VANCOUVER, July 17, 2013 /CNW/ - Gitennes Exploration
Inc. ("Gitennes or the Company", GIT-TSXV) has been notified by
AndeanGold Ltd. ('AndeanGold") that 2,053 metres of diamond
drilling in 13 holes were completed in June at the Urumalqui
Project, Peru. According to
AndeanGold all 13 holes intersected the Urumalqui vein. The drill
core is being logged and assays should be available in the coming
two months. With the completion of the 13 holes AndeanGold
has now completed 7,124 metres of drilling at Urumalqui. In
order to maintain the 60% Option Agreement (the "Agreement") signed
on July 8, 2010 AndeanGold was
required to have completed 7,000 metres of cumulative diamond
drilling and to issue 80,000 common shares to Gitennes by
July 8, 2013. The final tranche
of shares was delivered to Gitennes before July 8.
In addition to the drilling requirements and share payments
AndeanGold must incur $3.0 million of
expenditures on Urumalqui by July 8,
2014 in order to exercise the Option to acquire a 60%
interest in Urumalqui. AndeanGold is exploring Urumalqui under the
Agreement and a 40% Share Sale and Purchase 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. Exploration activities between 2003 and 2008
by Gitennes included three core drilling campaigns totalling 47
holes. In 2010 the project was optioned to AndeanGold Ltd
whom undertook a fourth diamond drilling campaign (31 holes
totalling 5,071 metres). In November
2011 an Initial Resources Estimate for the Urumalqui Vein
(the principal focus of drilling up to that date) was prepared by
Mine and Quarry Engineering Services, 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.
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.