Gee-Ten Ventures Inc.
TSX VENTURE : GTV

Gee-Ten Ventures Inc.

September 10, 2008 10:49 ET

Gee Ten Ventures Takes a New Direction and Options Claims in the James Bay Lowlands Copper Nickel Chrome PGM Play

TORONTO, ONTARIO--(Marketwire - Sept. 10, 2008) - Gee-Ten Ventures Inc. ("Gee-Ten" or the "Company") (TSX VENTURE:GTV) announced today that it has entered into letters of intent with East West Resource Corp and Temex Resources Corp whereby Gee-Ten may earn the right to acquire up to 65% interest in the 16 claims (208 units) of the North Trap Property in the Highbank Lake area in the James Bay Lowlands.

The North Trap Property covers a 12 kilometer long magnetic structure on the northern edge of the high Bank Lake anorthosite complex; the western end of which trends onto claims recently optioned to Noront Resources by East West - Temex. The North Trap Property has been covered with a Magnetic and Electro-Magnetic V- Tem survey and three prominent and distinct conductors have been located. Gee-Ten intends to drill these targets as soon as possible while drilling equipment and crews are active on adjacent properties.

The terms of the agreement call for Gee-Ten to make cash payments of $50,000 and share issuances of 50,000 per year for the next 4 years and spend $600,000 within 12 months of signing and $3.0 million over the next 3 years to earn a 50% interest in the property. Thereafter, a joint venture will be formed to develop the property but Gee-Ten will have the exclusive option to earn another 10% property interest by spending an additional $1.0 million and an additional 5% for preparing a Feasibility study.

"In the past 10 years I have seen this area evolve from a Diamond Exploration play, then a VMS Base Metal (Cu Zn) play to a Magmatic Ni Cu PGM play and now to a layered Chromite PGM play, and though we are a late entry there is room and potential for good surprises. We are pleased to have this opportunity to partner with East West and Temex", said Bryan Wilson Director of Gee-Ten Ventures Inc.

Gee-Ten will fund the first phase of its work program from its available cash reserves, including the proceeds from its private placement announced on February 15, 2008, pursuant to which it issued 1,000,000 units at a price of $0.10 per unit.

In other news Gee-Ten announced that following the decision taken at its recent shareholders meeting, its continuation under the Canada Business Corporations Act has now been completed. A copy of the new articles and by-laws of the Company can be consulted at www.sedar.com.

In addition, the Company has recently been advised of the resignation of its auditors, Morgan & Company. The Board of Directors of the Company, composed of Mr. Florent Baril (Chairman), Mr. Bryan Wilson (CEO), Mr. Richard Hamelin (CFO), Mr. Marc Labrecque, and Mr. Mike Harrington, is pleased to announce that the Toronto based firm of McGovern, Hurley, Cunningham, LLP has accepted to become Gee-Ten's auditors for the current year. The Company has prepared and filed the reporting package prescribed by National Instrument 51-102, which can be consulted at www.sedar.com. Both firms of auditors have confirmed that there were no reportable events within the meaning of NI 51-102.

Finally, the company announces that following a strategic review of its activities, it has resolved to abandon its exploration properties in Africa, to focus on this new opportunity in Ontario.

ABOUT GEE-TEN VENTURES INC:

Gee-Ten Ventures Inc. is a Canadian exploration company, quoted for trading on tier 2 of the TSX Venture Exchange under the symbol GTV. The Company currently has 34,997,973 shares currently issued.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Gee-Ten Ventures Inc.
    Richard Hamelin CFO
    772-569-8388