May 20, 2008
Endurance Reports 2008 First Quarter Financial Results and Summary of Activities
|Endurance Gold Corporation (EDG - TSX.V) is pleased to release its unaudited interim financial statements and summary of activities for the three months ended March 31, 2008.|
This summary of financial highlights should be read in conjunction with the Company's unaudited 2008 first quarter financial statements and Management's Discussion and Analysis available on www.sedar.com and Endurance's website at www.endurancegold.com.
- The Company's net loss for the three month period ended March 31, 2008 was $83,891 or $nil per common share as compared to a net loss of $114,969 or $0.01 per common share for the same quarter in 2007. The net loss in the current quarter is inclusive of a write down of $4,501 ($nil in 2007) in mineral property costs and realized loss on sales of marketable securities of $2,180 ($nil in 2007). The Company also reported an unrealized gain on marketable securities of $28,900 ($nil in 2007) during the current quarter.
- Working capital decreased to $947,944 at March 31, 2008 as compared to working capital of $1,116,268 at December 31, 2007.
Summary of activities
- The Company's exploration efforts during the three month period ended March 31, 2008 were primarily focused on the receipt and interpretation of exploration data generated in 2007 for the Pardo, Turner, and BQ properties, including the preparation of comprehensive technical reports for assessment filing with the relevant government agencies and jurisdictions.
The Company plans to focus its 2008 exploration efforts on the Pardo property in Ontario, and the BQ property in British Columbia.
The Company intends to carry out a 1,500 metre diamond drilling program on the Pardo property in early June. The program, comprised of 50 to 70 drill holes, will evaluate strong IP anomalies over an area measuring 2 kilometres by 2 kilometres, as well as testing additional targets at depth in the southern portion of the Pardo property.
The Company also plans to carry out a diamond drilling program on its BQ property in June 2008. The program, comprised of approximately five holes and 650 metres, will evaluate three of the strongest coincident IP and soil geochemical anomalies on the eastern portion of the property.
The Company will continue to review, evaluate, and potentially acquire new, highly prospective land positions, either by staking, purchase or option, or by negotiating joint venture agreements.
ENDURANCE GOLD CORPORATION
/s/ Duncan McIvor
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT EITHER
Endurance Gold Corporation
Duncan McIvor; (604) 682-2707, firstname.lastname@example.org
Jeffrey Wilson, Corporate Communications; (604) 868-0225, email@example.com
Renmark Financial Communications Inc.
James Buchanan: firstname.lastname@example.org
Tel. : (514) 939-3989
Fax : (514) 939-3717
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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