VANCOUVER, BRITISH COLUMBIA - Great Quest Metals Ltd. (TSXV:GQ) (FRANKFURT:GQM) is pleased to announce that it held its Annual General Meeting of Shareholders (AGM) in Toronto on June 10, 2011. All resolutions on the agenda were approved by the shareholders.
Notably, shareholders approved motions to expand the Board to seven, reappoint all existing directors, and appoint Gordon R. Peeling to the Board. President and CFO, Victor Jones commented, "It is my pleasure to welcome Mr. Gordon Peeling to the Board of Directors (see release dated May 16, 2011). The contribution of a mining professional of Mr. Peeling's stature will be of tremendous benefit to management and our shareholders."
At the AGM Victor Jones reported on the Company's activities and drilling programs in Mali. Drilling continues on both the Tilemsi Phosphate project in eastern Mali and the Company's Sanoukou Gold project in western Mali, where hole 6 of a 16 hole core drilling program is underway. On the Tilemsi Phosphate project, over 100 holes have now been completed on the Alfatchafa and Tin Hina target areas.
Among other resolutions adopted at the AGM, the shareholders approved and ratified the Company's Stock Option Plan and re-appointed MacKay LLP as auditors for the Company for the year.
Following the AGM, the Board of Directors appointed the following officers: John Clarke, Chairman and CEO; Victor Jones, President and CFO; Mamadou Keita, Vice President Exploration; and Jennifer Nestoruk, Corporate Secretary. The Board then named members of the Committees of the Board as follows: Audit -- Victor Jones, Jed Richardson, and David Shaw; Nominating and Compensation Committee -- Ehud Levy, Jed Richardson and David Shaw; and the Governance and Corporate Social Responsibility Committee -- John Clarke and Gordon Peeling.
The Board of Directors also approved the grant of stock options to Mr. Gordon Peeling for the purchase of up to 300,000 shares of the Company's capital stock in accordance with the Company's Stock Option Plan. The exercise price was set at $3.30 per share, being the closing price of the Company's shares on June 10, 2011, and the options expire on June 10, 2016.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
John A. Clarke
Great Quest Metals Ltd. is a Canadian mineral exploration company carrying out exploration in Mali, West Africa. The Company is focused on developing the Tilemsi Phosphate Project, encompassing 737 km2 in eastern Mali. It also holds several gold concessions in the productive Birimian gold belt in western Mali. Great Quest is listed on TSX Venture Exchange (GQ), and the Frankfurt Stock Exchange (GQM).
12g3-2(b) Exemption #82-3116
Standard & Poor's Listed
Trading Symbol: GQ
Frankfurt Exchange: GQM
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