Gitennes Prepares for Field Season on its northern Barkerville Gold Belt Property and its Snowbird High Grade Gold Project; announces Non-brokered Private Placement
Gitennes Prepares for Field Season on its northern Barkerville Gold Belt Property and its
Snowbird High Grade Gold Project; announces Non-brokered Private Placement
Vancouver, British Columbia – June 1, 2017– Gitennes Exploration Inc. ("Gitennes" or the "Company") -
(TSXV: GIT) announces that field programs will co mmence in late June on its Hixon Gold Property
located at the northern end of the Barkerville Gold Belt and on its advanced stage high grade Snowbird
Gold Project. Both projects are well located in north central BC and are road accessible year round.
At Hixon, which is located at the northern end of th e Barkerville Gold Belt, the Company is planning to
follow up on its field work from last summer. In August 2016 Gitennes conducted reconnaissance
mapping, sampling and geophysics. The ground magneto meter (“MAG”) survey was particularly useful
in differentiating the contact between intrusive and sedimentary rocks; the sedimentary rocks identified
on the Property are similar to what is found in the Ba rkerville Gold Camp. Gitennes will continue with
the MAG survey and mapping and sampling of the sedimentary unit.
The Snowbird high grade gold project was optioned by Gitennes in February. The Project covers 7,120
hectares and is located 20 kilometres west of Fort St . James, British Columbia. Fort St. James is a full
service community providing infrastructure and skille d manpower. The Project is orogenic in style and
has been recognized as being similar to other lode gold systems that are associated with terrane boundary
structures and ophiolite complexes within the Cord illera. Several well-known examples of significant
past producers include the Motherlode District and Quartz Hill in California and in British Columbia,
Rossland, Bralorne and Barkerville. Historical sampli ng of the Peg Leg vein on the Project returned the
following values:
Vein Area Total Length (m) # of Samples Wt d Ave Gold Grade (g/t) Grade Range (g/t)
Peg Leg Adit 49.54 66 10.53 1.31 – 45.44
(1) Peg Leg sampling is continuous over 49.54 metres
(2) Readers are cautioned that a "qualified person" (as defined by Na tional Instrument 43-101) has not yet completed sufficient wor k to
be able to verify the historical information, and therefore the information should not be relied upon.
The Snowbird Project has seen little to no exploration si nce the late 1980’s. As a first phase exploration
program this summer Gitennes plans to carry out geophysics, mapping and sampling. The geophysics
will consist of ground MAG and Induc ed Polarization and will further delineate the 4.8 kilometre long
Sowchea shear zone. Mapping will focus on identifyi ng additional areas of mariposite alteration which is
a key host of high grade gold mineralization at Snowbird. Mariposite, which is a chrome rich sericite, has
been recognized at many high grade orogenic gold de posits in BC and California. Gitennes will also
relocate previous drill holes as the 88 drill holes comple ted in the late 1980’s will be useful in future
drilling by the Company.
The Company also announces that it is conducting a non- brokered private placement. The financing will
consist of up to 5.4 million non-flow through units for gross proceed s of up to $297,000 and up to nine
million flow-through units for gross proceeds of up to $585,000. The non-flow through units are priced at
5.5 cents and consists of one common share and one full common share purchase warrant. Each full
warrant entitles the holder to purchase one common share of Gitennes at 8.5 cents and have a term of
three years. The flows through units are priced at 6. 5 cents and consist of one common share and one full
common share purchase warrant. Each full warrant entitles the holder to purchase one common Gitennes
at 10.5 cents and have a term of three years. Ne t proceeds from the financing will be used for general
corporate purposes and for exploration on the Company’s properties. Finder’s Fees are payable on the
private placement.
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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 a 1% Net Smelter
Returns royalty on the 18 million ounce Urumalqui Silver Project in Peru.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved
by L. Mireku, MSc (P.Geo.), technical advisor to th e Company, who is a "qualified person" 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.
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.