VANCOUVER,
Jan. 3, 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 $150,000 payment that was due
and payable on December 31, 2013. The
payment was due under the terms of the 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 a payment of $150,000 on or before March 3, 2014. If AndeanGold fails to make
the payment then the Agreement will be terminated
immediately. In addition to the $150,000 payment the next payment due by
AndeanGold under the Agreement is $400,000 and 250,000 common shares on
March 21, 2014. Total remaining
payments by AndeanGold under the Agreement are $2.05 million and 1.35 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 a Share Sale and Mining Agreement dated
May 17, 2012 which provides
AndeanGold with the right to acquire Gitennes' 40% interest in the
Urumalqui Project (see news release of May
22, 2012). Gitennes and AndeanGold signed the amendment to
the Share Sale and Mining Agreement on September 16, 2013 (see news release dated
September 19, 2013).
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.
