VANCOUVER, March 13, 2015 /CNW/ - Gitennes Exploration Inc. ("Gitennes or the Company", GIT-TSXV) provides the following corporate update.
In February, AndeanGold was to have made a cash payment to Gitennes of $150,000. Under the terms of the amended Share Sale and Mining Agreement that was signed in December 2014 the missed payment does not constitute a default. AndeanGold has until June 21, 2015 to make payments totaling $600,000 at which time if any monies are still outstanding the amount will become a convertible debenture. The next payment is $150,000 and is due April 15. The Company recently met with management of AndeanGold and AndeanGold continues to work on various forms of financing including debt and equity in an attempt to advance the Urumalqui Project and to pay Gitennes. In addition to the cash payments due Gitennes, AndeanGold is obligated to register a 1.5% Net Smelter Royalty against the Urumalqui properties in favour of Gitennes.
The Company continues to proactively seek exploration opportunities in both the precious and base metals sectors and recent meetings have generated new leads.
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.