VANCOUVER, Jan. 3, 2014 /CNW/ - Gitennes Exploration Inc. (TSX Venture Exchange: GIT) advises that it has delivered a Notice of Default to AndeanGold Ltd. for failure to make a $150,000 payment that was due and payable on December 31, 2013. The payment was due under the terms of the amended Share Sale and Mining Agreement (the "Agreement") which provides AndeanGold the right to acquire Gitennes' 40% interest in the Urumalqui Project, Peru. The Default can be cured by AndeanGold making a payment of $150,000 on or before March 3, 2014. If AndeanGold fails to make the payment then the Agreement will be terminated immediately. In addition to the $150,000 payment the next payment due by AndeanGold under the Agreement is $400,000 and 250,000 common shares on March 21, 2014. Total remaining payments by AndeanGold under the Agreement are $2.05 million and 1.35 million common shares.
AndeanGold has the right to earn a 100% interest in the Urumalqui Project from Gitennes pursuant to an Option Agreement (the "60% Option") dated April 21, 2010 (see news release dated April 22, 2010) and a Share Sale and Mining Agreement dated May 17, 2012 which provides AndeanGold with the right to acquire Gitennes' 40% interest in the Urumalqui Project (see news release of May 22, 2012). Gitennes and AndeanGold signed the amendment to the Share Sale and Mining Agreement on September 16, 2013 (see news release dated September 19, 2013).
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.