Gitennes Exploration Inc. - Urumalqui trench results
2012年6月21日 - 10:32AM
PR Newswire (Canada)
VANCOUVER, June 21, 2012 /CNW/ - Gitennes Exploration Inc.
(TSXV-GIT) is pleased to provide an update of on-going exploration
activities at the Urumalqui silver-gold project in Peru, announce
the appointment of a new director to the Board of Directors and the
termination of property option agreements for the Riddle property.
Urumalqui: Exploration at Urumalqui is conducted by AndeanGold Ltd.
which has the right to earn a 100% interest in the Project by means
of a 60% option and a 40% Share Sale and Purchase Agreement.
To date AndeanGold has completed approximately 5,070 metres of
drilling and expended approximately $2.3 million out of a required
7,000 m of drilling and $3.0 million of expenditures to earn the
60%. During 2012 AndeanGold has commissioned metallurgical
studies using composites of drill core samples. These tests are
being conducted in Canada at G&T Metallurgical Services Ltd.
("G&T") of Kamloops, B.C. Results of this work are
pending. Also the main Urumalqui Vein has been "trenched" at
25-metre spaced intervals, with each trench dug sufficiently deep
to fully expose the Vein for channel sampling purposes. Continuous
channel samples, averaging 1.0 m and ranging from 0.50 m to 1.8 m
long, were taken utilizing a portable rock saw. The vein can be
traced in outcrop for a length of 1,650 metres. Though one
mineralized system, the Vein is subdivided for descriptive purposes
into the Southeast ("SE") and Northwest ("NW") Sections. The SE
section includes a 1,000 metre long block that was subject to a
5,071 metre infill drilling program by AndeanGold in 2011. A
summary of the Program's trench assay results are tabulated as
follows:
____________________________________________________________________
| |Length of|From Section|AVERAGE |Silver| Gold|Silver Eq.| | |
Vein | # | WIDTH |(g/t) |(g/t)| (g/t) | | |(metres) |to Section
#|(metres)| | | |
|____________|_________|____________|________|______|_____|__________|
| URUMALQUI | 1650 |950S - 700N | 2.35 |77.79 | 2.24| 190.04 | |
VEIN | | | | | | |
|____________|_________|____________|________|______|_____|__________|
| Including | 1000 |950S - 050N | 1.86 |99.98 | 1.60| 180.17 | | SE
SECTION | | | | | | |
|____________|_________|____________|________|______|_____|__________|
| And | 650 |050 N - 700N| 3.23 |58.03 | 2.82| 198.82 | | NW
SECTION | | | | | | |
|____________|_________|____________|________|______|_____|__________|
|- Which also| 500 |050N - 550N | 2.66 |82.46 | 2.66| 292.94 | |
includes | | | | | | |
|____________|_________|____________|________|______|_____|__________|
Silver Eq.: Equivalent grade of silver based on price ratio of 50:1
silver to gold and assuming 100% recoveries of both metals. The
results reported here are comparable to chip-channel results
obtained by Gitennes during campaigns in 2002-2003, however the
systematically-collected and sawn-nature of the AndeanGold samples
may now be used in future resource estimates. These results are
weighted averages of all samples within the stated vein segment.
Individual trenches have significant ranges in silver and gold
tenor, yet high-grade results cluster and define areas within the
vein structure that offer high-grade possibilities at depth. For
instance 70%, or 47 of the 67 trenches returned grades greater than
the 90 g/t silver equivalent cut-off grade employed in the initial
resource estimate by Mine and Quarry Engineering Services Inc. (for
Mineral Resource information see News Release of November 15,
2011). Most of these trench results were preceded by drilling
campaigns conducted by both Gitennes and AndeanGold between 2003
and 2011, however the results for the NW Segment highlight this
underexplored portion of the vein system and the significant
potential extensions to the known zone. The technical information
in this release has been reviewed by J. Blackwell (P.Geo.), a
Qualified Person as defined by National Instrument 43-101. Changes
to the Board of Directors - Gitennes is pleased to announce the
appointment of Mr. G. Robert Matthews to the Board of
Directors. Mr. Matthews is a businessman residing in
Vancouver who currently works in commercial and residential real
estate sales and property development. Robert has previously
served as a Director of other listed-companies and has maintained
an active interest in the junior resource sector through the
years. Mr. Matthews has been appointed to the Company's audit
committee. The Company has granted Mr. Matthews 200,000 stock
options at an exercise price of $0.05 per share which are valid for
five years from the date of grant. Also, Lyle Hepburn and Vic
Tanaka have resigned from the Board of Directors. The Company
thanks Lyle and Vic for their many years of service and wish them
success. Changes to Exploration Property Portfolio - Gitennes has
given a notice to the owners of the Riddle property that the
Company will not be continuing with the two options on the
property. 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. Gitennes Exploration Inc. CONTACT: For more Company
information please go to www.gitennes.com.
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