October 22, 2008 Endurance Reports 2008 Third Quarter Financial Results And Summary Of Activities
Endurance Gold Corporation (EDG - TSX.V) announces its unaudited interim financial statements and summary of activities for the nine months ended September 30, 2008.
This summary of financial highlights should be read in conjunction with the Company's unaudited 2008 third 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 quarter ended September 30, 2008 was $1,141,394 or $0.04 per common share, as compared to a net loss of $68,389 or $0.00 per common share for the same period in 2007. The net loss in the current quarter is inclusive of a write down of $1,010,190 (2007 - $46,005) in mineral property costs, an unrealized loss on marketable securities of $68,000 (2007 - $nil) and interest income of $856 (2007 - $15,346). Excluding these other items, the net loss for the quarter ended September 30, 2008, would have been $64,060 (2007 - $37,730).
The Company's net loss for the nine month period ended September 30, 2008 was $1,389,368 or $0.05 per common share, as compared to a net loss of $247,160 or $0.01 per common share for the same period in 2007. The net loss in the current nine month period is inclusive of a write-off of $1,014,778 (2007 - $46,005) in mineral property costs, a realized loss on sales of marketable securities of $2,950 (2007 - $nil), an unrealized loss on marketable securities of $106,000 (2007 - $nil), and interest income of $16,627 (2007 - $35,460). Excluding these other items, the net loss for the nine month period ended September 30, 2008 would have been $282,267 (2207 - $236,615).
Working capital decreased to $247,714 at September 30, 2008 as compared to working capital of $1,116,268 at December 31, 2007.
Summary of activities
The Company's exploration efforts during the nine month period ended September 30, 2008 were primarily focused on its Pardo and BQ properties.
The Company completed a four hole, 630 metre diamond drilling program on its BQ property in June 2008, the results of which are summarized in News Release 08-09 dated July 22, 2008. The property option was subsequently terminated.
The Company completed a 41 hole, 973 metre diamond drilling program on the Pardo property in June/July 2008, the results of which are summarized in News Release 08-10 dated August 11, 2008.
Subsequent to September 30, 2008, the Company formed a 100% owned U.S. subsidiary, Endurance Resources Inc. as it evaluates a series of exploration projects in the United States.
Management is currently working to secure additional financing, both for general working capital and to fund potential new acquisitions. That effort may see significant delays as a result of recent events in world equity markets.
ENDURANCE GOLD CORPORATION
/s/ Duncan McIvor
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT Endurance Gold Corporation
Duncan McIvor; (604) 682-2707, 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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