GITENNES EXPLORATION INC. ("GIT")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: May 18, 2012
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing a share sale and mining agreement between Gitennes Exploration Inc. (the "Company" or "Gitennes") and AndeanGold Ltd. ("AndeanGold") pursuant to which AndeanGold the right to acquire an additional 40% interest in the Urumalqui Project. This right is in addition to the existing Option Agreement dated April 21, 2010 (which will remain in effect) that grants AndeanGold an option to earn a 60% interest in the Project.
Terms of the MOU require that AndeanGold will make the following firm and optional payments in order to earn the additional 40% interest in the Urumalqui Project:
Cash Payments
Share Issuances
On Signing the MOU
$125,000
0
On Signing the formal Agreement
$125,000
200,000
On or before 6 months from signing the Agreement
$250,000
200,000
On or before 12 months from signing the Agreement
$350,000
250,000
On or before 18 months from signing the Agreement
$400,000
250,000
On or before 24 months from signing the Agreement
$500,000
500,000
On or before 30 months from signing the Agreement
$1,000,000
600,000
Total
$2,750,000
2,000,000If AndeanGold chooses to exercise both options then Gitennes will be entitled to a 1% Net Smelter Returns Royalty on the Project with total payments limited to $1,250,000.
Insider / Pro Group Participation: Not applicable.
For further information please read the Company's news release dated January 23, 2012 available on SEDAR.
________________________________________
|
|
