VANCOUVER, Oct. 2, 2014 /CNW/ - Gitennes Exploration
Inc. (TSX Venture Exchange: GIT) advises that it has provided
AndeanGold Ltd. an extension to October
31 to cure the default from AndeanGold's failure to make a
$350,000 payment that was due and
payable on July 31, 2014. The
payment was due under the terms of an amended Share Sale and Mining
Agreement (the "Agreement") which provides AndeanGold the right to
acquire Gitennes' 40% interest in the Urumalqui Project,
Peru. The extension to the Cure Period will allow AndeanGold
time to either cure the Default by making the $350,000 payment or to provide in writing to
Gitennes other options acceptable to Gitennes to enable AndeanGold
to acquire Gitennes' 40% interest in Urumalqui. If by
October 31 AndeanGold fails to make
the payment or fails to provide written options to Gitennes the
Agreement will be terminated immediately. In addition to the
$350,000 payment the total remaining
payments by AndeanGold under the Agreement are $1.5 million and 1.1 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 the Share Sale and Mining Agreement dated
May 17, 2012 (see news release of
May 22, 2012).
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.