VANCOUVER, BC -- Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), reports that it has executed an agreement to acquire a 50 sq km, gold concession in western Mali, West Africa. The concession covers an area of extensive orpaillage where the local miners have dug pits for the recovery of gold. The results from soil sampling of past programs have yielded values of up to 4,910 ppb gold.
Under the terms of the agreement, to acquire a 100% interest in the concession, the Company is required to pay the owner approximately $120,000 over a period of three years. The 100% interest is subject to a 5% carried net profit interest and a 10% to 20% interest as required by the Malian Government on production. The commencement of payments is subject to a 30 day period of due diligence on the concession, the receipt from the Government of Mali of an Arrête de la Miniere permit and approval of the TSX Venture Exchange.
The management of Great Quest considers the potential for the discovery of significant gold deposits in western Mali very high. The Company already has experienced considerable success in the region. As an example, Great Quest acquired the Kenieba concession in 2002. Drilling in 2006 and 2007 outlined a NI 43-101 compliant mineral resource on the Djambaye 2 gold zone of 324,000 ounces of gold as described by Carl Verley (P.Geo) in his April 4, 2008 report. In 2010, the Company completed the sale of its concessions in the area to Avion Gold Corporation as detailed in its January 8, 2010 news release.
The Company will be building on its past success and using the knowledge of its geological team to acquire and explore additional concessions in the area for their gold potential. Great Quest is an exploration company with projects in Mali and British Columbia and holds cash and shares valued at over $5 million.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
Willis W. Osborne
12g3-2(b) Exemption #82-3116
Standard & Poor's Listed
Trading Symbol: GQ
Frankfurt Exchange: GQM
For additional information please contact:
George Butterworth: +1 604-689-2882
Toll Free: 1 877-325-3838
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties could cause actual results to vary materially from the targeted results.