VANCOUVER, Sept. 1, 2011 /CNW/ - Gitennes Exploration Inc (TSXV-GIT) is pleased to announce that it has acquired additional properties at
its Riddle Project situated in central British Columbia. A second
option-to-purchase agreement has been reached, similar in terms to that
announced previously in May 2011. The term of the agreement is four
years in length with payments totalling $100,000 as follows: $10,000
initial payment on signing the option agreement (paid), followed by a
second $10,000 payment after six months, then payments of $20,000 each
on or before the first, second, third, and fourth anniversaries. The
property is subject to a 1% NSR royalty.
The Riddle Project covers a Tertiary alkaline volcanic feature that has
rare-earth mineralization within phonolite flows and tuffs. A limited
amount of rock sampling and trenching was done in 2000 by a previous
owner. Samples returned values of 2550 to 3130 ppm lanthanum, 582 to
676 ppm neodymium, 3260 to 4340 ppm cerium as well as elevated europium
and samarium. Mineralization is associated barite, celestite and
fluorite; uranium and thorium contents are very low. The Company
completed an initial assessment of the original property during August,
2011, including an orientation soil survey employing the MMI (Mobile
Metal Ion) process, a proven analytical technique preformed at SGS
Group geochemical Services Laboratories in Don Mills, Ontario that test
soils for metals being carried to surface by ground waters. The survey
yielded high contrast anomalies over the known mineralization and
extends the zone of interest under cover to the edge of the gridded
area (125 by 250 metres).
With the additional optioned claims Gitennes now controls 100% of the
known extent of rare earth mineralization at Riddle as well as a large
area of argillic alteration in the southern portion of the property. It
is thought that the mineralization at Riddle may be unique compared to
other British Columbia rare earth exploration settings, being hosted
within a Tertiary alkaline volcanic centre. Additional work is planned
at Riddle during the coming months including detailed geological
mapping, expanded soil sampling coverage and trenching.
The Company also announces that its investor relations agreement with
MarketSmart Communications Inc has been terminated. Gitennes
appreciates the efforts of the MarketSmart team and wishes them future
The technical information in this release has been reviewed by J.
Blackwell (P.Geo.), a Qualified Person as defined by National
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
SOURCE Gitennes Exploration Inc.
For further information:
604 682 7970