Gitennes Exploration (GIT-V) May 28, '14 is continuing with its strategy to acquire gold exploration properties in Ghana, West Africa.The company currently has two senior geologists in Ghana to follow up on work done during Gitennes's last visit to Ghana in late 2013. The goal of the trip is to identify properties for acquisition either from owners or as open ground.
Ghana is the second-largest gold producer in Africa and is a highly ranked mining jurisdiction. Over the past decade, several multimillion-ounce gold discoveries have been made, some of which occur outside the traditional gold-producing geological belts highlighting the prospectivity of the country. Gitennes's working capital is supported by the payment stream from the Urumalqui transaction with AndeanGold Ltd., and the next payment to Gitennes is $350,000 due on June 17. The remaining payments due to Gitennes from AndeanGold under the terms of the Urumalqui share sale and mining agreement total $1.85-million and 1.1 million AndeanGold common shares, and will be paid to Gitennes over the next year.
AndeanGold, which is the operator of the Urumalqui project in Peru, has the right to earn a 100-per-cent interest in the project by means of two agreements: an option signed on April 21, 2010, to earn a 60-per-cent interest and a second option to acquire the additional 40 per cent by means of a share sale and mining agreement. |
