GIT:CC - Gitennes Acquires Key Claims at its Sept Iles Nickel Property Quebec

October, 17 2023 09:00 AM Gitennes Exploration Inc.

(TheNewswire)

Vancouver, BC - TheNewswire - October 17 , 2023 - GitennesExploration Inc. (" Gitennes " or the" Company ") – (TSXV:GIT) announces that it has acquired 100%of eight claims that form a key part of the Company’s 100% ownedSept Iles nickel property (the “SIN Property”). Gitennes purchasedthe 191 claim SIN Property which encompasses these newly acquiredclaims in May 2023. With the addition of these eight claims Gitennesnow has a consolidated land package that is prospective for nickel,copper and platinum group metals.

Highlights of the SIN Property

1.1% nickel over 10 metres in a trench historicallyreported by Soquem*;
Numerous untested airborne electro-magneticanomalies;
Soquem also historically reported 1.3% nickel, 0.49%copper and 4.3 grams/tonne platinum in grab samples*;
Accessible by all weather road, approximately 100 kmnorth of Sept Iles;
Property consists of 199 claims, 10,900hectares.

* The reported grades are historical in nature and havenot been verified by Gitennes.

The purchase of the eight claims is subject to apurchase agreement dated October 16, 2023, between the Company and anarm's length seller (the "Seller"). As consideration foracquiring a 100% interest in the eight, the Company will issue asconsideration to the Seller: (i) 1,500,000 units (each a “Unit”).Each Unit is comprised of one common share (a “ConsiderationShare”) in the capital of Gitennes and one non-transferable sharepurchase warrant (each a “Warrant”). Each Warrant entitles theSeller to acquire one additional common share in the capital ofGitennes at an exercise price of $0.15 for a period of sixty (60)months; and (ii) Gitennes has granted to the Seller an aggregate 2%net smelter return royalty (“NSR”) on the eight claims withGitennes being granted a buyback of 1% of the NSR at any time forC$1.0 million. The acquisition of the eight claims is subject to TSXVenture approval in accordance with the applicable TSXV policies.

The Consideration Shares will be subject to a statutoryfour month and one day hold period under applicable securitieslaws.

About Gitennes ExplorationInc.

Gitennes is in the business of exploring for andadvancing mineral properties The Company currently has threeproperties in the Sept Iles region of Quebec where the Company isexploring for nickel, REE, niobium and tantalum and three goldproperties in the Chapais-Chibougamau area of Quebec: New Mosher, JMWand Maxwell and a 1.5% Net Smelter Return royalty on the 18 millionounce Urumalqui Silver Project in Peru. The Company recently soldits gold properties in the Gaspe Region of Quebec and has optioned itsSnowbird Gold property in BC to a gold exploration company. Allproperties are 100% owned by Gitennes except for New Mosher which isunder option and Gitennes can earn an initial 70% and has the right toincrease its ownership to 85%.

Qualified Person – The technical content in this release has been reviewedand approved by Mitchell E. Lavery, P.Geo, whois a Qualified Person as defined by National Instrument 43-101,Standards of Disclosure for Mineral Projects

For further information on the Company, readers arereferred to the Company’s website at www.gitennes.com and itsCanadian regulatory filings on SEDAR at www.sedar.com .

Gitennes Exploration Inc.

“Ken Booth”
Ken Booth
President

For further information, please contact:
Ken Booth
Phone: 604-682-7970
Email: info@gitennes.com

Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.

Cautionary Note RegardingForward-Looking Information

Not for distribution to UnitedStates newswire services or for release, publication, distribution ordissemination directly, or indirectly, in whole or in part, in or intothe United States

Cautionary Note RegardingForward-Looking Information

This news release includes certain statements thatconstitute "forward-looking information" within the meaningof 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 historicalare forward-looking statements and include any statements regardingbeliefs, plans, expectations and orientations regarding the future. Often, but not always, forward-looking statements can be identifiedby words such as "pro forma", "plans","expects", "may", "should","budget", "schedules", estimates","forecasts", "intends", "anticipates","believes", "potential" or variations of suchwords including negative variations thereof and phrases that refer tocertain actions, events or results that may, could, would, might orwill occur or be taken or achieved. Such forward-looking statementsinclude, among others, statements as to the anticipated business plansand timing of future activities of the Company, including the exerciseof any property Options and to conduct exploration activities thereon. Actual results could differ from those projected in anyforward-looking statements due to numerous factors including risks anduncertainties relating to exploration and development and actualresults of exploration activities; the ability of the Company toobtain additional financing; delays in obtaining governmental andregulatory approvals (including of the TSX-V), permits or financing;the need to comply with environmental and governmental regulations;potential defects in title to the Company's properties; fluctuationsin the prices of commodities and precious metals; operating hazardsand risks; environmental issues and liabilities; and competition andother risks and uncertainties of the mining industry. Although theCompany believes that the beliefs, plans, expectations and intentionscontained in this news release are reasonable, there can be noassurance that those beliefs, plans, expectations or intentions willprove to be accurate. Readers should consider all of the informationset forth herein and should review the Company’s periodic reportsfiled from time-to-time with Canadian securities regulators. Thesereports and the Company's filings are available at www.sedar.com.

Readers are cautioned not to place undue reliance onforward-looking statements. The forward-looking statementscontained in this news release are made as of the date of this newsrelease and, except as otherwise required by law, the Companyundertakes no obligation to update the forward-looking statementscontained herein, or to update the reasons why actual results coulddiffer from those projected in these forward-looking statements.

Company Name:	Gitennes Exploration Inc.
Stock Symbol:	GIT:CC
Market:	TSXVC
Website:	gitennes.com

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