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Gold/Mining/Energy : GITENNES Exploration (ase:GIT) -- Ignore unavailable to you. Want to Upgrade?

To: charred who wrote (1089)	6/29/1999 12:41:00 PM
From: Sudeep Naidoo	Respond to of 1092

Gitennes Exploration to acquire Newcrest Mining's Peruvian assets Gitennes Exploration Inc GIT Shares issued 26,255,831 Jun 25 close $0.23 Mon 28 Jun 99 News Release Mr. Jerry Blackwell reports Gitennes Exploration has signed a letter of intent with Newcrest Mining Limited, an Australian-listed gold company, to acquire Newcrest's assets in Peru and Ecuador. The contemplated transaction will see Gitennes acquire the shares and assets of four Newcrest affiliates, in cosideration of: the issuance of one million common shares of Gitennes, plus one million common share purchase warrants which may be exercised within 18 months of closing, at an exercise price of 45 Canadian cents, and $90,000 (U.S.) in cash. The transaction is subject to formal approval by the boards of directors of each of Newcrest Mining Limited and Gitennes, plus all required approvals, and completion of Gitennes Exploration's final due diligence review. Highlights of the proposed acquisition include: a 40-per-cent interest in the Rio Blanco project, a recently discovered porphyry copper deposit in Northern Peru. Cyprus Antacori Corporation is a 60-per-cent joint venture partner. Newcrest geologists discovered Rio Blanco in 1994, and Cyprus drilled the property in 1997 and 1998. To date 18 drill holes (spaced 200 to 700 metres apart) outline a large deposit that is 1,300 metres by 1,800 metres in size at surface, down to depths of 400 metres below surface. Two important features of the Rio Blanco deposit are the blanket of secondary enriched copper mineralization and the high-grade protore. Newcrest has previously released assay results for the following two higher grade drill holes. Subsequent drilling has returned intersections of the enriched mineralization and protore which are also of economic interest. Hole Copper Mineral Number Depth Interval Grade Zone (metres) (metres) (%) RB01 150-200 130 1.16 Enriched (verti- cal) 280-398 118 0.44 Protore RB07 159-243 84 1.66 Enriched (verti- cal) 287-306 39 1.07 Transition 308-375 77 0.67 Protore Drilling at Rio Blanco is at an early stage of exploration and the overall size and grade of the deposit is yet to be determined. Under the terms of the Rio Blanco agreement, Cyprus (as project manager) will spend the initial $15-million (U.S.) ($3-million (U.S.) spent to date) on exploration and development, plus deliver a prefeasibility study. Upon Cyprus fulfilling this requirement, Gitennes will be required to finance its 40-per-cent interest or face pro rata dilution. Gitennes will acquire: Newcrest's 40-per-cent interest in Rio Blanco Exploration LLC. Gitennes will also acquire Newcrest's initial interest in Minera Newcrest Ecuador S.A., a company with unexplored landholdings along strike from Rio Blanco, in Ecuador. a 100-per-cent interest in Compania Minera Newcreat Peru S.A. Newcrest Peru is Newcrest's principal exploration vehicle in Peru, and has been active in the country since 1994. Gitennes will acquire Newcreat Peru's extensive proprietary database, fixed assets and mineral properties. The database includes an exhaustive amount of mineralization in Peru, the results of extensive reconnaissance programs throughout the country, as well as property evaluations and recommendations. This will significantly enhance and complement Gitennes Exploration's own database and will strengthen its competitive advantage. Newcrest Peru owns several grassroots gold exploration properties outright, and has an option to earn a minimum 51-per-cent interest in the Pico Machay gold project owned by Queenstake Resources Ltd. Newcrest has spent $8.5-million (U.S.) on exploration in Peru since 1994. a 50-per-cent interest in Compania Minera Mincrest Peru S.A. The assets of Mincrest are held jointly with Minorco Peru (50 per cent). The Minorco/Newcrest joint venture, through Mincrest, has been exploring the east slope region of the Central Andes for the past two years, and has identified several grassroots targets. Upon closing, Gitennes intends to review the structure of its Peruvian affiliates and the status of its various projects. Gitennes, through wholly owned Compania Minera Kori Playa S.A. and Compania Minera Kori Rumi S.A., is currently exploring the Azul property, the Lesbos property and is continuing a countrywide search for quality precious and base metal exploration properties. The Newcrest transaction is seen to significantly broaden the company's asset base on terms commensurate with global market conditions, without entailing long-term fiscal liabilities and obligations. In addition to the pro-active exploration being done in Peru, Gitennes is exploring for gold in Canada through its option agreement with Phelps Dodge Corporation of Canada, at Nowyak Lake. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

To: charred who wrote (1089)	6/29/1999 12:42:00 PM
From: Sudeep Naidoo	Read Replies (1) \| Respond to of 1092

NP says Gitennes to buy Newcrest assets in Peru, Ecuador Gitennes Exploration Inc GIT Shares issued 26,255,831 Jun 28 close $0.23 Tue 29 Jun 99 In the News The National Post reports in its Tuesday, June 29, edition that Gitennes Exploration has executed a letter of intent to buy Australian gold company Newcrest Mining's assets in Peru and Ecuador. The National Post's Briefing column reports that Gitennes will acquire four Newcrest affiliates for one million common shares, one million warrants and $90,000 (U.S.) in cash. The warrants may be exercised for 18 months at 45 cents a share. Gitennes says the transaction must be approved by the companies' boards and by regulators, and Gitennes must complete its final due diligence review. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com