VANCOUVER, Oct. 2, 2014 /CNW/ - Gitennes Exploration Inc. (TSX Venture Exchange: GIT) advises that it has provided AndeanGold Ltd. an extension to October 31 to cure the default from AndeanGold's failure to make a $350,000 payment that was due and payable on July 31, 2014. The payment was due under the terms of an amended Share Sale and Mining Agreement (the "Agreement") which provides AndeanGold the right to acquire Gitennes' 40% interest in the Urumalqui Project, Peru. The extension to the Cure Period will allow AndeanGold time to either cure the Default by making the $350,000 payment or to provide in writing to Gitennes other options acceptable to Gitennes to enable AndeanGold to acquire Gitennes' 40% interest in Urumalqui. If by October 31 AndeanGold fails to make the payment or fails to provide written options to Gitennes the Agreement will be terminated immediately. In addition to the $350,000 payment the total remaining payments by AndeanGold under the Agreement are $1.5 million and 1.1 million common shares.
AndeanGold has the right to earn a 100% interest in the Urumalqui Project from Gitennes pursuant to an Option Agreement (the "60% Option") dated April 21, 2010 (see news release dated April 22, 2010) and the Share Sale and Mining Agreement dated May 17, 2012 (see news release of May 22, 2012).
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 States.
SOURCE: Gitennes Exploration Inc.
For further information: Information about Gitennes can be found at www.gitennes.com.