Ginguro and Endurance Announce Pardo Exploration Program
05 May 2014 - 10:00PM
Marketwired
Ginguro and Endurance Announce Pardo Exploration Program
SUDBURY, ONTARIO--(Marketwired - May 5, 2014) - Ginguro
Exploration Inc. (TSX-VENTURE:GEG) ("Ginguro") and Endurance Gold
Corporation ("Endurance") jointly announced today that the Pardo
Joint Venture Management Committee has approved the 2014
exploration program for the Pardo Joint Venture.
Initial work will continue the program of prospecting, stripping
and channel sampling started last year, which led to the high grade
gold discoveries of the 007 and Eastern Reef Zones. The new program
also includes geophysical assessment by ground penetrating radar of
the sedimentary rocks associated with the gold bearing layers and a
radon gas survey that will be used to search for buried high grade
gold shoots similar to the 007 Zone.
In addition, as part of the 2014 program, a study of the primary
distribution of gold on the Pardo JV claims will be undertaken.
This study will be conducted under the direction of Jim Tilsley, a
recognized expert in determining best sampling procedures in
complex gold deposits. It is anticipated that the study, which will
include drilling of new boreholes as well as special large diameter
holes, will establish the technical framework for future drilling
to assist in defining any mineral resource.
While Ginguro and Endurance are currently in arbitration
regarding the joint venture ownership percentages and some matters
related to JV operation, both parties recognize the importance of
continuing exploration of their exciting project and not losing the
upcoming field season. "I am very happy to be getting back to the
work that led to the discovery and initial sampling of the 007 and
Eastern Reef Zones last year," commented Richard Murphy, President
and CEO of Ginguro. "I believe the work we will be undertaking over
the rest of the year will add tremendous value to the Pardo Joint
Venture and benefit both Ginguro and Endurance shareholders."
Robert Boyd, President and CEO of Endurance, stated that,
"Endurance is pleased to see activities re-commence on the Pardo JV
property and our company will be working efficiently towards our
participation decision. We also look forward to both parties
finalizing the arbitration action by late summer."
While the 2014 program and budget for $1.3MM has been approved
by the Joint Venture Management Committee, Endurance has until June
1, 2014 to decide whether to participate financially or dilute. In
the event that Endurance elects to participate, the parties have
agreed that Endurance will initially participate at a "funding
level" of 36.5% and Ginguro at 63.5%. Ownership percentages at the
time of the formation of the Joint Venture in 2012 were Ginguro 55%
and Endurance 45%. The "funding level" agreed by the parties in
order to facilitate the commencement of the 2014 program does not
reflect the parties' actual joint venture interests, which will be
determined in the arbitration. Should Endurance elect not to
participate financially, Ginguro is prepared to fund 100% of the
$1.3MM program and thereby increase its overall joint venture
interest.
About Ginguro
Ginguro Exploration Inc. is a mineral exploration company
focused on the advancement of its Pardo paleo-placer gold property,
located in Pardo Township in northern Ontario. To learn more about
Ginguro Exploration Inc., please visit: www.ginguro.com.
Neither 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 release.
Forward-Looking Statements - Certain information set forth
in this news release may contain forward-looking statements that
involve substantial known and unknown risks and uncertainties.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of Ginguro,
including, but not limited to the results of the arbitration
proceedings, any future exploration programs to be conducted on the
Pardo Property or the results thereof, the impact of general
economic conditions, industry conditions, the availability of
financing and exploration risk. Readers are cautioned that the
assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements.
Ginguro Exploration Inc.Richard MurphyPresident and CEO(705)
222-8800info@ginguro.comwww.ginguro.com
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