Gitennes Stakes Iron Property in Peru
Vancouver, June 24, 2008: Gitennes Exploration Inc. (TSX-GIT) has acquired a 1,400 - hectare property in southern Peru. The property covers a potential zone of high grade magnetite and hematite (both ores of iron) along an overburden-covered hillside. Magnetite occurs in locally derived blocks and boulders up to 50 cm across and as beds of gravel in ravines. The float is derived from a large area of diorite intrusion and skarn located uphill from the original sample sites. The zone was found during regional prospecting conducted from the base camp at the TotoRoko Property. There is no evidence of previous exploration or sampling, and this zone is likely a new discovery.
Mineralization occurs as massive magnetite, magnetite-garnet and hematite in large blocks, boulders and cobbles that grade 63.5 to 66.2 % iron. The uphill trace of the zone of float has been traced by prospecting over a length of 600 metres and remains open to the north. The southern end of the zone appears to coincide with granite intrusive, the contact being marked by strong veining and alteration. Rusty outcrops here returned highly anomalous gold (117 to 228 ppb) associated with anhydrite-hematite veins. Elsewhere, scattered outcrops of massive secondary iron minerals and iron-cemented overburden have been found at several locations near the up-hill cut-off of the float, suggesting that a source may be nearby.
This zone is at a very early stage of exploration, and the results reported here are based upon initial field examinations. Additional work, including drilling and geophysical surveys are necessary to evaluate its potential as an iron prospect. The anomalous gold detected in a portion of the zone is also of interest, as is a zone of siliceous hydrothermal breccias noted 4 kilometres north. The next steps in the project are to complete additional prospecting, geological mapping and geophysical surveys.
Iron ore prices have increased dramatically in the past six years, and there has been renewed interest in the iron potential of Peru. Most known occurrences and deposits have been re-staked by competitor companies, including more inaccessible prospects far inland. Gitennes? new property is situated 80 kilometres from the Pacific coast. Access is by a regional network of gravel roads.
Analytical services and assays are provided by ALS Chemex Laboratories in Lima. The technical information in this release has been reviewed by J. Blackwell (P.Geo), a Qualified Person as defined by National Instrument 43-101.
For further information contact:
Jerry Blackwell, President
The Toronto Stock Exchange has neither approved nor disapproved the information herein.