Endurance Accelerates 100% Ownership of the Entire Reliance Gold Project, B.C.

Rhea-AI Summary

Endurance Gold (ENDGF) has successfully acquired 100% ownership of the majority of the Reliance Gold Project in British Columbia. The company completed this acquisition by fulfilling three option agreements through final cash payments of $205,000 and issuing 3,100,000 Endurance shares. The Property is strategically located 5km east of Gold Bridge and 10km north of the historic Bralorne Gold Mines, which have produced over 4 million ounces of gold.

As part of the agreement, 750,000 share purchase warrants were issued to the Olympic Property Optionor, exercisable at $0.17 per share for three years, representing a 25% premium to the 20-day volume weighted average price. The warrant issuance is pending final TSX Venture Exchange approval.

Positive

• Strategic acquisition of 100% ownership in a gold project near historic 4M oz gold producing mines
• Completed consolidation of property ownership through fulfillment of option agreements

Negative

• Cash outlay of $205,000 and significant share dilution through issuance of 3.1M new shares
• Additional potential dilution from 750,000 warrant issuance

News Market Reaction

-11.86%

1 alert

-11.86% News Effect

On the day this news was published, ENDGF declined 11.86%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - December 19, 2024) - Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce that it has fulfilled the requirements of three option agreements and acquired 100% interest in the related properties that constitute the majority of the Reliance Gold Project (the "Property") in B.C. The Project is located 5 kilometers ("km") east of Gold Bridge and 10 km north of the Bralorne Gold Mines which have historically produced over 4 million ounces of gold.

The Company has accelerated its final vesting of ownership in all properties related to three option agreements which formed the majority of the Property by making final cash payments of $205,000 and the issuance of 3,100,000 Endurance shares. The issued shares are subject to minimum regulatory and agreed hold periods. In addition to the cash and share payments, 750,000 share purchase warrants (the "Warrants") were issued to the Optionor of the Olympic Property as per the 2022 Option Agreement. Each Warrant entitles the Optionor to acquire one common share of the Company for a period of three years from the date of issuance. The exercise price of the Warrants is set at $0.17, a 25% premium to the 20-day volume weighted average price of the share. Any shares to be issued from the exercise of the Warrants will be subject to a four-month hold period in accordance with the policies of the TSX Venture Exchange (the "Exchange"). The issuance of Warrants remains subject to the final acceptance by the Exchange. For details of the option terms for the three option agreements, please refer to the Company's news releases issued on September 12, 2019, October 18, 2022 and October 25, 2022 as well as a deal location figure available on the Company's website

Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.

ENDURANCE GOLD CORPORATION

Robert T. Boyd, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation www.endurancegold.com
Toll Free: (877) 624 2237, info@endurancegold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234601

FAQ

What is the total cost of Endurance Gold's (ENDGF) acquisition of the Reliance Gold Project?

Endurance Gold paid $205,000 in cash and issued 3,100,000 shares, plus 750,000 share purchase warrants to complete the acquisition of the Reliance Gold Project.

What is the exercise price and terms of the ENDGF warrants issued in December 2023?

The warrants have an exercise price of $0.17, valid for three years, representing a 25% premium to the 20-day volume weighted average price.

Where is the Reliance Gold Project located relative to Bralorne Gold Mines?

The Reliance Gold Project is located 10 kilometers north of the Bralorne Gold Mines and 5 kilometers east of Gold Bridge in British Columbia.

How many ounces of gold were historically produced at the nearby Bralorne Gold Mines?

The Bralorne Gold Mines historically produced over 4 million ounces of gold.