VANCOUVER,
March 13, 2015 /CNW/ - Gitennes
Exploration Inc. ("Gitennes or the Company", GIT-TSXV) provides
the following corporate update.
In February, AndeanGold was to have made a cash payment to
Gitennes of $150,000. Under the
terms of the amended Share Sale and Mining Agreement that was
signed in December 2014 the missed
payment does not constitute a default. AndeanGold has until
June 21, 2015 to make payments
totaling $600,000 at which time if
any monies are still outstanding the amount will become a
convertible debenture. The next payment is $150,000 and is due April 15. The Company
recently met with management of AndeanGold and AndeanGold continues
to work on various forms of financing including debt and equity in
an attempt to advance the Urumalqui Project and to pay
Gitennes. In addition to the cash payments due Gitennes,
AndeanGold is obligated to register a 1.5% Net Smelter Royalty
against the Urumalqui properties in favour of Gitennes.
The Company continues to proactively seek exploration
opportunities in both the precious and base metals sectors and
recent meetings have generated new leads.
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.