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

To: Sudeep Naidoo who wrote (1091)	9/16/1999 8:57:00 PM
From: Ciao	Respond to of 1092

NR today, looks like they are not paying too much, warrants exercisible at .45 looks good to me -------- GITENNES EXPLORATION INC ("GIT-TY") NEWCREST MINING LTD ("NCMGF-L") - Gitennes/Newcrest Transaction Closes Gitennes Exploration Inc. has completed the acquisition of the Peruvian asset base of Newcrest Mining Limited. The purchase price is 1,000,000 common shares of Gitennes, one million common share purchase warrants (which may be exercised within 18 months of closing, at an exercise price of C$ 0.45), and US$ 90,000 in cash. The assets include: 1) A 40% interest in the Rio Blanco Project, a copper deposit located in northern Peru. Cyprus Antacori Corporation is a 60% joint venture partner. The Rio Blanco deposit has a blanket-like layer of enriched copper mineralization sitting above a more extensive area of lower grade mineralization, called "protore". Hole RB1 intersected 130 meters grading 1.16% copper (enriched layer) followed by 118 meters of 0.44% copper (protore). Subsequent drilling has returned intersections of the enriched mineralization and protore which are also of economic interest. During 1997 and 1998 Cyprus drilled eighteen holes at Rio Blanco, spaced 200 to 700 meters apart. Exploration at Rio Blanco is at an early stage. Copper mineralization has been intersected over an area 1,300 by 1,800 meters in size, and to depths of over 400 meters. Additional drilling is necessary before the full extent and grade of the deposit will be known. Under the terms of the Rio Blanco agreement, Cyprus (as Project Manager) will spend US$15,000,000 (US$ 3.0 million spent to date) on exploration and development, plus deliver a pre-feasibility study. Upon Cyprus fulfilling this requirement, Gitennes will be required to fund its 40% interest or face dilution. Gitennes will acquire Newcrest's 40% interest in Rio Blanco Exploration LLC. Gitennes will also acquire Newcrest's interest in Minera Newcrest Ecuador S.A., a company with unexplored landholdings along strike from Rio Blanco in neighboring Ecuador. 2) A 100% interest in Compania Minera Newcrest 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 Newcrest Peru's extensive proprietary database, fixed assets and mineral properties. Newcrest has spent US$ 8.5 million on exploration in Peru since 1994. 3) A 50% interest in Compania Minera Mincrest Peru S.A. The assets of Mincrest are held jointly with Minorco Peru (50%). Mincrest has been exploring the east-slope region of the central Andes for the past two years, and has identified several grassroots targets. Gitennes is pleased with these newly acquired assets. They provide the Company with an exciting portfolio of properties and data that is strategic to mineral exploration. Both can be developed and maintained at minimal expense. As well, the company is optimistic that it will be able to interest third party joint venture participants in some of the newly acquired assets. TEL: (604) 682-7970 Jerry D. Blackwell, Gitennes FAX: (604) 682-7903 E-MAIL: info@gitennes.com -----------