VANCOUVER,
May 21, 2013 /CNW/ - Gitennes
Exploration Inc. ("Gitennes or the Company", GIT-TSXV) has
received $150,000 and 107,000 common
shares from AndeanGold Ltd. under the Share Sale and Mining
Agreement (the "Agreement") which gives AndeanGold the right to
purchase a 40% interest in the Urumalqui Project. The
Agreement required AndeanGold to make a payment of $350,000 and 250,000 commons shares on
May 17 but the Agreement has been
amended by deferring $200,000 and
143,000 common shares to September 17,
2013 and extending all future payments by four months.
All other terms of the Agreement remain unchanged. AndeanGold
is exploring Urumalqui under the Agreement and a 60% Option
Agreement that together allows AndeanGold to own 100% of
Urumalqui.
Under the 60% Option Agreement Andean Gold must complete a
further 1,929 metres of drilling at Urumalqui by July 8, 2013 to honour the terms of the option
agreement. AndeanGold announced on May
15 that it has signed a drilling contract for 2,000 metres
of diamond drilling and that two drill rigs are being mobilized to
Urumalqui.
About Urumalqui:
Urumalqui is an advanced silver-gold project located
approximately 70 kilometres by road east of the port city of
Trujillo, Perú. Gitennes acquired Urumalqui in 2003 in a
joint venture and In June 2005 the
joint venture was terminated and Gitennes assumed 100% control of
the Project. Exploration activities between 2003 and 2008
included three core drilling campaigns totalling 47 holes. In
2010 the project was optioned to AndeanGold Ltd whom undertook a
fourth diamond drilling campaign (31 holes totalling 5,071
metres). In November 2011 an
Initial Resources Estimate for the Urumalqui Vein (the principal
focus of drilling up to that date) was prepared by Mine and Quarry
Engineering Services, Inc. The technical report supporting
the estimate is available under both AndeanGold and Gitennes'
company profiles at www.sedar.com.
Information about Gitennes can be found at www.gitennes.com.
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.