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Endurance Responds to Arbitration Notice Respecting the Pardo Joint Venture Dispute
Endurance Responds to Arbitration Notice Respecting the Pardo Joint Venture Dispute Vancouve...
About this update from Endurance Gold Corporation
[{"type":"text","content":"Endurance Responds to Arbitration Notice Respecting the Pardo Joint Venture DisputeEndurance Responds to Arbitration Notice Respecting the Pardo Joint Venture Dispute\nVancouver, British Columbia CANADA, October 28, 2013 /FSC/ - Endurance Gold Corporation(EDG - TSX.V, \"Endurance\") wishes to provide shareholders an update on the Company's planned response to the Notice of Arbitration issued by Ginguro Exploration Inc. (\"Ginguro\") regarding the Pardo Joint Venture (\"Pardo JV\").  The Pardo JV includes 16 claims that are jointly owned by Endurance and Ginguro. Ginguro also owns about 88 claims (the \"GEG 100% Property\") which encompass the external boundaries of Pardo JV Property.  \nEndurance categorically rejects Ginguro's allegation that its 45% Pardo JV Property Interest has been diluted as represented by Ginguro in their release dated October 24, 2012.\nRobert T. Boyd, the President and Chief Executive Officer of Endurance states, \"I welcome the intervention of an independent arbitrator to resolve the disagreements that have arisen between Endurance and Ginguro. Endurance only wishes to be treated in a fair manner and would prefer an amicable settlement; however it was becoming apparent that Ginguro's disregard for the provisions of the Pardo JV Agreement, oppressive tactics, and unreasonable position would inevitably result in arbitration\".\nThe disputes between the parties stem from the following facts:\n1. Ginguro as operator of the Pardo JV failed to conduct the approved 2012 Pardo JV exploration program in accordance with the JV Agreement;\n2. Ginguro carried out a 2013 program on the JV Property without Management Committee approval and without the knowledge of Endurance. It was only in mid-August, when Ginguro presented a draft press release on preliminary results from this program for review, that Endurance learned of the existence of the 2013 field program on the JV property;\n3. Ginguro withheld from Endurance details of significant under-expenditures on the approved 2012 Pardo JV Program. These under-expenditures, if disclosed to Endurance, would have entitled Endurance to the option to \"back- in\" to the 2012 Program and maintain a 45% JV interest;\n4. Despite requests from Endurance, Ginguro withheld the required periodic financial reports and technical reports and updates for over 15 ...