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Press release from CNW Group

Endeavour reports net income of US$213.5 million for quarter ended March 31, 2010

Tuesday, May 11, 2010

Endeavour reports net income of US$213.5 million for quarter ended March 31, 201017:44 EDT Tuesday, May 11, 2010Toronto Stock Exchange: EDVGEORGE TOWN, Grand Cayman, May 11 /CNW/ - Endeavour Financial Corporation ("Endeavour" or the "Corporation") today reported revenue of US$241 million and net income of US$213.5 million or US$2.20 per share for the quarter ended March 31, 2010. The financial performance was primarily the result of successful investments in two West African gold producing companies.At March 31, 2010 the Corporation had gold strategy investments valued at US$454 million and general merchant banking investments of US$59 million. The Corporation's book value was US$532 million or approximately CDN$5.54 per issued and outstanding share.During the quarter ended March 31, 2010 the Corporation implemented its second strategic gold investment and invested US$132.8 million to acquire 920,195,430 common shares representing 43% ownership of Crew Gold Corporation ("Crew"). Subsequent to March 31, 2010 Endeavour acquired additional Crew common shares and it currently holds 924,068,078 common shares of Crew representing 43.21% ownership.In addition to the Crew investment, the Corporation owns 201,902,657 common shares of Etruscan Resources Inc. ("Etruscan"), representing 55% ownership. Both Crew and Etruscan are gold producers active in West Africa. Their primary assets are the Lefa Gold Mine in Guinea and Youga Gold Mine in Burkina Faso. As of March 31, 2010 the value of the Crew and Etruscan investments totaled US$453.7 million and the total acquisition cost is US$196.6 million.Endeavour is implementing a gold investment strategy to create value by investing in junior gold producers at attractive entry points and by becoming actively involved with the companies. The ultimate creation of an intermediate-sized gold producer is anticipated to drive higher valuation multiples.Neil Woodyer, Chief Executive Officer commented "Our gold strategy has had a successful start and its success has transformed our company. Over the last 12 months, our net tangible assets have grown from US$165 million to US$479 million and 88% of our capital is now strategically invested in gold producing companies. Endeavour's Advisory team remains active and has generated US$11.2 million of fee revenue so far this fiscal year. This team provides the manpower, skills and market & industry intelligence to drive the primary gold investment business. We will continue to focus on implementing the gold investment strategy to build shareholder value."Conference Call Details - Rescheduled to Thursday, May 13 2010Management's discussion of the financial results for the quarter ending March 31, 2010 will be webcast by V-Call on Thursday May 13, 2010 at 11:00am Eastern Standard Time and can be accessed from the Corporation's website at by calling the operator at 201-689-8567 or toll free 1-877-407-0782 prior to the scheduled start time. The call will be archived for later playback on Endeavour's website until May 13, 2011.About Endeavour Financial CorporationEndeavour is a gold investment company with active, strategic investments in gold producing companies. Endeavour also has a merchant banking business that adds the manpower, skills and market & industry intelligence to drive the primary gold investment business. The merchant banking business offers financial advice (debt, equity, M&A and strategic business development) and financings to natural resource clients. Accessing its global industry networks, Endeavour creates and launches new growth companies as both an advisor and investor.Endeavour Financial Corporation is listed on the Toronto Stock Exchange, symbol EDV. Warrants are listed on the Toronto Stock Exchange, symbol EDV.WT.A.For additional information, please visit our corporate website at In order to access the Corporation's financial statements directly, please click the following URL: behalf of Endeavour Financial Corporation"Bill Koutsouras"Bill KoutsourasExecutive Vice President and Chief Financial OfficerEndeavour Financial+ 377 97 98 7130The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking statements relating to the future performance of Endeavour Financial Corporation. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Corporation's filings with the appropriate securities commissions.For further information: Stephen Roberts, Director - Investor Relations & Business Development, (604) 609-6130; or Vanguard Shareholder Solutions, 1-866-341-4111 or (604) 608-0824, email: