GIT:CC - Gitennes Sells its Gaspe Quebec Properties and Continues Search for Additional Critical Mineral Properties
(TheNewswire)
Vancouver, B.C. - TheNewswire - May 18, 2023 - Gitennes Exploration Inc.("Gitennes" or the "Company") – (TSXV:GIT) announces that it hasexecuted a mining claims sales agreement (the "SalesAgreement") to sell its three properties (the “Properties”)located in Gaspe?, Québec to Canadian Gold Resources Ltd.(“Canadian Gold”). The Company also announces that it continuesits search for additional critical mineral properties to add to itsBlue Ice Rare Earth Element, Niobium, Tantalum property.
The sale of the Properties is subject to the terms andconditions of the Sale Agreement (the "Transaction"). TheTransaction’s purchase price for the Properties is $250,000 in valueof the common shares of Canadian Gold at the time of the publiclisting of Canadian Gold. The Transaction and the transfer of title tothe Properties to Canadian Gold is conditional upon Canadian Goldcompleting an Initial Public Offering (“IPO”) within fourteen (14)months of the signature date of the Sale Agreement (the "IPODeadline"). Should Canadian Gold fail to complete an IPO withinthe IPO Deadline, the Sale Agreement shall be terminated and Gitennesshall have no further obligations to transfer the Properties toCanadian Gold.
About Canadian Gold Resources Ltd.
Canadian Gold is a private mineral exploration companyfocussed on the Gaspe region of Quebec. With the purchase of theProperties Canadian Gold is the largest land holder in the southernGaspe area with three gold properties all of which are located alongthe prospective Grand Pabos Fault.
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 three properties in theGaspe Region of Quebec: VG Boulder, Serpenphior and Puma, the Snowbirdgold property in British Columbia and a 1.5% Net Smelter Returnroyalty on the 18 million ounce Urumalqui Silver Project in Peru. All properties are 100% owned by Gitennes except for New Mosherwhich is under option and Gitennes can earn an initial 70% and has theright to increase its ownership to 85%. The Snowbird Property hasbeen optioned 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 arenot purely historical are forward-looking statements and include anystatements regarding beliefs, plans, expectations and orientationsregarding the future. Often, but not always, forward-lookingstatements 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 andphrases that refer to certain actions, events or results that may,could, would, might or will occur or be taken or achieved. Suchforward-looking statements include, among others, statements as to theanticipated business plans and timing of future activities of theCompany, including the exercise of any property Options and to conductexploration activities thereon. Actual results could differ fromthose projected in any forward-looking statements due to numerousfactors including risks and uncertainties relating to exploration anddevelopment and actual results of exploration activities; the abilityof the Company to obtain additional financing; delays in obtaininggovernmental and regulatory approvals (including of the TSX-V),permits or financing; the need to comply with environmental andgovernmental regulations; potential defects in title to the Company'sproperties; fluctuations in the prices of commodities and preciousmetals; operating hazards and risks; environmental issues andliabilities; and competition and other risks and uncertainties of themining industry. Although the Company 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.
Copyright (c) 2023 TheNewswire - All rights reserved.