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.
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.