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To: statesidereport who wrote (119981)	8/30/2013 2:35:57 PM
From: czechmate	Read Replies (2) \| Respond to of 233811

In 2009, the Company entered into an option agreement with a wholly-owned subsidiary of Ginguro Exploration Inc. ("Ginguro"). Under the terms of the option agreement, Ginguro earned a 55% interest in the property by completing $1,000,000 in exploratio n expenditures (including 154 drill holes) and making cash payments totaling $200,000 to Endurance over a three year period. As a result, the 45% (Endurance) and 55% (Ginguro) Pardo JV was formed. Ginguro was appointed operator under the terms of the Pardo JV agreement. In April 2012, the Pardo JV Management Committee approved a drilling and geological basin analysis program with a budget of approximately $1 million (the “2012 Program”). The Comp any elected (as it was pe rmitted to do) not 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 re ports for the 2012 Program. The Compan y will not be in a position to make an informed decision with respect to the participation in the Pardo JV until such time as th e Company has received and reviewed the required reports.