Gitennes Sells its Gaspe, Quebec Properties and Continues Search for Additional Critical Mineral Properties
Suite 410 –325 Howe Street, B.C. V6C 1Z7 Tel: 604-682-7970
email: [email protected] website: www.gitennes.com
Gitennes Sells its Gaspe, Quebec Properties and Continues Search for
Additional Critical Mineral Properties
Vancouver, B.C., - May 18, 2023: Gitennes Exploration Inc. ("Gitennes" or the "Company") -
(TSXV – GIT) announces that it has executed a mining claims sales agreement (the "Sales
Agreement") to sell its three properties (the “Properties”) located in Gaspé, Québec to
Canadian Gold Resources Ltd. (“Canadian Gold”). The Company also announces that it
continues its search for additional critical mineral properties to add to its Blue Ice Rare
Earth Element, Niobium, Tantalum property.
The sale of the Properties is subject to the terms and conditions of the Sale Agreement
(the "Transaction"). The Transaction’s purchase price for the Properties is $250,000 in
value of the common shares of Canadian Gold at the time of the public listing of Canadian
Gold. The Transaction and the transfer of title to the Properties to Canadian Gold is
conditional upon Canadian Gold completing an Initial Public Offering (“IPO”) within
fourteen (14) months of the signature date of the Sale Agreement (the "IPO Deadline").
Should Canadian Gold fail to complete an IPO within the IPO Deadline, the Sale
Agreement shall be terminated and Gitennes shall have no further obligations to transfer
the Properties to Canadian Gold.
About Canadian Gold Resources Ltd.
Canadian Gold is a private mineral exploration company focussed on the Gaspe region
of Quebec. With the purchase of the Properties Canadian Gold is the largest land holder
in the southern Gaspe area with three gold properties all of which are located along the
prospective Grand Pabos Fault.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus
on high grade gold. The Company currently has three properties in the Chapais-
Chibougamau area of Quebec: New Mosher, JMW and Maxwell, and three properties in
the Gaspe Region of Quebec: VG Boulder, Serpenphior and Puma, the Snowbird gold
property in British Columbia and a 1.5% Net Smelter Return royalty on the 18 million
ounce Urumalqui Silver Project in Peru. All properties are 100% owned by Gitennes
except for New Mosher which is under option and Gitennes can earn an initial 70% and
has the right to increase its ownership to 85%. The Snowbird Property has been optioned
to a gold exploration company.
For further information on the Company, readers 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 phone 604-682-7970 or email [email protected]
Neither the TSX Venture Exchange nor its Regulation 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.
Not for distribution to United States newswire services or for release, publication, distribution or dissemination
directly, or indirectly, in whole or in part, in or into the United States
Cautionary Note Regarding Forward-Looking Information
This news release includes certain statements that constitute "forward-looking information" within the meaning of
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 historical 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 any property
Options and 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 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; 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 Company believes that the beliefs,
plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that those
beliefs, plans, expectations or intentions will prove to be accurate. Readers should consider all 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 statements. 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.