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Press release from CNW Group

ENDEAVOUR REPORTS NET INCOME OF US$118.6 MILLION FOR YEAR ENDED JUNE 30, 2010

Wednesday, September 08, 2010

ENDEAVOUR REPORTS NET INCOME OF US$118.6 MILLION FOR YEAR ENDED JUNE 30, 201009:00 EDT Wednesday, September 08, 2010Toronto Stock Exchange: EDVGEORGE TOWN, Grand Cayman, Sept. 8 /CNW/ - Endeavour Financial Corporation ("Endeavour" or the "Corporation") today reported revenue of US$158.2 million and net income of US$118.6 million or US$1.23 per share for the year ended June 30, 2010. The financial performance was primarily the result of successful investments in two West African gold producing companies.At June 30, 2010 the Corporation had gold strategy investments valued at US$297 million and general merchant banking investments of US$33 million. The Corporation's book value was US$375 million or approximately CDN$4.07 per issued and outstanding share.During fiscal 2010, the Corporation invested a total of US$198 million to acquire 55% ownership of Etruscan Resources Inc. ("Etruscan") and 43% ownership of Crew Gold Corporation ("Crew Gold"). As of June 30, 2010 these investments had appreciated in market value to US$297 million and thereby generated US$98.5 million of investment income for the year. In addition, during the year the Corporation generated US$49.5 million of investment income on its general merchant banking resource investments and US$10.3 million of Advisory fee revenue for services provided to clients.Endeavour is implementing a 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. On June 28, 2010, Endeavour entered into an arrangement agreement to acquire the 45% interest in Etruscan that Endeavour did not already own. Etruscan shareholders approved the arrangement on August 19, 2010 and Endeavour will become Etruscan's 100% owner at closing scheduled for September 10, 2010. This transaction transforms Endeavour into an operating gold company.Neil Woodyer, Chief Executive Officer commented "In October 2009 we completed our first gold strategy investment to acquire 55% of Etruscan followed by the acquisition of 43% of Crew Gold in early 2010. Now we are completing a transaction to increase our Etruscan ownership to 100%. The success of our gold strategy has transformed our company and on completion of the Etruscan privatization scheduled to close in two days, Endeavour will become an operating gold producer. Over the last 15 months, our net tangible assets have grown from US$165 million to US$322 million. We are implementing our integration plan with Etruscan and building Endeavour as an operating gold company. Drawing on the diverse company building and financing skills of our professional team, Endeavour has a unique ability to grow to become a significant intermediate gold mining company."Conference Call Details - Rescheduled to Wednesday, September 15, 2010, 11am ESTManagement's discussion of the financial results for the year ending June 30, 2010 has been rescheduled to Wednesday, September 15, 2010 to accommodate the closing of the Etruscan acquisition on September 10, 2010 and the Corporation's proposed name change to Endeavour Mining Corporation to be approved at a shareholders meeting on September 14, 2010. Management's discussion will be webcast by V-Call on 11:00am Eastern Standard Time and can be accessed from the Corporation's website at www.endeavourfinancial.com 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 September 15, 2011.About Endeavour Financial CorporationEndeavour is a gold company with active, strategic investments in gold producing companies. Endeavour has the manpower, skills and market & industry intelligence to drive the primary gold investment business. Endeavour 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 www.endeavourfinancial.com. In order to access the Corporation's financial statements directly, please click the following URL: http://files.newswire.ca/509/endeavour_year_end.pdf << On behalf of Endeavour Financial Corporation "Bill Koutsouras" Bill Koutsouras Executive Vice President and Chief Financial Officer Endeavour Financial + 377 97 98 7130 >> The 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: investor@endeavourfinancial.com