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To: Goose94 who wrote (2405)9/19/2013 7:44:55 PM
From: Goose94Read Replies (1) | Respond to of 202818
 
Gitennes Exploration (GIT-V) drills 10.89 m of 305.18 g/t AgEq at Urumalqui

Sept 19, 2013 - News Release

Gitennes Exploration Inc. has released the results from a recent drilling program completed by AndeanGold Ltd. in July at the Urumalqui silver project in Peru. The program tested the 500-metre-long northwestern end (as exposed in surface outcrop) of the Urumalqui vein, where there had been only limited shallow and widely spaced drilling by Gitennes in 2003. Previous drilling by AndeanGold on the vein in 2011 focused on infill drilling the 1,000-metre central and southeastern segments of the same vein. The assay results for the drilling are as shown in the attached table.

Drill hole From To Interval True width Gold Silver Silver equivalent (1) (m) (m) (m) (m) (g/t) (g/t) (g/t) (oz/ton)

PGUR-32 201.23 205.80 4.57 3.66 0.83 81.10 122.53 3.9
including 202.63 204.80 2.17 1.74 1.40 135.48 205.42 6.6

PGUR-33 188.96 199.53 10.57 9.03 0.35 55.70 73.27 2.4
including 192.47 195.16 2.69 2.30 0.62 87.49 118.65 3.8

PGUR-34 58.71 69.60 10.89 9.21 3.53 128.74 305.18 9.8
including 60.61 62.90 2.29 1.93 6.70 261.23 596.34 19.2
including 64.15 67.08 2.93 2.48 7.06 119.85 472.87 15.2

PGUR-35 172.00 176.35 4.35 3.74 3.12 105.76 261.79 8.4
including 173.70 176.35 2.65 2.28 4.21 132.61 343.05 11.0

PGUR-36 55.00 58.90 3.90 3.38 3.48 230.72 404.67 13.0
including 55.60 58.05 2.45 2.12 4.93 283.50 529.76 17.0

PGUR-37 108.40 111.40 3.00 2.88 3.83 279.86 471.28 15.2
including 108.90 110.40 1.50 1.44 5.88 394.73 688.70 22.1

PGUR-38 163.05 167.94 4.89 4.13 0.81 70.29 110.65 3.6
including 163.93 165.47 1.54 1.30 1.59 80.89 160.27 5.2

PGUR-39 88.53 93.85 5.32 4.50 2.37 139.78 258.24 8.3
including 89.23 92.92 3.69 3.12 3.19 167.31 326.64 10.5

PGUR-40 74.00 78.50 4.50 3.32 3.92 58.52 254.68 8.2

PGUR-41 190.15 195.93 5.78 3.22 0.52 17.42 43.34 1.4

PGUR-42 214.63 216.66 2.03 1.63 2.44 120.40 242.17 7.8

PGUR-43 47.27 58.62 11.35 8.61 0.85 28.93 71.39 2.3
including 53.42 56.05 2.63 2.00 1.87 35.77 129.39 4.2

PGUR-44 103.19 110.95 7.76 6.04 0.58 25.95 55.16 1.8

AndeanGold completed 13 core holes, totalling 2,052.9 metres and bringing the total metres drilled by AndeanGold to approximately 7,124 metres. All holes intersected the Urumalqui vein. Based on the results, the northwestern segment dips subvertically to minus 74 degrees southwesterly, and the vein's true width ranged from 1.63 metres to 9.21 metres. Eight holes returned assays in the range 6.6 ounces per ton to 15.2 ounces per ton silver equivalent, and are concentrated along a strike length of approximate 350 metres and to a depth of up to 150 metres below surface. This appears to be the third high-grade ore shoot discovered to date along the 1.5-kilometre strike of the Urumalqui vein, and is of particular interest due to the higher gold values. Results of drill holes PGUR-35 through 39 are of note. Mineralization at Urumalqui is low-sulphidation epithermal in nature.

The information in this release is based upon that supplied by AndeanGold with additional information available on its website. The technical information in this release has been reviewed by J. Blackwell, PGeo, a qualified person as defined by National Instrument 43-101.

AndeanGold has the right to earn a 100-per-cent interest in the Urumalqui project from Gitennes pursuant to an option agreement between the parties dated April 21, 2010 (see news release dated April 22, 2010), and a share sale and mining agreement dated May 17, 2012, which provides the company with the right to acquire Gitennes's 40-per-cent interest in the Urumalqui project (see news release of May 22, 2012). Gitennes and the company signed an amendment to the agreement, dated Sept. 16, 2013, which revises the payment terms of the agreement's Sept. 17, 2013, instalment payment, which required AndeanGold to pay and issue Gitennes $200,000 cash and 143,000 common shares, respectively. Pursuant to the amendment, AndeanGold paid and issued Gitennes $10,000 cash and 143,000 shares, respectively, on Sept. 17, 2013, and will be required to pay Gitennes $50,000 cash by Sept. 30, 2013, and $150,000 cash by Dec. 31, 2013. The timing and amount of the agreement's remaining instalment payments were not affected by the amendment.

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