GIT Gitennes Exploration Inc

VANCOUVER, Nov. 29, 2012 /CNW/ - Gitennes Exploration Inc. (TSXV-GIT) is pleased to announce that it has received the second payment of $250,000 and 200,000 shares under the Share Sale and Mining Agreement signed with AndeanGold Ltd. on May 23, 2012 on the Urumalqui silver-gold project.  The remaining payments due to Gitennes from AndeanGold total $2.25 million and 1.6 million AndeanGold common shares with the next payment due May 23, 2013 consisting of $350,000 and 250,000 shares.

AndeanGold which is the operator of the Urumalqui Project in Peru has the right to earn a 100% interest in the Project by means of two agreements; an option signed on April 21, 2010 to earn a 60% interest and a second option to acquire the additional 40% by means of a Share Sale and Mining Agreement. To earn the 60% AndeanGold must spend $3,000,000 in qualifying exploration expenditures on the Project over a four-year term, complete 7,000 metres of cumulative drilling by the end of the third year and issue 80,000 shares to the Gitennes in four tranches (60,000 received).  To earn the additional 40% interest in the Project, AndeanGold must make cash payments of $2,750,000 ($500,000 received) and issue 2,000,000 shares (400,000 received) to the Company over 30 months which commenced May 23, 2012.

In addition to meeting its current obligations under the two agreements with Gitennes, AndeanGold has accomplished milestones on the Project that include:

• Approximately 5,070 metres of drilling and expenditures of approximately $2.3 million;
• Completed an initial resource estimate, News Release November 15, 2011;
• Metallurgical studies using drill core sample composites that yielded favourable results using conventional recovery techniques, News Release August 23, 2012;
• Detailed trenching and channel sampling of the main Urumalqui Vein, News Release June 21, 2012;
• AndeanGold also recently announced the listing of its common shares on the Lima stock exchange ("BVL") where it joins forty-three other duo-listed small-cap explorers, mid-tier producers and multinational senior producers.

Gitennes continues to review mineral properties, primarily gold and silver, for option or acquisition supported by the payment stream from the Urumalqui transaction.

On behalf of the Board of Directors of
Gitennes Exploration Inc.

Ken Booth
President

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.

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.