilling To Commence Mid-November
You can view the Previous News Releases item: Tue Oct 24, 2006, TSX Venture Exchange Accepts Acquisition of Virginia Silver Property
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