GIT:CC - Gitennes Acquires Prospective Nickel and Rare Element Properties in the Sept Iles area Quebec.

(TheNewswire)

Vancouver, BC - TheNewswire - May 24, 2023 - Gitennes Exploration Inc. (" Gitennes " or the " Company ") (TSXV:GIT) announces that it has acquired a 100%interest in prospective nickel and Rare Earth Element (“REE”)properties (the “Properties”) located in the Sept Iles area ofQuébec. These two new property acquisitions complement theCompany’s existing Blue Ice REE, niobium, tantalum property which isalso located north of Sept Iles.

Highlights

Sept Iles nickel property

• 1.1% nickel over 10 metres in a trench historicallyreported by Soquem on claim adjacent to Gitennes property*;

• Numerous untested airborne electro-magneticanomalies;

• Soquem also historically reported 1.3% nickel, 0.49%copper and 4.3 grams/tonne platinum in grab samples on adjacentclaims*;

• Accessible by all weather road, approximately 100 kmnorth of Sept Iles;

• Property consists of 191 claims, 10,500hectares.

Rare Earth Element property

• Several showings on the property;

• Previous work returned grab samples anomalous inniobium and neodymium:

  • Niobium grades up to 1.6%*;

  • Neodymium grades from five samples ranged from 4,820 to8,660 ppm*;

• Government mapping identified pegmatites;

• Accessible by all weather road, approximately 50 kmnorth of Sept Iles;

• Property consists of 62 claims, 3,400hectares.

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

Gitennes CEO, Ken Booth, commented: “The acquisition of a prospectivenickel and another REE exploration property is a great opportunity forthe Company. Including the Company’s Blue Ice REE, niobium, tantalumproperty which is also in the Sept Iles area, the Company now holdsthree prospective critical metals properties. The Company is lookingforward to the upcoming field season when it can advance all threeSept Iles critical properties and its two gold properties.”

The purchase of the Properties is subject to a purchaseagreement dated May 23, 2023, between the Company and arm's lengthsellers (the "Sellers"). As consideration for acquiring a100% interest in the Properties, the Company has issued asconsideration to the Sellers: (i) an aggregate of 8,000,000 units(each a “Unit”). Each Unit is comprised of one common share (a“Consideration Share”) in the capital of Gitennes and onenon-transferable share purchase warrant (each a “Warrant”). EachWarrant entitles the Sellers to acquire one additional common share inthe capital of Gitennes at an exercise price of $0.15 for a period ofthirty-six (36) months; and (ii) Gitennes has granted to the Sellersan aggregate 2% net smelter return royalty (“NSR”) with Gitennesbeing granted a buyback of 1% of the NSR at any time for C$1.0million.  The Sellers may also be entitled to a 0.5% net smelterreturn royalty in any interest Gitennes acquiresin additional claims within an area of interest of the Properties. Theacquisition of the Properties is subject to TSX Venture Exchangeapproval and the Units will be subject to a statutory four month andone day hold period under applicable securities laws from the ClosingDate.

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

About Gitennes ExplorationInc.

Gitennes is in the business of exploring for andadvancing mineral properties with a focus on high grade gold.  TheCompany currently has three properties in the Chapais-Chibougamau areaof Quebec: New Mosher, JMW and Maxwell and the Snowbird gold propertyin British Columbia and a 1.5% Net Smelter Return royalty on the 18million ounce Urumalqui Silver Project in Peru.  The Company recentlysold its gold properties in the Gaspe Region of Quebec.  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%.  The Snowbird Property has beenoptioned to a gold exploration company.

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 phone  604-682-7970 or emailinfo@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.

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 intentions contained in this news release arereasonable, there can be no assurance that those beliefs, plans,expectations or intentions will prove to be accurate.  Readers shouldconsider all of the information set forth herein and should review theCompany’s periodic reports filed from time-to-time with Canadiansecurities regulators.  These reports and the Company's filings areavailable 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.

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