VANCOUVER, May 21, 2013 /CNW/ - Gitennes Exploration Inc. ("Gitennes or the Company", GIT-TSXV) has received $150,000 and 107,000 common shares from AndeanGold Ltd.
under the Share Sale and Mining Agreement (the "Agreement") which gives
AndeanGold the right to purchase a 40% interest in the Urumalqui
Project. The Agreement required AndeanGold to make a payment of
$350,000 and 250,000 commons shares on May 17 but the Agreement has
been amended by deferring $200,000 and 143,000 common shares to
September 17, 2013 and extending all future payments by four months.
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.
Under the 60% Option Agreement Andean Gold must complete a further 1,929
metres of drilling at Urumalqui by July 8, 2013 to honour the terms of
the option agreement. AndeanGold announced on May 15 that it has
signed a drilling contract for 2,000 metres of diamond drilling and
that two drill rigs are being mobilized to 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 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