Gitennes Announces TSX Venture Exchange Acceptance of Agreement to Acquire the Snowbird High Grade Gold Project
Gitennes Announces TSX Venture Exchange Acceptance of
Agreement to Acquire the Snowbird High Grade Gold Project
Vancouver, British Columbia - Ma rch 16, 2017– Gitennes Explora tion Inc. ("Gitennes" or the
"Company") - (TSXV: GIT) announces that a previous ly announced letter agreem ent (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 gr ade 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, Br itish 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 sout h 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 z ones 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 perso n" (as defined by National Instrument 43- 101) has not yet completed sufficient wo rk to be able to
verify the historical information, and therefore the information should not be relied upon.)
The Agreement
The letter agreement entered into by the Company an d 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 a ggregate 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 roya lty 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 expl oring for and advancing mineral de posits. 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.
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Qualified Person
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 pe rson" within the meaning of National Instrument 43-
101.
For further information on the Company, reader s are referred to the Company's website at
www.gitennes.com and its Canadian regulatory filings on SEDAR at www.sedar.com.
On behalf of the Board of Directors of
Gitennes Exploration Inc.
"Ken Booth"
Ken Booth
President
For further information, please contact: Ken Booth
Phone: 604-682-7970
Email: [email protected]
Neither the TSX Venture Exchange nor its Re gulation 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 constitu te "forward-looking information" within the meaning of
applicable Canadian securities laws concerning the busine ss, operations and financial performance and condition of
the Company. All statements in this ne ws release that are not purely histori cal 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 an d 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 pr operties; 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 Comp any believes that the beliefs, plans, expectations and
intentions contained in this news re lease are reasonable, there can be no assurance that those beliefs, plans,
expectations or intentions will prove to be accurate. Readers should consider a ll 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 statemen ts. 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.