Gitennes – Riddle Rare Earth Property Update
Vancouver, September 1, 2011: Gitennes Exploration Inc (TSXV-GIT) is pleased to announce that it has acquired additional properties at its Riddle Project situated in central British Columbia. A second option-to-purchase agreement has been reached, similar in terms to that announced previously in May 2011. The term of the agreement is four years in length with payments totalling $100,000 as follows: $10,000 initial payment on signing the option agreement (paid), followed by a second $10,000 payment after six months, then payments of $20,000 each on or before the first, second, third, and fourth anniversaries. The property is subject to a 1% NSR royalty.
The Riddle Project covers a Tertiary alkaline volcanic feature that has rare-earth mineralization within phonolite flows and tuffs. A limited amount of rock sampling and trenching was done in 2000 by a previous owner. Samples returned values of 2550 to 3130 ppm lanthanum, 582 to 676 ppm neodymium, 3260 to 4340 ppm cerium as well as elevated europium and samarium. Mineralization is associated barite, celestite and fluorite; uranium and thorium contents are very low. The Company completed an initial assessment of the original property during August, 2011, including an orientation soil survey employing the MMI (Mobile Metal Ion) process, a proven analytical technique preformed at SGS Group geochemical Services Laboratories in Don Mills, Ontario that test soils for metals being carried to surface by ground waters. The survey yielded high contrast anomalies over the known mineralization and extends the zone of interest under cover to the edge of the gridded area (125 by 250 metres).
With the additional optioned claims Gitennes now controls 100% of the known extent of rare earth mineralization at Riddle as well as a large area of argillic alteration in the southern portion of the property. It is thought that the mineralization at Riddle may be unique compared to other British Columbia rare earth exploration settings, being hosted within a Tertiary alkaline volcanic centre. Additional work is planned at Riddle during the coming months including detailed geological mapping, expanded soil sampling coverage and trenching.
The Company also announces that its investor relations agreement with MarketSmart Communications Inc has been terminated. Gitennes appreciates the efforts of the MarketSmart team and wishes them future success.
The technical information in this release has been reviewed by J. Blackwell (P.Geo.), a Qualified Person as defined by National Instrument 43-101.
Information about all of Gitennes� projects may be found by visiting www.gitennes.com.
For further information contact:
Jerry Blackwell
604 682 7970
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.
DISCLAIMER: This news release includes certain statements, other than historical information, that may be deemed �forward-looking statements�. All statements in this release, other than statements of historical facts, including, without limitation, statements regarding future plans and objectives of the companies are forward-looking statements that involve various risks and uncertainties. Although Gitennes believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, market or business conditions, and other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. Historical information necessarily is not current and is provided for your reference only. No warranty whatsoever is made that any of the historical information is accurate, precise, or up-to-date. For more information on Gitennes and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
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. |