VANCOUVER, Aug. 5, 2014 /CNW/ - Gitennes Exploration Inc.
(TSX Venture Exchange: GIT) advises that it has delivered a Notice
of Default to AndeanGold Ltd. for failure to make a $350,000 payment that was due and payable on
July 31, 2014. The payment was
due under the terms of an amended Share Sale and Mining Agreement
(the "Agreement") which provides AndeanGold the right to acquire
Gitennes' 40% interest in the Urumalqui Project, Peru. The
Default can be cured by AndeanGold making the $350,000 payment on or before September 29, 2014. If AndeanGold fails to
make the payment the Agreement will be terminated
immediately. In addition to the $350,000 payment the total remaining payments by
AndeanGold under the Agreement are $1.5
million and 1.1 million common shares.
AndeanGold has the right to earn a 100% interest in the
Urumalqui Project from Gitennes pursuant to an Option Agreement
(the "60% Option") dated April 21,
2010 (see news release dated April
22, 2010) and the Share Sale and Mining Agreement dated
May 17, 2012 (see news release of
May 22, 2012).
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.