Gitennes Stakes Iron Property in Peru

    VANCOUVER, June 24 /CNW/ - Gitennes Exploration Inc. (TSX-GIT) has
acquired a 1,400 - hectare property in southern Peru. The property covers a
potential zone of high grade magnetite and hematite (both ores of iron) along
an overburden-covered hillside. Magnetite occurs in locally derived blocks and
boulders up to 50 cm across and as beds of gravel in ravines. The float is
derived from a large area of diorite intrusion and skarn located uphill from
the original sample sites. The zone was found during regional prospecting
conducted from the base camp at the TotoRoko Property. There is no evidence of
previous exploration or sampling, and this zone is likely a new discovery.
    Mineralization occurs as massive magnetite, magnetite-garnet and hematite
in large blocks, boulders and cobbles that grade 63.5 to 66.2 % iron. The
uphill trace of the zone of float has been traced by prospecting over a length
of 600 metres and remains open to the north. The southern end of the zone
appears to coincide with granite intrusive, the contact being marked by strong
veining and alteration. Rusty outcrops here returned highly anomalous gold
(117 to 228 ppb) associated with anhydrite-hematite veins. Elsewhere,
scattered outcrops of massive secondary iron minerals and iron-cemented
overburden have been found at several locations near the up-hill cut-off of
the float, suggesting that a source may be nearby.
    This zone is at a very early stage of exploration, and the results
reported here are based upon initial field examinations. Additional work,
including drilling and geophysical surveys are necessary to evaluate its
potential as an iron prospect. The anomalous gold detected in a portion of the
zone is also of interest, as is a zone of siliceous hydrothermal breccias
noted 4 kilometres north. The next steps in the project are to complete
additional prospecting, geological mapping and geophysical surveys.
    Iron ore prices have increased dramatically in the past six years, and
there has been renewed interest in the iron potential of Peru. Most known
occurrences and deposits have been re-staked by competitor companies,
including more inaccessible prospects far inland. Gitennes' new property is
situated 80 kilometres from the Pacific coast. Access is by a regional network
of gravel roads.
    Analytical services and assays are provided by ALS Chemex Laboratories in
Lima. The technical information in this release has been reviewed by
J. Blackwell (P.Geo), a Qualified Person as defined by National Instrument

    Jerry Blackwell, President

    The Toronto Stock Exchange has neither approved nor disapproved the
    information herein.

For further information:

For further information: Suite 2390 - 1055 West Hastings Street, Box 60,
Vancouver, B.C., V6E 2E9, Tel: (604) 682-7970, Fax: (604) 608-9014, email:, website:

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Gitennes Exploration Inc.

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