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
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.
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.
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
SOURCE Gitennes Exploration Inc.