VANCOUVER,
Oct. 1, 2013 /CNW/ - Gitennes
Exploration Inc. (TSX Venture Exchange: GIT) announces it has
received the $50,000 payment from
AndeanGold Ltd. under the terms of the amended Share Sale and
Mining Agreement on the Urumalqui Project, Peru. The next installment is
$150,000 and is payable on
December 31, 2013.
AndeanGold has the right to earn a 100% interest
in the Urumalqui Project from Gitennes pursuant to an Option
Agreement (the "60% Option") between the parties dated April 21, 2010 (see news release dated
April 22, 2010) and a Share Sale and
Mining Agreement dated May 17, 2012
(the "Agreement") which provides the Company with the right to
acquire Gitennes' 40% interest in the Urumalqui Project (see news
release of May 22, 2012). Gitennes
and AndeanGold signed an amendment (the "Amendment") to the
Agreement, dated September 16, 2013,
which revises the payment terms of the Agreement's September 17, 2013 installment payment, which
required AndeanGold to pay and issue Gitennes $200,000 and 143,000 common shares, respectively.
Pursuant to the Amendment, AndeanGold paid and issued Gitennes
$10,000 and 143,000 common shares,
respectively, on September 17, 2013,
paid $50,000 on September 30 and is required to pay $150,000 on December 31,
2013. The timing and amount of the Agreement's remaining
installments were not affected by the Amendment.
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.