Endeavour reports net income of US$22.5 million for quarter ended December
31, 2009

Toronto Stock Exchange: EDV

GEORGE TOWN, Grand Cayman, Feb. 10 /CNW/ - Endeavour Financial Corporation ("Endeavour" or the "Corporation") today reported net income of US$22.5 million or US$0.23 per share for the quarter ended December 31, 2009.

Revenue for the quarter of US$35.6 million includes US$31.6 million investment income and US$4.0 million of advisory fees.

At December 31, 2009 the Corporation had cash and cash equivalents of US$84.6 million; general merchant banking investments of US$110.3 million; and gold-strategy investments of US$71.1 million.

During the quarter ended December 31, 2009 the Corporation completed its strategic investment in Etruscan Resources ("Etruscan"). Endeavour invested a total of US$58.3 million resulting in the Corporation holding 186,294,549 common shares representing 55% of the issued and outstanding common shares of Etruscan (see News Release, October 23, 2009). The value of the investment at December 31, 2009 was US$71.1 million. The investment in Etruscan was the Corporation's first strategic investment in the junior gold-sector as part of its gold-focused investment strategy.

Subsequent to December 31, 2009 Endeavour completed the second phase of its gold focused investment strategy by way of a strategic investment in Crew Gold Corporation ("Crew"). Endeavour invested US$91.8 million resulting in the Corporation holding 810,083,211 common shares, representing 38% of the issued and outstanding common shares of Crew Gold Corporation (see news release dated January 28, 2010).

Endeavour has a gold focused investment strategy to create value by investing in junior gold producers with a plan to build an intermediate sized gold company and the subsequent realization of this investment.

At December 31, 2009 approximately 68% of the Corporation's investment portfolio was invested in the gold sector. Following the completion of the Crew investment, approximately 75% of the Corporation's investment portfolio is invested in the gold sector.

The Corporation's book value at December 31, 2009 was US$316.5 million (or approximately CDN$3.41 per issued and outstanding share).

Neil Woodyer, Chief Executive Officer commented "the continued profitability of the Corporation for the second quarter is a direct result of our strategy to invest in both general merchant banking and gold-strategy investment opportunities. We continue to maximize returns and continue to generate new advisory mandates in both the mining and oil and gas sectors. In addition, subsequent to quarter end we are pleased to have acquired our investment in Crew which represents the second phase of our gold focused investment strategy."

Resource Transactions

During the quarter ended December 31, 2009, Endeavour was an advisor and earned transaction success fees on several resource transactions, including:

    -   Arranged additional commitments totaling US$25 million for Pacific
        Rubiales Energy Corp. as part of the previously arranged US$250
        million, senior secured revolving credit facility. During 2009,
        Endeavour advised Pacific Rubiales on a total of US$500 million in
        debt facilities.

    -   Arranged CDN$45 million private placement financing for Petroamerica
        Oil Corp. to acquire certain oil and gas interests in Colombia.

    -   Arranged a CDN$20 million private placement financing for
        Petroamerica Oil Corp. to advance exploration programs on its
        hydrocarbon projects in Colombia.

    -   Endeavour's subsidiary, Endeavour Financial International Corporation
        was appointed Project Finance advisor to Augusta Resource Corporation
        in October 2009 with respect to financing the Rosemont copper project
        in Arizona.

Conference Call Details

Management's discussion of the financial results for the quarter ending December 31, 2009 will be webcast by V-Call on Thursday, February 11, 2010 at 11:00am Eastern Standard Time and can be accessed from the Corporation's website at www.endeavourfinancial.com by calling the operator at 201-689-8049 or toll free 1-877-407-9210 prior to the scheduled start time. The call will be archived for later playback on Endeavour's website until February 11, 2011.

About Endeavour Financial Corporation

Endeavour is an independent merchant banking company focused on the global natural resources sector. The Corporation offers advisory services in project, corporate and debt capital markets; equity financings; mergers and acquisitions; and strategic business development. Endeavour also has a gold-focused investment strategy and seeks maximum returns by identifying, investing in and consolidating junior gold mining companies.

Endeavour Financial Corporation is listed on the Toronto Stock Exchange, symbol EDV. Listed warrants trade 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/EndeavourQ2.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: For further information: Dr. Sally Eyre, Director Marketing & Business Development, Endeavour Financial, (604) 609-6129; Or Vanguard Shareholder Solutions, 1-866-341-4111 or (604) 608-0824, Email: investor@endeavourfinancial.com

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