VANCOUVER, May 28, 2014 /CNW/ - Gitennes Exploration
Inc. (TSXV-GIT) announces that further to its news release of
April 2, 2014 it is continuing with
its strategy to acquire gold exploration properties in Ghana, West
Africa.
The Company currently has two senior geologists in Ghana to follow up on work done during
Gitennes' last visit to Ghana in
late 2013. The goal of the trip is to identify properties for
acquisition either from owners or as open ground.
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' working capital is supported by the payment stream
from the Urumalqui transaction with AndeanGold Ltd. and the next
payment to Gitennes is $350,000 due
on June 17. The remaining payments due to Gitennes from
AndeanGold under the terms of the Urumalqui Share Sale and Mining
Agreement total $1.85 million and 1.1
million AndeanGold common shares and will be paid to Gitennes over
the next year.
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.
