Gitennes - Update on Urumalqui Transaction

VANCOUVER, Feb. 13, 2012 /CNW/ - Gitennes Exploration Inc. (TSXV: GIT) announces that further to its news release dated January 23, 2012 regarding the sale of a 40% interest in the Urumalqui silver - gold Project to AndeanGold Ltd. it has received conditional approval from the TSX Venture Exchange and also received notice that it will not be required to hold a shareholder meeting to approve the transaction.  AndeanGold will continue with its administrative due diligence and the parties will now proceed to sign a Share Sale and Mining Agreement

The Company also announces that it has granted an aggregate of 850,000 incentive stock options with an exercise price of $0.05 per share to directors and officers. The options are being granted pursuant to the Company's stock option plan and are for a five year term. The stock option grant is subject to acceptance by the TSX Venture Exchange.

Information about all of Gitennes' projects may be found by visiting www.gitennes.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

DISCLAIMER: This news release includes certain statements, other than historical information, that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements regarding future plans and objectives of the companies are forward-looking statements that involve various risks and uncertainties. Although Gitennes believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, market or business conditions, and other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. Historical information necessarily is not current and is provided for your reference only. No warranty whatsoever is made that any of the historical information is accurate, precise, or up-to-date. For more information on Gitennes and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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.

SOURCE Gitennes Exploration Inc.

For further information:

Ken Booth
604 682 7970


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.