VANCOUVER, Oct. 16 /CNW/ - Gitennes Exploration Inc. (TSX-GIT) advises that further to its news release of September 16, 2009 the common shares of the Company will commence trading on the TSX Venture Exchange effective at the opening Monday, October 19, 2009. The Company is classified as a 'Mineral Exploration' company.
The Company will cease trading on the TSX at the close of markets Friday October 16th. The Company's symbol, GIT, remains unchanged as does its CUSIP number (37636Q 10 6). The Company has 51,860,495 common shares issued and outstanding, 57,579,627 fully diluted.
Gitennes Exploration Inc. was incorporated in 1993. The Company has been an active explorer in the Republic of Peru since 1996, where it continues to maintain an exploration office. The Company has invested over $17 million in Perú during this 13-year period, and has been involved in one significant gold discovery (La Virgen), held rights to the Rio Blanco porphyry copper deposit, and has more recently started to drill-define potentially important zones of gold-silver mineralization at Urumalqui and another gold zone at Tucumachay.
The Urumalqui property is a silver-gold prospect situated in north-central Perú. Work do date includes 47 holes in three phases of core drilling, soil sampling, IP and magnetometer surveys, preliminary metallurgy and a limited programme of underground sampling. One principal vein structure that has been widely drilled over a 1,500 metre length (and remains open) has received the bulk of exploration to date, four more remain largely untested. A current technical report on the project, dated March 2009, is available through SEDAR
The Tucumachay project is a 2,500 hectare property covering an extensive area of outcropping gold and zinc prospects hosted in limestone. Strong silicification and a distinctive mineralogy suggest a potentially new gold deposit type for Peru that may show affinities to relatively recent gold discoveries in Nevada and Argentina. From mid-2004 to early 2006 the Company completed extensive geophysical and geochemical surveys, 28 reverse circulation and 38 core holes in three campaigns, and started to outline a gold deposit at the Leonardo - Cerro Oeste prospects. After protracted delays title to the Tucumachay property was finally transferred to the Company earlier this year in exchange for a sliding-scale NSR royalty on any future gold production. The royalty, payable to Minera Inmet Perú, is set at 1.25% for gold prices above US$400 per ounce; 1.0% at gold prices between US$400 and US$330 per ounce; and 0.75% for gold prices below US$330 per ounce.
The TotoRoko project is a 1,700-hectare property in Arequipa state, southern Perú. The property covers a discovery of copper-silver-gold mineralization within Jurassic volcanic, sedimentary and intrusive rocks. During 2007 the Company undertook geochemical and geophysical surveys, environmental assessments, and 1,138 metres of core drilling in seven holes. Drilling was hampered by hard, highly fractured rocks and poor drill performance. Overall drill results were inconclusive, however the last hole intersected 0.78% copper over a core length of 29.65 metres. The Company believes the project remains highly prospective, and further drilling is warranted. A technical report from March 2007 is available on SEDAR.
The Company continues to look for new exploration opportunities, both in Peru and abroad. Readers are invited to review the Company's website at www.gitennes.com and the regulatory filings under the company's profile at www.sedar.com.
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: email@example.com, website: www.gitennes.com