Ginguro Exploration: Game Changer for Canada? First Witwatersrand deposit for Canada!

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#1 Thu, Aug 29, 2013 - 10:54am
BoldGold
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Ginguro Exploration: Game Changer for Canada? First Witwatersrand deposit for Canada!

The reason this would be a game changer for canada is that it appears they are onto the first Witwatersrand deposit in Canada around the Huronian Basin. These deposits account for some of the LARGEST finds of gold EVER. Many of these deposits yield over 100 million ounces of Gold. It looks like they may be onto something, and it has generated alot of interest the last few weeks. They are cashed up and ready to prove out a MONSTER, hopefully. I trust Rob Mcewen's instincts. Anyone who has any insights about this stock should post here, specifically about Witswatersrand type deposits..... This is probably the most exciting play which is JUST starting to be uncovered. The recent action is very very interesting....

Edited by: BoldGold on Nov 8, 2014 - 5:19am
Thu, Aug 29, 2013 - 10:08pm
BoldGold
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Ammendment

I wrote that I trust Rob Mcewen's "instincts" because he is a big investor. He has been buying on the open market recently and participated in private placement last year (Rob Mcewen bulit Goldcorp and runs his own company, Mcewen mining....). Ticker on the pink sheets is GNGXF. Would be interested what others thought about this one....

Fri, Aug 30, 2013 - 10:11am
BoldGold
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Recent report on Ginguro

The Stateside Report wrote this report on Ginguro very recently

https://www.statesidereport.com/Under_the_Rocks_-_Ginguro_Exploration_-_...

Thu, Sep 5, 2013 - 9:31pm
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Now isn't the time

Involving oneself in a micro like this is risky, even if I were to do the research into the grades it its quite evident that GEG will resume its downward trend to 15 cents again due to its PP. Then the 20 cent warrants become a headache later on. Right now its time to sell not buy.

Suntne vacci laeti.
Fri, Sep 6, 2013 - 5:03pm (Reply to #4)
BoldGold
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It had a massive run recently but I wouldn't be surprised

to see the excitement build here especially as sentiment in the metals turns positive. Isn't it extremely encouraging that a company like this had an over-subscribed recent private placement and the stock literally exploded on the potential of their find, especially considering the sentiment in these micro caps lately? Today up 44% on very encouraging news. Up over 400% since late July.

I would largely agree many of your assumptions, but there is no doubt this is one of the few juniors that has permanently awaken from their slumber. If you bought when I first mentioned on here you would have nearly doubled your money by now. That being said, we may pull back from here...but nothing would surprise me...This one was never noticed by the market in the first place.

The first private placement warrants at .15, then days later another one at .20. This one stands out amongst its peers, there is no doubt about it. If you have the risk tolerance and the ability to wait out this might be turn into something much bigger. Put it in your watch list at the very least. We may have seen the peak in the near term but there will be nothing but a steady news flow for the rest of the year, and I suspect it will be a very positive news flow. Here is a snippet of today's news release. I will highlight the most telling section here and past the rest below:

The Eastern Reef is located in the north-central part of the Pardo property. The other newly uncovered surface gold zone, the 007 Zone, is located 600 metres southwest of the Eastern Reef. Work to date suggests that the area between these zones is underlain by similar geology.

Continuous section of 23.5 metres returned an average of 6.6 g/t Au at Eastern Reef


2013-09-06 09:57 ET - News Release

Mr. Richard Murphy reports

GINGURO RECEIVES ASSAYS FOR 42.5 METRES AT EASTERN REEF

Ginguro Exploration Inc. has provided the first results from contiguous channel sampling of the Eastern Reef zone at the company's Pardo property, located approximately 65 kilometres northeast of Sudbury, Ont.

Assays for 42.5 meters of a 92.5 meter channel have been received. Over this 42.5 metres, assays for 85 samples, each 50 centimeters in length, returned an average of 4.4 g/t. Contained within this 42.5 metres, a continuous section of 23.5 metres returned an average of 6.6 g/t Au. Individual samples are listed in a table at the end of this release.

The Eastern Reef is located in the north-central part of the Pardo property. The other newly uncovered surface gold zone, the 007 Zone, is located 600 metres southwest of the Eastern Reef. Work to date suggests that the area between these zones is underlain by similar geology.

Maps of each of the Eastern Reef and the 007 Zone, as well as the broader discovery area, can be found on the company's website at www.ginguro.com.

Additional channel samples from both the Eastern Reef and the 007 Zone have also been delivered for assay and will be announced once received.

Table 1: Eastern Reef Continuous Channel Sample Assays Channel # Length (cm) Au (g/t) CH-13-107-01 50 1.5 CH-13-107-02 50 9.6 CH-13-107-03 50 1.9 CH-13-107-04 50 1.4 CH-13-107-05 50 1.7 CH-13-107-06 50 7.1 CH-13-107-07 50 1.4 CH-13-107-08 50 0.9 CH-13-107-09 50 0.6 CH-13-107-10 50 1.0 CH-13-107-11 50 0.2 CH-13-107-12 50 4.3 CH-13-107-13 50 0.8 CH-13-107-14 50 0.2 CH-13-107-15 50 0.1 CH-13-107-16 50 0.1 CH-13-107-17 50 0.1 CH-13-107-18 50 3.5 CH-13-107-19 50 2.4 CH-13-107-20 50 0.7 CH-13-107-21 50 0.5 CH-13-107-22 50 0.2 CH-13-107-23 50 1.7 CH-13-107-24 50 0.7 CH-13-107-25 50 1.6 CH-13-107-26 50 0.9 CH-13-107-27 50 1.7 CH-13-107-28 50 2.9 CH-13-107-29 50 8.2 CH-13-107-30 50 0.2 CH-13-107-31 50 0.0 CH-13-107-32 50 0.0 CH-13-107-33 50 1.0 CH-13-107-34 50 6.4 CH-13-107-35 50 1.7 CH-13-107-36 50 0.1 CH-13-107-37 50 1.3 CH-13-107-38 50 0.3 CH-13-107-39 50 6.1 CH-13-107-40 50 7.7 CH-13-107-41 50 2.9 CH-13-107-42 50 9.8 CH-13-107-43 50 6.3 CH-13-107-44 50 0.5 CH-13-107-45 50 0.4 CH-13-107-46 50 5.6 CH-13-107-47 50 12.6 CH-13-107-48 50 3.5 CH-13-107-49 50 19.4 CH-13-107-50 50 6.6 CH-13-107-51 50 0.4 CH-13-107-52 50 0.6 CH-13-107-53 50 0.9 CH-13-107-54 50 9.5 CH-13-107-55 50 5.7 CH-13-107-56 50 6.3 CH-13-107-57 50 8.9 CH-13-107-58 50 11.6 CH-13-107-59 50 5.9 CH-13-107-60 50 12.5 CH-13-107-61 50 13.5 CH-13-107-62 50 0.8 CH-13-107-63 50 1.9 CH-13-107-64 50 7.6 CH-13-107-65 50 4.8 CH-13-107-66 50 12.2 CH-13-107-67 50 33.0 CH-13-107-68 50 9.2 CH-13-107-69 50 2.9 CH-13-107-70 50 8.5 CH-13-107-71 50 9.6 CH-13-107-72 50 4.9 CH-13-107-73 50 4.9 CH-13-107-74 50 0.2 CH-13-107-75 50 1.2 CH-13-107-76 50 1.3 CH-13-107-77 50 2.2 CH-13-107-78 50 9.6 CH-13-107-79 50 4.9 CH-13-107-80 50 1.4 CH-13-107-81 50 6.2 CH-13-107-82 50 4.1 CH-13-107-83 50 7.9 CH-13-107-84 50 8.5 CH-13-107-85 50 2.9

The channel lengths reported in this release represent gold values within the pyritic conglomerate outcrop at surface and do not represent true thicknesses of the gold bearing conglomerate. The gold-bearing conglomerate is estimated to have a true thickness of between 3 and 6 metres in this area.

Both the Eastern Reef and the 007 Zone are located within the Pardo JV Property. Ginguro holds a 55% interest and Endurance Gold Corporation holds the remaining interest in the Pardo JV. Ginguro is funding 100% of the most recently approved program.

The Qualified Person responsible for the geological technical content of this news release is Richard Murphy, P.Geo, President and CEO of Ginguro Exploration Inc.

We seek Safe Harbor.

Sun, Sep 8, 2013 - 9:51am
BoldGold
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Someone else's comments on the recent Ginguro news

https://www.bullmarketrun.com/?p=16072

Ginguro Exploration Inc. (GEG, TSX-V) & Endurance Gold Corp. (EDG, TSX-V)

On Friday morning we commented about Ginguro Exploration Inc. (GEG, TSX-V) and its channel sampling results from the recently discovered 007 Zone at the Pardo Paleo-Placer Gold Property 40 miles northeast of Sudbury…the stock rocketed from a low of 3 cents at the beginning of last month to a multi-year high of 35 cents intra-day Friday (you can’t beat the leverage this industry offers)…

Average Gold content over the 22.5-metre length of channel sampling was an impressive 40.1 g/t Au…we’ll see how this develops…GEG has arranged financings at 10 cents and 15 cents totaling $2.3 million as they try to ramp up exploration at Pardo…it’s not the easiest property for most investors to understand from a geological perspective, so not only are future results important but so too will be the way the company communicates this story…so far, President and CEO Richard Murphy is telling the story very well – so well, in fact, he has made it a whole lot easier for GGI to successfully complete its financings with the stock closing at 31 cents Friday…he says Ginguro is targeting “the first large-scale Precambrian paleo-placer Gold deposit in North America”, offering “potential for mineralization on a scale never seen before in Canada.”

According to Ginguro, it has identified a “Gold-bearing channelized conglomerate reef system that is approximately 11 km x 4 km in extent…drilling and geological analysis has demonstrated geological processes at work that are similar to those that created the world’s largest Gold deposits in the Witwatersrand basin of South Africa.”

Ginguro earned a 55% interest in this property from Endurance Gold by completing $1 million in exploration expenditures and making cash payments totaling $200,000 over a 3-year period ending in 2012…a JV was formed and Ginguro was appointed operator…Ginguro, however, is now financing 100% of the current work program and states that its interest in the Pardo JV will increase as a result…according to EDG’s most recent MD&A for the 6 months ending June 30, 2013 (released August 27), “In April 2012, the Pardo JV Management Committee approved a drilling and geological basin analysis program with a budget of approximately $1 million. The Company (EDG) elected…not(our emphasis) to fund its proportionate share of this program, which was to have been completed by the end of April 2013. The operator has not yet provided the financial reports for the 2012 Program. The operator has not yet provided any of the financial and all of the technical reports for the 2012 Program. The Company will not be in a position to make an informed decision with respect to its participation in the Pardo JV until such time as the Company has received and reviewed the required reports.”

Well, that’s certainly interesting…as it stands right now, EDG’s interest in the Pardo JV is still 45% and we’ll see how everything plays out…both the 007 Zone and the Eastern Reef are located within the Pardo JV package (Ginguro also holds 100% of approximately 90 sq. km of claims)…Robert Boyd, a widely respected geologist who was formerly Vice President Exploration for Homestake Canada, is the President and CEO of EnduranceEDG had approximately $450,000 in working capital as of the end of June…GEG had about twice that much, and as mentioned they’re in the process of trying to raise over $2 million…

Endurance seems to be more excited about its Rattlesnake Hills-Natrona Gold Project in Wyoming, and to us that looks interesting as well…EDG now controls 18 Tertiary volcanic complexes which define both the northern half and eastern and western extensions of the Rattlesnake Hills Gold district…these complexes, comprising 6,500 acres, are related to known Gold mineralization in the district…EDG also has other projects – the key for them will be to focus on 1 and do it well…impressively, company insiders took down a $500,000 (non-flow-through) financing in early July at 10 cents when the stock was trading at 2.5 cents…there are currently nearly 70 million shares outstanding…

Below is an EDG 5-year weekly chart from John…there has been strong accumulation in EDG for than a year, and the trend at the moment is clearly bullish…the stock closed Friday at 9 cents, a penny below important resistance…definitely worth putting on the radar screen…

Fri, Sep 13, 2013 - 10:51am (Reply to #6)
BoldGold
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Novo Resources v.s. Ginguro Exploration

Which one will be the first witswatersrand deposit outside of Africa?

Will it be in Canada or Australia?

Newmont now owns 35% of Novo Resources. Whereas Rob Mcewen now owns 18% of Ginguro after taking 100% of a recent private placement through his company, Evanchan Ltd.

Maybe I should cut my GNGXF in half and load up on Novo? If I can have to great prospects with similar potential, interest, size, in great locations, why not?!?!?

Well, ill probably wait for the time being...but I certainly can't ignore Novo if I like Ginguro....

Cheers!

Wed, Sep 25, 2013 - 2:24am
T
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I"m Still waiting.........

2 and a half weeks have passed now, and Ginguro is still hanging at the top zone. hasnt remotely begun to go down to test 15 cents. Will it ?

Mon, Oct 28, 2013 - 5:36pm
T
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when is a 10 bagger not a 10 bagger

.and now, 6 weeks after Ginguro topped at 40 cents on sept 9, which was a nice '10 bagger' for those trading geniuses who bought at 4 cents in early august and sold at 40 cents..... raise your hands, folks, how many of you did that ?? anyone?

the techical chart was screaming to anticipate a correction plunge or slide back to sane price levels and a rational pattern, around 15 cents. Last friday it reached 16 cents.

There is a gap lower around 13-14 cents, but the elliott wave structure looks like the ABC correction is in place now.

It must have been a sad thing for traders/investors to watch this pullback if they jumped on the Ginguro bubble euphoria as it went soaring in august.

If thee is ever a lesson demonstrated about selling soaring bubbles , whether its a miner or a biotech, this is a good example.

Maybe 13 cents is ok to buy.

Mon, Oct 28, 2013 - 5:58pm (Reply to #9)
Gwyde
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RE: when is a 10 bagger not a 10 bagger

T wrote:

.and now, 6 weeks after Ginguro topped at 40 cents on sept 9, which was a nice '10 bagger' for those trading geniuses who bought at 4 cents in early august and sold at 40 cents..... raise your hands, folks, how many of you did that ?? anyone?

the techical chart was screaming to anticipate a correction plunge or slide back to sane price levels and a rational pattern, around 15 cents. Last friday it reached 16 cents.

(...)

If thee is ever a lesson demonstrated about selling soaring bubbles , whether its a miner or a biotech, this is a good example.

Maybe 13 cents is ok to buy.

This thread was started shortly before Ginguro was to top: profits only for those early to sell. Exactly this bubble feeling is why I didn't consider it for the Junior&explorer spreadsheet.

Gwyde
Mon, Oct 28, 2013 - 6:06pm
BoldGold
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This did not fall because it was pre destined

to fall like other stocks due to elliot wave theory or what have you.... There is something very unique here in their discovery that needs to be understood by any serious investor in the junior space, and it is why ENDURANCE GOLD their JV partner is trying back track on their agreement and JUMP IN ON THE EXPLORATION SUCCESS. The stock is falling MORE because of this pending arbitration. Investors don't want to wait out any uncertainty. If they came to an agreement sooner and did not need to seek arbitration, we would have seen more support. By the way, I bought around .10 and was forced to sell half in the .20 range based partly on this news...I will happily wait with others to venture back in at lower prices. I consider it a gift. Make sure you understand the story and not just the technicals. In some circles people are talking about this as the "Canadian discovery of the year!" Hopefully the bickering between the JV partners is not a sign of the future. However, you must know that Ginguro's claim is much MUCH bigger than this land they are disputing over. Ginguro owns 100% interest in adjacent property at silver lake, which is the initial discovery that peaked Rob Mcewen's interest.

Ginguro Announces Commencement of Arbitration Proceedings Relating to the Pardo Joint Venture

V.GEG | 4 days ago

SUDBURY, ONTARIO--(Marketwired - Oct. 24, 2013) - Ginguro Exploration Inc. (TSX VENTURE:GEG) ("Ginguro") announces today that it is commencing arbitration proceedings against Endurance Gold Corporation ("Endurance") to enforce Ginguro's rights under the joint venture (the "Joint Venture") formed pursuant to the provisions of a joint venture agreement dated March 22, 2012 (the "Joint Venture Agreement") relating to the Pardo property located approximately 65 kilometers north-east of Sudbury, Ontario, Canada (the "Pardo Property"). Ginguro held an initial Joint Venture interest of 55%. However, after completing a program fully funded by Ginguro, as Endurance did not financially contribute or participate in the program, Ginguro's interest increased to 70.95% and Endurance's Joint Venture interest decreased from 45% to 29.05%.

Ginguro's claim is to protect its increased interest in the Pardo Property, as Endurance is now trying to participate in a program retroactively when it clearly chose not to financially contribute to the program when it had the opportunity to do so. Endurance is challenging the work program and budget ($1,095,030) that Endurance approved through its representation on the very committee that unanimously approved the program and budget. The recent favourable discovery by Ginguro of two separate findings of high grade gold mineralization at the Pardo Property has spurred Endurance to make several complaints in an effort to get an increased interest that it is not entitled to under the Joint Venture Agreement.

It was only after August 13, 2013, when Endurance's President and CEO Robert T. Boyd was advised of the favourable results realized by Ginguro at the Pardo Property, that Mr. Boyd began to raise issues to challenge Ginguro's interest, claiming there was something wrong with Ginguro's operation of the exploration program.

Ginguro undertook the operation of the program with the sole objective of benefiting both Endurance and Ginguro through exploration success, as has been recently enjoyed by both parties.

Ginguro engaged in several discussions with Endurance, after being advised of objections raised by Endurance, in an attempt to reach a compromise, so that the exploration and development of the Pardo Property could continue uninterrupted, rather than commencing arbitration proceedings as contemplated in the provisions of the Joint Venture Agreement. However, Endurance has refused to engage in constructive discussions. Accordingly, Ginguro is now forced to protect its entitlement through the commencement of arbitration proceedings, which Ginguro hopes to resolve quickly, so that it can return to exploration at the Pardo Property.

"It is with regret that we must advise our shareholders of the problems we are now having with Endurance, following our success in the form of the gold discoveries at Pardo this summer," says Richard Murphy, President and CEO of Ginguro. "We have worked tirelessly in hope of a settlement with Endurance. However, our efforts were wasted, as we have not been able to arrive at a settlement and we must now resort to arbitration."

In accordance with the terms of the Joint Venture Agreement, the parties must agree on an arbitrator. Otherwise, Ginguro will proceed to obtain a court order appointing an arbitrator. The hearing of the arbitration will be in the City of Toronto, in the Province of Ontario and the applicable law will be the laws of Ontario.

Ginguro is also seeking its legal costs associated with the arbitration proceedings.

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 Murphy
President and CEO
(705) 222-8800
info[at]ginguro[dot]com
www.ginguro.com


Read more at https://www.stockhouse.com/news/press-releases/2013/10/24/ginguro-announces-commencement-of-arbitration-proceedings-relating-to-the-pardo#lOKgHo4XYDuSH2Hb.99
Mon, Oct 28, 2013 - 6:08pm
T
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yes, that bubble feeling

all fizzy and stuff.....

what about now ,G, do you like Ginguro at 15 cents?

Mon, Oct 28, 2013 - 6:10pm (Reply to #11)
BoldGold
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The reason for the feud

between Ginguro and Endurance is over what the both believe to be a MAJOR DISCOVERY!! SUCH A POTENTIAL MAJOR DISCOVERY should not be overlooked especially with names like McEwen attached to them. If Rob likes it, so do I! Now I just wait to get it cheaper

Mon, Oct 28, 2013 - 6:19pm
T
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good update

thanks for the update Bold,

its a funny thing about elliott wave theory and how traders/students either get it or they dont.

Fundamental due diligence is always important. yes here are fundamental reasons why price action does what it does, youre correct in your explanation.But the idea behind elliott wave as a technical analysis, whether its called a social psychology measurement or whatever, ( its not about 'predestined', but something else) ... somehow it does work to interpret and forecast price action, as wave structures.

and like most charts, it worked in this case as well.

it took 6 weeks to arrive at the target zone.

Now that I know what the fundamental news reasons are, legal wrangling , I might revise my target down a bit, from the 13 cent gap to 10 cent as a bottom to buy.

Mon, Oct 28, 2013 - 6:28pm
BoldGold
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I'm hoping to buy back somehwere below .15, but maybe as low

as .10 around when the news of the Pardo discovery was first announced. Lets see how long this arbitration takes. I Hope turd is right on silver and gold prices because I am now long some Calls using my GNGXF cash. I hope to double, tripple, or even quadrupple, my GNGXF holdings when the time comes.

Mon, Oct 28, 2013 - 11:54pm
T
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Could the legal hassle make for lower lows

Bold, do you think the delay with legal issues could send price drifting a bit lower than even 10 cents? maybe the support zone around 6-8 cents before its resolved.

Is it a sign of management mistakes or weakness , to allow this kind of miscommunications or mishandling of partnership decisions that led to this quagmire. Is management as good as the gold resource ? who is at fault here.

Wed, Nov 6, 2013 - 9:49am (Reply to #16)
BoldGold
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Management teams

are both very experienced. I trust the team at Ginguro they are very capable. They also have an expert working with them who worked on the African wits. Also I'm sure Rob Mcewen wouldn't have put forth his money if he likewise didn't believe in management. Its always hard to say who is at fault but in the end I don't think it really matters and it should be decided soon enough by an arbitor. In other words it matters more in the short run, but less in the long run.

The stock is actually holding up rather well so far. I would only think it possible for this to dip below 10 cents if this dragged on for a very long time, like through most of next year, and gold still was struggling to breakout from the 1300 level. I've been surprised before but for now there are still hopes of a quick resolution. It is rather encouraging though that it is holding mostly above .20. The other day it had a spike up to .29 intra day so it looks like people are holding tight around these levels at least for now.

Thu, Dec 12, 2013 - 4:20am
T
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Daily 200ma and weekly 50ma

for Ginguro are both at 12 cents. the next target.

Wed, May 14, 2014 - 8:30am (Reply to #18)
BoldGold
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Differences Put Aside, News to come as exploration begins

Ginguro and Endurance Announce Pardo Exploration Program

V.GEG | 9 days ago

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 Murphy
President and CEO
(705) 222-8800
info[at]ginguro[dot]com
www.ginguro.com


Read more at https://www.stockhouse.com/news/press-releases/2014/05/05/ginguro-and-endurance-announce-pardo-exploration-program#h6pkHfoeT8hfzoYL.99

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