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Great Quest Raises $1,152,000 in Flow-Through and Non-Flow-Through Financings

By Great Quest | 

VANCOUVER, BC - Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), is pleased to report a best efforts, non-brokered private placement, of $390,600 in non-flow-through funds and 761,400 in flow-through funds. The non-flow-through private placement consists of 1,860,000 units priced at $0.21 per unit. Each unit consists of one common share and one, two year, transferable share purchase warrant, which will entitle the holder to purchase one additional common share of the Company's capital stock at a price of $0.30 in the first year from closing and $0.40 in the second year.

The flow-through private placement consists of 2,820,000 units priced at $0.27 per unit. Each unit consists of one common share and one-half of a one year, transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company's capital stock at a price of $0.40 for one year from closing.

Finder's fees and broker's warrants will be paid. All shares issued under these private placements are subject to a four month hold period from closing. These financings are subject to regulatory approval. The non-flow-through funds will be used for the Company's gold projects in Mali and for corporate purposes and the flow-through funds will be used for exploration on its copper-gold-molybdenum property in 2008.

The MineralFields Group is contributing $250,000 towards the non-flow-through private placement and $500,000 towards the flow-through private placement. Great Quest Metals is very pleased to be renewing its relationship with MineralFields Group. This is an important milestone in the growth of the Company and management looks forward to continuing work with MineralFields Group on the Taseko property.

ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.

"Willis W. Osborne"
Willis W. Osborne
President

For additional information please contact:

Investor Relations:
George Butterworth: +1 604-689-2882 
Toll Free: 1 877-325-3838

12g3-2(b) Exemption #82-3116
Standard & Poor's Listed
Trading Symbol: GQ
Frankfurt Exchange: GQM

The TSX Venture Exchange has neither approved nor disapproved the information enclosed in this release. The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from the targeted results.