VANCOUVER, July 7 /CNW/ - Gitennes Exploration Inc. (TSXV-GIT) has acquired an option to earn a 100% interest in a 700-hectare property located in Quebec. Terms of the option agreement require committed and optional exploration expenditures totalling $400,000, making property payments totalling $110,000, and issuing 200,000 common shares. The term of the option is 36 months. The Company has committed to spend $25,000 within 12 months of signing, to make a property payment of $25,000, and to issue the first tranche of 50,000 shares to the vendors. The vendors will be entitled to retain a 2% net smelter returns royalty of which half may be purchased at anytime for $1,000,000. The option agreement will be subject to regulatory approval.
Once the Company has completed its initial its assessment of the region around the property more information concerning the exploration potential will be provided. The option-property covers recently discovered rare earth and uranium-bearing pegmatite dykes that are hosted within a belt of igneous rocks that is elsewhere actively explored for nickel and copper.
Further to its news release of June 16, 2010 Gitennes has further reduced its exploration activities in Peru. The Company has entered into an option agreement with the Peruvian subsidiary of a major North American-based mining company whereby it has an option to purchase a 100% interest in the Tucumachay and Titimina projects. The term of the option is 60 days and the purchase price is US$200,000. Additionally the purchaser will make a payment of US$1,200,000 if it announces a decision to commence commercial production.
Gitennes continues to hold its Urumalqui Project, a silver and gold deposit with excellent exploration potential located in a well-established mining region in La Libertad. Urumalqui is under option to AndeanGold Ltd. Gitennes has decided to close its exploration office in Lima, and concentrate on developing projects in other countries.
The technical information in this release has been reviewed by J. Blackwell (P.Geo.), a Qualified Person as defined by National Instrument 43-101.
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.
SOURCE Gitennes Exploration Inc.
For further information: For further information: Jerry Blackwell, President, Suite 2390 - 1055 West Hastings Street, Box 60, Vancouver, B.C. V6E 2E9, Tel: (604) 682-7970, Fax: (604) 608-9014, email: firstname.lastname@example.org, website: www.gitennes.com