Gitennes Exploration Inc. Provides Updates on its JMW and Maxwell Properties, Quebec
Vancouver, February 9, 2023 - Gitennes Exploration Inc. ("Gitennes" or the "Company") - (TSXV:GIT) provides an update on its JMW and Maxwell properties, Chapais-Chibougamau Area, Quebec. The two properties were optioned to Newfoundland Discovery Corp. (CSE - NEWD) in late 2022 and Newfoundland Discovery completed a five-hole diamond drill programme on JMW and a 1,000-line kilometre airborne magnetometer ("MAG") geophysical survey on Maxwell. Gitennes and Newfoundland Discovery have now received all of the MAG data and will begin processing the data to determine the next phase of work on Maxwell. Diamond drill core from all five holes from the JMW drilling has been sampled and the samples have been received by the assay lab. Results from the assaying are expected in late February or early March.
Gitennes also announces that its stock option plan, presented at the Company's latest annual meeting, was approved by its shareholders.
The Company is granting 200,000 incentive stock options to consultants. Each option is exercisable at $0.05 per share and has a term of two years. This grant of options remains subject to acceptance by the TSX Venture Exchange.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade or large tonnage gold deposits. The Company currently has five gold properties in Quebec, JMW, New Mosher, Maxwell, VG Boulder and Serpenphior, the Snowbird gold property in British Columbia and a 1.5% Net Smelter Return royalty on the 18 million ounce Urumalqui Silver Project in Peru. Gitennes owns 100% of its Quebec gold properties except for New Mosher which is under option for Gitennes to earn an initial 70% with the right to increase its ownership to 85%. JMW, Maxwell and Snowbird have been optioned to gold exploration companies.
For further information on the Company, readers are referred to the Company's website at www.gitennes.com and its Canadian regulatory filings on SEDAR at www.sedar.com.
"Ken Booth"
Ken Booth
President
For further information, please contact: Ken Booth
Phone: 604-682-7970
Email: info@gitennes.com
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Cautionary Note Regarding Forward-Looking Information
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws concerning the business, operations and financial performance and condition of the Company. All statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future. Often, but not always, forward-looking statements can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "schedules", estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Such forward-looking statements include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the exercise of the Option to acquire the New Mosher and Snowbird Projects and to conduct exploration activities thereon. Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to exploration and development and actual results of exploration activities; the ability of the Company to obtain additional financing; delays in obtaining governmental and regulatory approvals (including of the TSX-V), permits or financing; the need to comply with environmental and governmental regulations; potential defects in title to the Company's properties; fluctuations in the prices of commodities and precious metals; operating hazards and risks; environmental issues and liabilities; and competition and other risks and uncertainties of the mining industry. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that those beliefs, plans, expectations or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should review the Company's periodic reports filed from time-to-time with Canadian securities regulators. These reports and the Company's filings are available at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as otherwise required by law, the Company undertakes no obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in these forward-looking statements.
