Gitennes Acquires Key Claims at its Sept Iles Nickel Property, Quebec

(TheNewswire)

Vancouver, BC - TheNewswire - October 17, 2023 - Gitennes Exploration Inc. ("Gitennes" or the "Company") – (TSXV:GIT) announces that it has acquired 100% of eight claims that form a key part of the Company’s 100% owned Sept Iles nickel property (the “SIN Property”). Gitennes purchased the 191 claim SIN Property which encompasses these newly acquired claims in May 2023. With the addition of these eight claims Gitennes now has a consolidated land package that is prospective for nickel, copper and platinum group metals.

Highlights of the SIN Property

• 1.1% nickel over 10 metres in a trench historically reported by Soquem*; 

• Numerous untested airborne electro-magnetic anomalies; 

• Soquem also historically reported 1.3% nickel, 0.49% copper and 4.3 grams/tonne platinum in grab samples*; 

• Accessible by all weather road, approximately 100 km north of Sept Iles; 

• Property consists of 199 claims, 10,900 hectares. 

* The reported grades are historical in nature and have not been verified by Gitennes.

The purchase of the eight claims is subject to a purchase agreement dated October 16, 2023, between the Company and an arm's length seller (the "Seller"). As consideration for acquiring a 100% interest in the eight, the Company will issue as consideration to the Seller: (i) 1,500,000 units (each a “Unit”). Each Unit is comprised of one common share (a “Consideration Share”) in the capital of Gitennes and one non-transferable share purchase warrant (each a “Warrant”). Each Warrant entitles the Seller to acquire one additional common share in the capital of Gitennes at an exercise price of $0.15 for a period of sixty (60) months; and (ii) Gitennes has granted to the Seller an aggregate 2% net smelter return royalty (“NSR”) on the eight claims with Gitennes being granted a buyback of 1% of the NSR at any time for C$1.0 million.  The acquisition of the eight claims is subject to TSX Venture approval in accordance with the applicable TSXV policies.

The Consideration Shares will be subject to a statutory four month and one day hold period under applicable securities laws.

About Gitennes Exploration Inc.

Gitennes is in the business of exploring for and advancing mineral properties The Company currently has three properties in the Sept Iles region of Quebec where the Company is exploring for nickel, REE, niobium and tantalum and three gold properties in the Chapais-Chibougamau area of Quebec: New Mosher, JMW and Maxwell and a 1.5% Net Smelter Return royalty on the 18 million ounce Urumalqui Silver Project in Peru.  The Company recently sold its gold properties in the Gaspe Region of Quebec and has optioned its Snowbird Gold property in BC to a gold exploration company.  All properties are 100% owned by Gitennes except for New Mosher which is under option and Gitennes can earn an initial 70% and has the right to increase its ownership to 85%.

Qualified Person – The technical content in this release has been reviewed and approved by Mitchell E. Lavery, P.Geo, who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects  

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.

Gitennes Exploration Inc.

“Ken Booth”
Ken Booth
President

For further information, please contact:
Ken Booth
Phone:  604-682-7970
Email:  [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Not for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States

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 any property Options 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.

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