Gitennes Receives September 30th Payment
VANCOUVER, Oct. 1, 2013 /CNW/ - Gitennes Exploration Inc. (TSX Venture Exchange: GIT) announces it has received the $50,000 payment from AndeanGold Ltd. under the terms of the amended Share Sale and Mining Agreement on the Urumalqui Project, Peru. The next installment is $150,000 and is payable on December 31, 2013.
AndeanGold has the right to earn a 100% interest in the Urumalqui Project from Gitennes pursuant to an Option Agreement (the "60% Option") between the parties dated April 21, 2010 (see news release dated April 22, 2010) and a Share Sale and Mining Agreement dated May 17, 2012 (the "Agreement") which provides the Company with the right to acquire Gitennes' 40% interest in the Urumalqui Project (see news release of May 22, 2012). Gitennes and AndeanGold signed an amendment (the "Amendment") to the Agreement, dated September 16, 2013, which revises the payment terms of the Agreement's September 17, 2013 installment payment, which required AndeanGold to pay and issue Gitennes $200,000 and 143,000 common shares, respectively. Pursuant to the Amendment, AndeanGold paid and issued Gitennes $10,000 and 143,000 common shares, respectively, on September 17, 2013, paid $50,000 on September 30 and is required to pay $150,000 on December 31, 2013. The timing and amount of the Agreement's remaining installments were not affected by the Amendment.
GITENNES EXPLORATION INC.
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This press release does not constitute an offer to sell or a solicitation to buy any of the securities of Gitennes in the United States.
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Please refer to Gitennes' website at www.gitennes.com for further information on the Company.