VANCOUVER, Sept. 19, 2013 /CNW/ - Gitennes Exploration Inc. (TSX Venture Exchange: GIT) announces the results from a recent drilling program completed by AndeanGold Ltd. in July at the Urumalqui silver project in Peru. The program tested the 500 metre-long northwestern end (as exposed in surface outcrop) ("NW Segment") of the Urumalqui Vein where there had been only limited shallow and widely-spaced drilling by Gitennes in 2003. Previous drilling by AndeanGold on the vein in 2011 focused on infill drilling the 1,000 metre Central and Southeastern segments of the same vein. The assay results for the drilling are as follows:
|SILVER EQUIVALENT (1)|
|(1)||SILVER EQUIVALENT - Silver to gold ratio of 50:1 and assuming 100% metallurgical recoveries. Oz/t - Troy ounces per metric tonne.|
AndeanGold completed thirteen core holes, totalling 2,052.90 metres and bringing the total metres drilled by AndeanGold to approximately 7,124 metres. All holes intersected the Urumalqui Vein. Based on the results, the Northwestern segment dips sub-vertically to -74° southwesterly, and the vein's true width ranged from 1.63 metres to 9.21 metres.
Eight holes returned assays in the range 6.6 oz/t - 15.2 oz/t Silver Equivalent and are concentrated along a strike length of approximate 350 metre and to a depth of up to 150 metres below surface. This appears to be the third high-grade ore shoot discovered to date along the 1.5 km strike of the Urumalqui Vein, and is of particular interest due to the higher gold values. Results of drill holes PGUR-35 through 39 are of note. Mineralization at Urumalqui is low sulphidation epithermal in nature.
The information in this release is based upon that supplied by AndeanGold Ltd. with additional information available on its website (www.andeangoldltd.com). The technical information in this release has been reviewed by J. Blackwell (PGeo.), a Qualified Person as defined by National Instrument 43-101.
AndeanGold has the right to earn a 100% interest in the Urumalqui Project from Gitennes pursuant to an Option Agreement (the "60% Option") between the parties dated April 21, 2010 (see news release dated April 22, 2010) and a Share Sale and Mining Agreement dated May 17, 2012 (the "Agreement") which provides the Company with the right to acquire Gitennes' 40% interest in the Urumalqui Project (see news release of May 22, 2012). Gitennes and the Company signed an amendment (the "Amendment") to the Agreement, dated September 16, 2013, which revises the payment terms of the Agreement's September 17, 2013 installment payment, which required AndeanGold to pay and issue Gitennes $200,000 cash and 143,000 common shares (the "Shares"), respectively. Pursuant to the Amendment, AndeanGold paid and issued Gitennes $10,000 cash and 143,000 Shares, respectively, on September 17, 2013 and will be required to pay Gitennes $50,000 cash by September 30, 2013 and $150,000 cash by December 31, 2013. The timing and amount of the Agreement's remaining installment payments were not affected by the Amendment.
GITENNES EXPLORATION INC.
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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.
SOURCE: Gitennes Exploration Inc.
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