VANCOUVER,
Feb. 28, 2014 /CNW/ - Gitennes
Exploration Inc. ("Gitennes or the Company", GIT-TSXV) has
received $200,000 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 Silver-Gold Project. Of the $200,000 received, $150,000 has cured the Notice of Default
delivered to AndeanGold by Gitennes on January 2, 2014.
Gitennes and AndeanGold have agreed to further amend the
Agreement as follows:
1) The next scheduled payment due on March 17 under the Agreement would have been
$400,000 and 250,000 common
shares. Andean has made a payment of $50,000 and will pay the 250,000 common shares on
March 17;
2) deferring the balance of $350,000 to June
17; and
3) extending the final two payments of $500,000 and 500,000 common shares due
September 17, 2014 and $1,000,000 and 600,000 common shares due
March 17, 2015 by 90 days.
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.
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 has completed
two diamond drilling campaigns (44 holes totalling 7,124
metres). In November 2011 an
Initial Resources Estimate for the Urumalqui Vein was prepared by
MQes, 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.
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.
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.