VANCOUVER, June 17, 2014 /CNW/ - Gitennes Exploration Inc. ("Gitennes or the Company", GIT-TSXV) and AndeanGold Ltd. have agreed to amend the Share Sale and Mining Agreement (the "Agreement") which gives AndeanGold the right to purchase a 40% interest in the Urumalqui Silver-Gold Project. In consideration for Gitennes agreeing to amend the Agreement, AndeanGold will issue to Gitennes an additional 250,000 common shares on or before June 30, 2014.
Gitennes and AndeanGold have agreed to amend the Agreement as follows:
1) deferring the $350,000 payment due on June 17 to July 31, 2014; and
2) extending the final two payments: a) $500,000 and 500,000 common shares due December 17, 2014 to January 31, 2015 and b) $1,000,000 and 600,000 common shares due June 17, 2015 to July 31, 2015.
All other terms of the Agreement remain unchanged. AndeanGold is exploring Urumalqui under the Agreement and a 60% Option Agreement that together allows AndeanGold to own 100% of Urumalqui.
Urumalqui is an advanced silver-gold project located approximately 70 kilometres by road east of the port city of Trujillo, Perú. Gitennes acquired Urumalqui in 2003 in a joint venture and in June 2005 the joint venture was terminated and Gitennes assumed 100% control of the Project. Exploration activities between 2003 and 2008 included three core drilling campaigns totalling 47 holes. In 2010 the project was optioned to AndeanGold Ltd whom has completed two diamond drilling campaigns (44 holes totalling 7,124 metres). In November 2011 an Initial Resources Estimate for the Urumalqui Vein was prepared by MQes, Inc. The technical report supporting the estimate is available under both AndeanGold and Gitennes' company profiles at www.sedar.com.
GITENNES EXPLORATION INC.
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.
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: Information about Gitennes can be found at www.gitennes.com.