Gold Newsletter On Endeavour Mining

Author: Brien Lundin (Gold Newsletter)
Posted:  October 2010

NEW ORLEANS

Endeavour Financial is now Endeavour Mining. The name change reflects the company’s wholesale transformation from an investment holding company and advisor to a full-fledged, intermediate gold producer.

That transformation was consummated this month, as the company completed two major transactions.

The first was its official acquisition of a 100% interest in West African gold producer Etruscan Resources. With that move, the company takes over a gold story that boasts 80,000 ounces of current gold production and a ton of blue-sky potential courtesy of Etruscan’s extensive West African land position.

The second transaction of note was the disposition, at a healthy profit, of its 43% interest in Crew Gold. You’ll remember from previous updates that Crew Gold had been a source of friction between Endeavour and Crew’s other major shareholder, Severstal Gold.

The US$215 million sale price for Crew gives Severstal firm control of Crew and gives Endeavour a tidy US$80.5 million return on its initial US$134.5 million investment.

Neil Woodyer, Endeavour’s Chief Executive Office, had this to say about the deal: “The capital derived from monetizing this investment will be used to fund our growth and build value for Endeavour shareholders. Following this transaction Endeavour has approximately US$180 million of cash and access to a US$100 million Acquisition Facility. We are now in a position to aggressively seek acquisition opportunities in the gold sector.”

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Gold Newsletter On Endeavour Mining

Michael Berry: Gold Reacts and Mining Sector Benefits - The Gold Report Michael Berry, PhD, of Morning Notes, is bullish on gold, which he expects will double or more in price in the not-too-distant future. In the meantime, with organizational skills developed in a previous career as professor of investments, Berry has created a 10-point "Discovery Investing" (DI) model by which all stocks in his universe are graded. In this exclusive interview with The Gold Report, he tells us about plays on several small- and micro-cap mining stocks that he expects will perform quite well through either price appreciation on discoveries or takeover.

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Michael Berry: Gold Reacts and Mining Sector Benefits

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