VANCOUVER, April 2, 2014 /CNW/ - Gitennes Exploration Inc.
(TSXV-GIT) provides the following corporate update.
In 2013 Gitennes continued to review jurisdictions in which to
acquire gold exploration properties. The review resulted in a
focus on West Africa and in late
2013 Gitennes sent geologists to Ghana to evaluate properties and meet with
property vendors and government officials.
Ghana is the second largest
gold producer in Africa and is a
highly ranked mining jurisdiction. Over the past decade
several multi-million ounce gold discoveries have been made, some
of which occur outside the traditional gold producing geological
belts highlighting the prospectivity of the country.
Gitennes is considering properties in the known gold producing
areas as well as in the new geological environs and is confident
its recent work in Ghana will
result in the acquisition of one or more properties either by
option or by staking. The Company continues discussions with
several parties.
The Company's review and due diligence of mineral properties is
supported by the payment stream from the Urumalqui transaction with
AndeanGold Ltd. Gitennes recently received $200,000 from AndeanGold under the terms of the
Urumalqui Share Sale and Mining Agreement. The remaining
payments due to Gitennes from AndeanGold total $1.85 million and 1.1 million AndeanGold common
shares and will be paid to Gitennes over the next 15 months.
The next payment is $350,000 and is
due June 17, 2014.
AndeanGold which is the operator of the Urumalqui Project in
Peru has the right to earn a 100%
interest in the Project by means of two agreements; an option
signed on April 21, 2010 to earn a
60% interest and a second option to acquire the additional 40% by
means of a Share Sale and Mining Agreement.
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.
