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.
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
SOURCE: Gitennes Exploration Inc.
For further information:
Please refer to Gitennes' website at www.gitennes.com for further information on the Company.