GEORGE TOWN, Grand Cayman, Sept. 28 /CNW/ - Endeavour Financial Corporation ("Endeavour" or the "Corporation") today reported net income of US$27.7 million or US$0.29 per share for the quarter ended June 30, 2009.

At June 30, 2009 the Corporation had cash and cash equivalents of US$121.8 million and investments of US$71.0 million. The Corporation's cash is currently invested in short-term government treasury securities.

On September 23, 2009, Endeavour announced that it has entered into a binding agreement with Etruscan Resources to invest US$43.0 million in Etruscan common shares at a price of C$0.30 per share and purchase a 19.98% Etruscan share and warrant package for approximately US$12.6 million to own an aggregate of 54% of Etruscan's issued and outstanding common shares. This is the first strategic equity investment as part of Endeavour's macro gold- focused investment strategy.

The Corporation's book value was US$247 million (or approximately C$2.94 per issued and outstanding share) at June 30, 2009.

Quarter Ended June 2009 Highlights

- Revenue of US$35.7 million, comprised of US$30.3 million investment

income, US$5.5 million of realized advisory fees and negative

US$0.1 million of mark-to-market losses on advisory fee securities

held. (Quarter ended June 30, 2008: Revenue of US$73.4 million,

comprised of US$55.7 million of investment income, US$15.4 million of

realized advisory fees and US$2.3 million of mark-to-market gains on

advisory security fees held).

- Net income of US$27.7 million, or US$0.29 per share (Quarter ended

June 30, 2008: Net income of US$53.1 million, or US$1.79 per share).

Year Ended June 2009 Highlights

- Negative Revenue of US$188.1 million, comprised of a US$197.5 million

investment loss, US$12.7 million of realized advisory fees and

negative US$3.3 million of mark-to-market losses on advisory fee

securities held (Year ended June 30, 2008: Revenue of US$108.1

million, comprised of US$60.2 million investment income,

US$44.3 million of realized advisory fees and US$3.6 million from

mark-to-market gains on advisory fee securities held).

- Net loss of US$207.5 million, or US$3.71 per share. (Year ended

June 30, 2008: Net income of US$56.5 million or US$1.90 per share).