Gitennes Exploration Inc V.GIT

Alternate Symbol(s): GILXF

Metals & Mining Industrial Metals & Minerals

Gitennes Exploration Inc. is a gold exploration company. The Company is in the business of exploring for and advancing mineral properties with a focus on high grade or large tonnage gold deposits. The Company has five gold properties in Quebec, JMW, New Mosher, Maxwell, VG Boulder and Serpenphior, the Snowbird gold property in British Columbia. It has an option to earn up to an 85% interest in the New Mosher Gold Property which is 670 hectares and is located approximately four kilometers (km) from the past producing Joe Mann Gold Mine. The Maxwell Property is 6,640 hectares and it is located approximately 14 kilometers south of Chapais and 18 kilometers northeast of the Company’s JMW property. It owns 100% of the 2,150-hectare JMW Property, which is located approximately 30 km south of Chapais Quebec. The Snowbird High Grade Gold Project consists of eight mineral claims, comprising 3,018 hectares, located approximately 20 km west of Fort St. James, in central British Columbia.

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Gitennes Exploration Inc

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Comment by Boatboyon Oct 12, 2005 12:07pm

199 Views

Post# 9690083

RE: Boatboy : Cobie

I don't have the original no.s in front of me but I think I'm close, we spend $1.2M now and they spend $3.6M more to earn back 60%?? If that is the case then they are valuing the play as $3.6/.6 or $6M. If the results are as good as we think (I tend to agree) the $6M equates to 20 cents per share. Putting the shoe on the other foot for a second.... would we now pay 20 cents per share extra to have 100% of the property... I'm sure we would. BUT business is risk and timing and I do agree that JB made the best deal available at the time. 40 % of something big is better than 0% of an idle property.

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