VANCOUVER, July 17, 2013 /CNW/ - Gitennes Exploration Inc. ("Gitennes or the Company", GIT-TSXV) has been notified by AndeanGold Ltd. ('AndeanGold") that 2,053 metres
of diamond drilling in 13 holes were completed in June at the Urumalqui
Project, Peru. According to AndeanGold all 13 holes intersected the
Urumalqui vein. The drill core is being logged and assays should be
available in the coming two months. With the completion of the 13
holes AndeanGold has now completed 7,124 metres of drilling at
Urumalqui. In order to maintain the 60% Option Agreement (the
"Agreement") signed on July 8, 2010 AndeanGold was required to have
completed 7,000 metres of cumulative diamond drilling and to issue
80,000 common shares to Gitennes by July 8, 2013. The final tranche of
shares was delivered to Gitennes before July 8.
In addition to the drilling requirements and share payments AndeanGold
must incur $3.0 million of expenditures on Urumalqui by July 8, 2014 in
order to exercise the Option to acquire a 60% interest in Urumalqui.
AndeanGold is exploring Urumalqui under the Agreement and a 40% Share
Sale and Purchase Agreement that together allows AndeanGold to own 100%
Urumalqui is an advanced silver-gold project located approximately 70
kilometres by road east of the port city of Trujillo, Perú.
Exploration activities between 2003 and 2008 by Gitennes included three
core drilling campaigns totalling 47 holes. In 2010 the project was
optioned to AndeanGold Ltd whom undertook a fourth diamond drilling
campaign (31 holes totalling 5,071 metres). In November 2011 an
Initial Resources Estimate for the Urumalqui Vein (the principal focus
of drilling up to that date) was prepared by Mine and Quarry
Engineering Services, Inc. The technical report supporting the
estimate is available under both AndeanGold and Gitennes' company
profiles at www.sedar.com.
Information about Gitennes can be found at 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.
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:
Ken Booth, President
604 682 7970