Gitennes Exploration Inc.
� Timeline on 2011 Exploration at Urumalqui
Gitennes Exploration Inc. (TSXV-GIT) is pleased to advise
shareholders that its earn-in partner on the Urumalqui
Project, AndeanGold Ltd., anticipates drilling to
begin before the end of March 2011.
AndeanGold�s Peruvian affiliate, PeruGold S.A. is in receipt of the voucher from Peru�s
Ministry of Energy and Mines the approving its Declaration of Environmental
Impact Study (�DIA�) application. The DIA authorizes the Company to
undertake a 3,000-metre drill programme on the
Project. Drilling will focus on infill drilling to a depth of 200 meters
along the central and south eastern segments of the Urumalqui
Vein, which cover one-kilometre of the
1,500-metre long outcropping Urumalqui Vein where
the majority of Gitennes� three previous drilling
programs occurred. The programme is intended to
achieve an overall drill hole spacing of approximately 50 metres over this 1.0 kilometre
vein strike, to a depth of 200 metres. AndeanGold plans to commission a resource estimate upon
completion of this program.
PeruGold has also signed water assignment
agreements with several surface owners in the Project area and has applied
for a water permit with the Peruvian Local Water Authority (�ALA�) for the
utilization of the assigned water rights. The granting of the water permit
was dependent on an approved DIA, so the water permit from ALA should be
issued by the end of February 2011. PeruGold has
also signed surface-use agreements with the key surface owners controlling
lands covering the Urumalqui Vein and has leased
land and built a core storage facility.
Gitennes granted an option to AndeanGold
(Gitennes News Release dated February 1, 2010)
whereby its Peruvian affiliate, PeruGold, can
earn a 60% interest by:
- Expending $3,000,000 of
qualifying expenditures on the Project over a four � year term,
- Completing 3,000 metres of drilling by the end of the second year
of the Term and 7,000 metres of cumulative
drilling by the end of the third year of the Term, and
- AndeanGold
issuing Gitennes 80,000 shares in four
tranches of 20,000 shares. Gitennes may elect
to receive cash in lieu of shares, with the amount not to exceed
$25,000, $50,000 and $100,000 with respect to the first, second and
third year anniversary date payments, respectively. If the market
value of the shares on the respective payment dates exceeds the
maximum cash payment amount on such date, the difference will be paid
in equivalent shares.
Urumalqui is an epithermal vein which is
mineralized with potentially economic silver and gold mineralization. Gitennes acquired the properties by staking in 2002 and
explored it jointly with Meridian Gold Inc. until mid-2005, upon which Gitennes assumed 100% ownership. Work on the property
since January 1, 2003 includes grid-controlled soil sampling, IP and
magnetic geophysics surveying, three phases of core drilling (approximately
7,336 metres in 47 holes) and preliminary
metallurgical testing.
A technical report on the Project, dated March 30,
2009 is available under the Company�s disclosure filings at www.sedar.com.
The technical information in this release has been
reviewed by J. Blackwell (P.Geo.), a Qualified
Person as defined by National Instrument 43-101.
Shareholders and interested parties are encouraged
to sign up to the Company�s mail list in order to receive timely updates.
Please visit our website at www.gitennes.com/contact/request-information or email info@gitennes.com to add your contact details.
For further information contact:
Jerry Blackwell, President
604-682-7970
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