VANCOUVER,
June 17, 2014 /CNW/
- Gitennes Exploration Inc. ("Gitennes or the Company",
GIT-TSXV) and AndeanGold Ltd. have agreed to amend the Share
Sale and Mining Agreement (the "Agreement") which gives AndeanGold
the right to purchase a 40% interest in the Urumalqui Silver-Gold
Project. In consideration for Gitennes agreeing to amend the
Agreement, AndeanGold will issue to Gitennes an additional 250,000
common shares on or before June 30,
2014.
Gitennes and AndeanGold have agreed to amend the Agreement as
follows:
1) deferring the $350,000 payment
due on June 17 to July 31, 2014;
and
2) extending the final two payments: a) $500,000 and 500,000 common shares due
December 17, 2014 to January 31, 2015 and b) $1,000,000 and 600,000 common shares due
June 17, 2015 to July 31, 2015.
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.
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.