ENDEAVOUR MINING CAPITAL
ANNOUNCES THIRD QUARTER
EARNINGS OF $2.1 MILLION
Toronto Stock Exchange: EDV
May 5, 2008
George Town, May 5, 2008, Endeavour Mining Capital Corp.
(“Endeavour” or “Corporation”) recorded net income of $2.1
million or $0.07 per share (or approximately CDN$0.07 per
share) for the quarter ended March 31, 2008. This compares
with net income of $24.5 million or $1.05 per share (or
approximately CDN$1.21 per share) reported for the quarter
ended March 31, 2007. The Corporation recorded $12.6 million
of revenue for the quarter which was comprised of $8.9
million from financial advisory fees and investment income
of $3.7 million.
Commenting, Neil Woodyer, Chief Executive Officer stated “In
this quarter, we earned $8.9 million of revenue from
advisory fees. We are very pleased with the advisory fee
revenue which was driven in part by Endeavour’s role in
acting as the financial advisor on a significant oil and gas
M&A transaction during the quarter. Endeavour acted as the
exclusive financial advisor to Petro Rubiales Energy Corp.
in connection with their business combination with Pacific
Stratus Energy Corp. to form Pacific Rubiales Energy Corp.
The business combination was valued at $2.5 billion and
created the largest independent oil and gas company in
Colombia. Endeavour continues to act as a financial advisor
to Pacific Rubiales Energy Corp. in connection with the
financing of the oil pipeline being built by Pacific
Rubiales in partnership with Ecopetrol S.A., the Colombian
national oil company. In addition, Endeavour is pleased to
report that in April one of our long standing clients, Baja
Mining Corp. signed a landmark deal with a Korean consortium
which will be a development partner in the El Boleo
Copper-Cobalt Project in Mexico. Endeavour was the advisor
to Baja Mining Corp. in connection with the Korean
consortium transaction and continues to work with Baja
Mining Corp. in closing the financing transactions to
develop the project. Both of Pacific Rubiales Energy Corp.
and Baja Mining Corp. are core holdings in Endeavour’s
merchant banking portfolio and serve as two more examples of
the success of our Integrated Merchant Banking and Capital
Investment Strategy. During the quarter Endeavour also
earned milestone fees from several other active client
mandates including Uranium One Inc., CoalCorp Inc. and
Energentia Resources Ltd.”
Commenting on the results, Frank Holmes, Chairman said “The
past quarter was a difficult one for stocks and in
particular financial companies, regardless of whether they
were among those posting massive losses created by mortgage
related subprime- and excessive leverage-related issues.
Endeavour has no exposure to subprime or structured-finance
products, but our share price was among those hurt when
banks, brokerages and hedge funds sold down liquid stocks to
raise cash. There’s a lot of worry created by how the U.S.
economy is performing and this is overshadowing the strength
of the more populated emerging economies like China, India,
Brazil, Russia and UAE.”
Endeavour will host a conference call today to discuss this
earnings announcement at 11:00 AM Eastern Standard Time. The
meeting will be webcast by V-Call and can be accessed from
the Corporation’s website at
www.endeavourminingcapital.com or by calling the
operator at 201-689-8031 or toll free 1-877-407-8031 prior
to the scheduled start time.
The conference call will be archived for later playback on
the Corporation’s website until May 5, 2009.
Endeavour Mining Capital Corp. is a publicly-traded merchant
banking company offering integrated capital investment and
financial advisory services to the global natural resources
sector. The Corporation offers a unique combination of
financial and intellectual capital to help build companies
and create shareholder value. Our shares are listed on the
Toronto Stock
Exchange under the symbol EDV and offer a distinctly
different way to invest in the natural resources sector.
For additional information, please visit our corporate
website,
www.endeavourminingcapital.com.
On behalf of Endeavour Mining Capital Corp.
“Bill Koutsouras”
Executive Vice President & CFO
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 information relating to the future
performance of Endeavour Mining Capital Corp.
Forward-looking information, specifically that
concerning future performance, is 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 additional information, contact:
Sally Eyre
Director - Marketing & Business Development
604 609 6129
or
Vanguard Shareholder Solutions
1-866-801-0779 or (604) 608-0824
email:
investor@endeavourminingcapital.com
Endeavour
Mining Capital
Vanguard
Shareholder Solutions
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communications and investor relations services to the above
mentioned client(s). The information contained in this email
is based on existing disclosure documents or other publicly
available information. You are encouraged to seek
independent verification of any information that is
important to your decisions. By responding to your inquiry
neither Vanguard nor the above mentioned client(s) is
offering securities or advising or soliciting the purchase
or sale of securities.
CANADIAN MINING NEWS