VANCOUVER, June 21, 2012 /CNW/ - Gitennes Exploration Inc. (TSXV-GIT) is
pleased to provide an update of on-going exploration activities at the
Urumalqui silver-gold project in Peru, announce the appointment of a
new director to the Board of Directors and the termination of property
option agreements for the Riddle property.
Urumalqui: Exploration at Urumalqui is conducted by AndeanGold Ltd.
which has the right to earn a 100% interest in the Project by means of
a 60% option and a 40% Share Sale and Purchase Agreement. To date
AndeanGold has completed approximately 5,070 metres of drilling and
expended approximately $2.3 million out of a required 7,000 m of
drilling and $3.0 million of expenditures to earn the 60%. During 2012
AndeanGold has commissioned metallurgical studies using composites of
drill core samples. These tests are being conducted in Canada at G&T
Metallurgical Services Ltd. ("G&T") of Kamloops, B.C. Results of this
work are pending. Also the main Urumalqui Vein has been "trenched" at
25-metre spaced intervals, with each trench dug sufficiently deep to
fully expose the Vein for channel sampling purposes. Continuous channel
samples, averaging 1.0 m and ranging from 0.50 m to 1.8 m long, were
taken utilizing a portable rock saw. The vein can be traced in outcrop
for a length of 1,650 metres. Though one mineralized system, the Vein
is subdivided for descriptive purposes into the Southeast ("SE") and
Northwest ("NW") Sections. The SE section includes a 1,000 metre long
block that was subject to a 5,071 metre infill drilling program by
AndeanGold in 2011.
A summary of the Program's trench assay results are tabulated as
From Section #
to Section #
950S - 700N
950S - 050N
050 N - 700N
- Which also
050N - 550N
Silver Eq.: Equivalent grade of silver based on price ratio of 50:1
silver to gold and assuming 100% recoveries of both metals.
The results reported here are comparable to chip-channel results
obtained by Gitennes during campaigns in 2002-2003, however the
systematically-collected and sawn-nature of the AndeanGold samples may
now be used in future resource estimates. These results are weighted
averages of all samples within the stated vein segment. Individual
trenches have significant ranges in silver and gold tenor, yet
high-grade results cluster and define areas within the vein structure
that offer high-grade possibilities at depth. For instance 70%, or 47
of the 67 trenches returned grades greater than the 90 g/t silver
equivalent cut-off grade employed in the initial resource estimate by
Mine and Quarry Engineering Services Inc. (for Mineral Resource
information see News Release of November 15, 2011). Most of these
trench results were preceded by drilling campaigns conducted by both
Gitennes and AndeanGold between 2003 and 2011, however the results for
the NW Segment highlight this underexplored portion of the vein system
and the significant potential extensions to the known zone.
The technical information in this release has been reviewed by J.
Blackwell (P.Geo.), a Qualified Person as defined by National
Changes to the Board of Directors - Gitennes is pleased to announce the
appointment of Mr. G. Robert Matthews to the Board of Directors. Mr.
Matthews is a businessman residing in Vancouver who currently works in
commercial and residential real estate sales and property development.
Robert has previously served as a Director of other listed-companies
and has maintained an active interest in the junior resource sector
through the years. Mr. Matthews has been appointed to the Company's
audit committee. The Company has granted Mr. Matthews 200,000 stock
options at an exercise price of $0.05 per share which are valid for
five years from the date of grant. Also, Lyle Hepburn and Vic Tanaka
have resigned from the Board of Directors. The Company thanks Lyle and
Vic for their many years of service and wish them success.
Changes to Exploration Property Portfolio - Gitennes has given a notice
to the owners of the Riddle property that the Company will not be
continuing with the two options on the property.
On behalf of the Board of Directors of
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.
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
SOURCE Gitennes Exploration Inc.
For further information:
For more Company information please go to www.gitennes.com.