VANCOUVER, Dec. 23, 2011 /CNW/ - Gitennes Exploration Inc. (TSXV-GIT) advises that it has filed a Technical Report in support of its News Release dated November 15, 2011 in which an initial Inferred Mineral Resource estimate for the Urumalqui Vein Zone at the Urumalqui silver-gold exploration project was announced. The resource estimate was prepared on behalf of Gitennes and AndeanGold Ltd. ("AndeanGold"), which has an option to earn a 60% interest in the project.
The National Instrument 43-101 ("NI 43-101") - compliant report titled "Technical Report Urumalqui Property" dated December 22, 2011 was prepared by Mine and Quarry Engineering Services, Inc. ("MQes"). The assignment was carried-out by Mr Chris Kaye, FAusIMM, B.Eng Chemical, President and Principal Process Engineer, the modelling and estimates were carried out by Mr Doug Blanchflower, P.Geo of Minorex Consulting Limited and Mr. James McCrea, P.Geo. Messrs. Kaye, Blanchflower and McCrea are all qualified persons as defined under NI 43-101 MQes, Minorex, and Messrs. Kaye, Blanchflower and McCrea are independent of both AndeanGold and Gitennes.
The Technical Report may be found in Gitennes' profile on SEDAR (www.sedar.com) and will be available on the Company's website shortly.
The Urumalqui Project is located in northern Peru in the Department of La Libertad. AndeanGold has an option to acquire a 60% interest in the Urumalqui Project from Gitennes. In order to earn its interest AndeanGold must spend $3,000,000 in qualifying exploration expenditures on the project over a four-year term, which includes a minimum of 3,000 metres of drilling (completed) by the end of the second year and 7,000 metres of cumulative drilling by the end of the third year. AndeanGold must also issue 80,000 shares to the Company in four tranches of 20,000 shares each. AndeanGold completed its first drill programme in July 2011, which was focused on infill drilling the central and southeastern (1,000-metre) segments of the Urumalqui Vein structure to a depth of 200 metres. This programme included 31 core holes for a total of 5,071 metres which combined with Gitennes' previous drilling results, confirmed good continuity of mineralization at favourable silver and gold grades.
The technical information in this release has been reviewed by J. Blackwell (P.Geo.), a Qualified Person as defined by National Instrument 43-101.
Jerry Blackwell, 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.
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.
For further information:
Please refer Gitennes' website at www.gitennes.com for further information on the Company's projects and activities.