Mr. Ken Booth reports

GITENNES CLOSES FLOW-THROUGH PRIVATE PLACEMENT

Further to its news release dated Dec. 22, 2020, Gitennes Exploration Inc. has closed its previously announced non-brokered private placement by issuing 3,175,000 flow-through units in the capital of the company at a price of 10 cents per flow-through unit for gross proceeds of $317,500. Each flow-through unit consists of one flow-through common share in the capital of the company and one-half of one non-flow-through common share purchase warrant, with each full warrant entitling the holder thereof to acquire one additional non-flow-through common share in the capital of the company at a price of 15 cents per share for a period of 24 months from the date of issuance.

In connection with the offering, the company paid aggregate finders' fees of $23,200 and issued 232,000 non-transferrable finders' warrants. Each finder's warrant entitles the holder thereof to purchase one common share in the capital of the company at prices ranging from 10 cents to 15 cents per share for a period of 12 to 24 months from the date of issuance.

GloRes Securities Inc. received a finder's fee consisting of $10,800 and 108,000 finders' warrants; Echelon Wealth Partners Inc. received a finder's fee consisting of $800 and 8,000 finders' warrants; Roche Securities Ltd. received a finder's fee consisting of $8,000 and 80,000 finders' warrants; and EMD Financial Inc. received a finder's fee consisting of $3,600 and 36,000 finders' warrants.

The gross proceeds from the offering are expected to be used to incur Canadian exploration expenses that are flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) on the company's Quebec projects located in the Chapais-Chibougamau area.

All securities issued pursuant to the offering are subject to a four-month-and-one-day hold period in Canada. The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and any applicable securities regulatory authorities.

About Gitennes Exploration Inc.

Gitennes Exploration 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: four properties in Quebec (JMW, Maxwell, RAL and New Mosher); the Snowbird gold property in British Columbia; and a 1.5-per-cent net smelter return royalty on the 18-million-ounce Urumalqui silver project in Peru. JMW and Maxwell are 100 per cent owned by Gitennes. RAL and New Mosher are under option, and Gitennes can earn an initial 70-per-cent interest and has the right to increase its ownership to 85 per cent.

We seek Safe Harbor.