VANCOUVER, June 21, 2012 /CNW/ - Gitennes Exploration Inc. (TSXV-GIT) is pleased to provide an update of on-going exploration activities at the Urumalqui silver-gold project in Peru, announce the appointment of a new director to the Board of Directors and the termination of property option agreements for the Riddle property.
Urumalqui: Exploration at Urumalqui is conducted by AndeanGold Ltd. which has the right to earn a 100% interest in the Project by means of a 60% option and a 40% Share Sale and Purchase Agreement. To date AndeanGold has completed approximately 5,070 metres of drilling and expended approximately $2.3 million out of a required 7,000 m of drilling and $3.0 million of expenditures to earn the 60%. During 2012 AndeanGold has commissioned metallurgical studies using composites of drill core samples. These tests are being conducted in Canada at G&T Metallurgical Services Ltd. ("G&T") of Kamloops, B.C. Results of this work are pending. Also the main Urumalqui Vein has been "trenched" at 25-metre spaced intervals, with each trench dug sufficiently deep to fully expose the Vein for channel sampling purposes. Continuous channel samples, averaging 1.0 m and ranging from 0.50 m to 1.8 m long, were taken utilizing a portable rock saw. The vein can be traced in outcrop for a length of 1,650 metres. Though one mineralized system, the Vein is subdivided for descriptive purposes into the Southeast ("SE") and Northwest ("NW") Sections. The SE section includes a 1,000 metre long block that was subject to a 5,071 metre infill drilling program by AndeanGold in 2011.
A summary of the Program's trench assay results are tabulated as follows:
| Length of
| From Section #
to Section #
| Silver Eq.
|1650||950S - 700N||2.35||77.79||2.24||190.04|
|1000||950S - 050N||1.86||99.98||1.60||180.17|
|650||050 N - 700N||3.23||58.03||2.82||198.82|
| - Which also
|500||050N - 550N||2.66||82.46||2.66||292.94|
Silver Eq.: Equivalent grade of silver based on price ratio of 50:1 silver to gold and assuming 100% recoveries of both metals.
The results reported here are comparable to chip-channel results obtained by Gitennes during campaigns in 2002-2003, however the systematically-collected and sawn-nature of the AndeanGold samples may now be used in future resource estimates. These results are weighted averages of all samples within the stated vein segment. Individual trenches have significant ranges in silver and gold tenor, yet high-grade results cluster and define areas within the vein structure that offer high-grade possibilities at depth. For instance 70%, or 47 of the 67 trenches returned grades greater than the 90 g/t silver equivalent cut-off grade employed in the initial resource estimate by Mine and Quarry Engineering Services Inc. (for Mineral Resource information see News Release of November 15, 2011). Most of these trench results were preceded by drilling campaigns conducted by both Gitennes and AndeanGold between 2003 and 2011, however the results for the NW Segment highlight this underexplored portion of the vein system and the significant potential extensions to the known zone.
The technical information in this release has been reviewed by J. Blackwell (P.Geo.), a Qualified Person as defined by National Instrument 43-101.
Changes to the Board of Directors - Gitennes is pleased to announce the appointment of Mr. G. Robert Matthews to the Board of Directors. Mr. Matthews is a businessman residing in Vancouver who currently works in commercial and residential real estate sales and property development. Robert has previously served as a Director of other listed-companies and has maintained an active interest in the junior resource sector through the years. Mr. Matthews has been appointed to the Company's audit committee. The Company has granted Mr. Matthews 200,000 stock options at an exercise price of $0.05 per share which are valid for five years from the date of grant. Also, Lyle Hepburn and Vic Tanaka have resigned from the Board of Directors. The Company thanks Lyle and Vic for their many years of service and wish them success.
Changes to Exploration Property Portfolio - Gitennes has given a notice to the owners of the Riddle property that the Company will not be continuing with the two options on the property.
On behalf of the Board of Directors of
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.
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 States.
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