ENDEAVOUR AGREES TO SELL 43% INTEREST IN CREW GOLD FOR US$215 MILLION CASH

Toronto Stock Exchange: EDV

GEORGE TOWN, Grand Cayman, Sept. 13 /CNW/ - Endeavour Financial Corporation ("Endeavour") is pleased to announce that its wholly owned subsidiary, Endeavour Gold Luxembourg SARL, has signed a binding agreement for the sale of 46,203,403 common shares of Crew Gold Corporation ("Crew Gold") representing a 43% interest to Severstal Gold N.V. for US$215 million in cash. Endeavour had acquired its investment in Crew Gold at a total cost of US$134.5 million such that the sale of this investment realizes a profit of US$80.5 million at an annualized return on investment of 124%. Closing of the sale is anticipated to occur within the next forty eight hours.

Neil Woodyer, Chief Executive Officer commented: "Endeavour has accepted the opportunity to exit its investment in Crew Gold at a significant profit which is a superior alternative to remaining in a minority shareholder position. 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."

About Endeavour Financial Corporation

Endeavour is a gold producer. Endeavour holds an extensive exploration land position and various advanced-staged development gold projects in West Africa. Endeavour has a global strategy, supported by financial resources and management's company building expertise, to grow into an intermediate gold producer through strategic acquisitions.

The common shares of Endeavour are traded on the Toronto Stock Exchange under the symbol "EDV".

    
    On behalf of Endeavour Financial Corporation

    "Bill Koutsouras"

    Bill Koutsouras
    Executive Vice President & Chief Financial Officer
    

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 Financial Corporation. 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 further information: Stephen Roberts, Director - Investor Relations, [phone], email: [email protected]; or Vanguard Shareholder Solutions, 1-866-341-4111 or [phone], email: [email protected]