Vancouver, British Columbia / TheNewswire / March 16, 2017- Gitennes Exploration Inc. ("Gitennes" or the "Company") - (TSXV: GIT) announces that a previously announced letter agreement (see news release dated February 16, 2017), which provides for the grant to Gitennes of the exclusive right to acquire an undivided 100% interest in and to Snowbird high grade gold project (the "Snowbird Project") has been accepted for filing by the TSX Venture Exchange.
Snowbird Project Highlights
The Snowbird Project is an advanced stage, high grade gold project covering 7,120 hectares which is located 20 kilometres west of Fort St. James, British Columbia. Fort St. James is a full service community providing infrastructure and skilled manpower. To the north of Fort St. James is Centerra Gold's Mt. Milligan copper-gold mine which hosts proven and probable reserves of 2.2 billion pounds of copper and 5.7 million ounces of gold and to the south of Fort St. James is New Gold's Blackwater development project that hosts reserves of 8.2 million ounces of gold and 61 million ounces of silver.
The Snowbird Project has seen little to no exploration since the late 1980's when three diamond drill programmes were completed bringing the total diamond drilling on the Project to 91 holes totalling 9,340 metres. The drilling was concentrated between two zones over 800 metres and left several zones untested including a new zone 1.5 kilometres north of the drilling.
Selected historical diamond drill results include:
--23.9 g/t gold over 0.91 meters;
--18.5 g/t gold over 2.44 meters; and
--48.0 g/t gold over 1.0 meters.
(Readers are cautioned that a "qualified person" (as defined by National Instrument 43-101) has not yet completed sufficient work to be able to verify the historical information, and therefore the information should not be relied upon.)
The letter agreement entered into by the Company and Omineca Gold Ltd. ("Omineca"), a private British Columbia company, provides that Gitennes may earn a 100% interest in and to the Snowbird Project by making share payments in the aggregate amount of 12 million shares to the shareholders of Omineca and incurring certain exploration expenditures in the aggregate amount of $1.5 million, on or before September 30, 2020. Upon making the necessary share issuances and exploration expenditures, Gitennes will own 100% of the Snowbird Project subject only to a 2% net smelter returns ("NSR") royalty to a maximum of $1.3 million and reverting to a 1% NSR royalty with no cap thereafter. Finder's fees in the aggregate amount of $52,500 are payable by the Company prior to September 30, 2020 (if the option is exercised in full), which can be settled in cash or shares at the discretion of the Company.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral deposits. The Company currently has two gold exploration properties, Hixon and Snowbird, both in British Columbia and has a 1% Net Smelter Returns royalty on the Urumalqui Silver Project in Peru.
The scientific and technical information contained in this news release has been reviewed and approved by L. Mireku, MSc (P.Geo.), who is a "qualified person" within the meaning of National Instrument 43-101.
On behalf of the Board of Directors of
Gitennes Exploration Inc.
For further information, please contact: Ken Booth
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 news release.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws concerning the business, operations and financial performance and condition of the Company. All statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future. Often, but not always, forward-looking statements can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "schedules", estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Such forward-looking statements include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the exercise of the option to acquire the Snowbird Project and to conduct exploration activities thereon. Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to exploration and development and actual results of exploration activities; the ability of the Company to obtain additional financing; delays in obtaining governmental and regulatory approvals (including the TSX Venture Exchange), permits or financing; the need to comply with environmental and governmental regulations; potential defects in title to the Company's properties; fluctuations in the prices of commodities and precious metals; operating hazards and risks; environmental issues and liabilities; and competition and other risks and uncertainties of the mining industry. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that those beliefs, plans, expectations or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should review the Company's periodic reports filed from time-to-time with Canadian securities regulators. These reports and the Company's filings are available at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as otherwise required by law, the Company undertakes no obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in these forward-looking statements.