Endurance Announces Sale of Rattlesnake Hills Property, Wyoming

About this update from Endurance Gold Corporation

[{"type":"text","content":"Endurance Announces Sale of Rattlesnake Hills Property, Wyoming(via Thenewswire.ca)\n\n \nVancouver, BC / TheNewswire / August 10, 2015 - Endurance Gold Corporation (EDG - TSX.V, \"Endurance\") is pleased to announce it has entered into a binding letter of intent (\"LOI\") to sell its 100-per-cent interest in the Rattlesnake Hills Property to GFG Resources (US) Inc. (\"GFG\"), a private company incorporated in the United States. The Rattlesnake Hills Property encompasses 6,997 acres and is located in Natrona County, Wyoming, USA. Endurance's Rattlesnake Hills Property immediately adjoins GFG's property which was acquired recently from Evolving Gold Corporation in a separate transaction. \n\n\n \nUnder the terms of the LOI, GFG may acquire Endurance's Rattlesnake Hills Property through the payment of US$150,000 in cash, issuing to Endurance 1,400,000 common shares of GFG, and issuing additional bonus share payments totaling 750,000 GFG common shares, only payable under certain circumstances. Subject to the satisfactory completion of due diligence, closing is scheduled to occur on or before September 30, 2015. \n\n\n \nEndurance has received a non-refundable cash deposit of US$25,000 on signing of the LOI. The balance of US$125,000 cash and 850,000 GFG shares are deliverable at closing. The remaining 550,000 GFG purchase shares are deliverable on or before February 6, 2017. GFG will also assume the obligations of an underlying option agreement that provides Endurance the right to acquire 100% interest in a portion of the subject property. \n\n\n \nOn closing, Endurance will retain a 2% net smelter returns royalty (\"Endurance Royalty\"). GFG can purchase one half of the Endurance Royalty prior to December 31, 2017 for a cash payment of US$750,000, and thereafter, at any time, for a cash payment of US$1,500,000.\n\n\n \nWithin seven (7) years of closing, the Company may also be entitled to two payments of bonus shares for a total of an additional 750,000 GFG common shares on the achievement of certain technical thresholds on EDG's Rattlesnake Hills Property. The first 375,000 GFG common shares will be payable in the event of a discovery drill hole containing at least 100 gram-metre gold equivalent and a further 375,000 GFG common shares payable in the event an independent NI 43-101 resource report defines an aggregate mineral resou...

More updates from Endurance Gold Corporation