VANCOUVER, BC - July 23, 2007 -- Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), is pleased to announce the TSX Venture Exchange approval of a $337,500 flow-through financing and that the Company is mobilizing for a 1,600 meter drill program on its Taseko property in British Columbia.
The Taseko property is the Company's original project and ASARCO Incorporated (ASARCO) was brought in as a joint venture partner. In 1991, ASARCO commissioned a pre-feasibility study to be completed on the Empress deposit in the Taseko property by James Askew and Associates, Inc. Mining, Geological and Geochemical Engineers of Englewood, Colorado. As that study predates NI 43-101, it must be declared that the potential quantity and grade is conceptual in nature; there has been insufficient exploration to define a mineral resource; and it is uncertain that further exploration will result on the target being delineated as a mineral resource. The study estimated in situ resources manually by the polygonal method from north-south constructed sections of 11,078,000 tons of 0.61% copper and 0.023 ounces per ton gold, at a cut-off grade of 0.40% copper using prices of $1.00 per pound copper and $400 per ounce gold.
The Company will focus on three targets during the 2007 program. The first consists of copper-molybdenum-gold mineralization in the Granite Creek zone, discovered just north of the Empress deposit. The molybdenum in the granitic rock increases sharply from the Empress area to Drill Hole 91-49 in the Granite Creek zone. Geology consists of highly altered volcanic rock overlying granitic rock. In the Empress area, molybdenum was found in neither the mineralized volcanic rock nor the unmineralized granitic rock. Hole 91-43, 191 meters north of the Empress zone, intersected from 0.018 to 0.023% molybdenum in three separate sections ranging in width from 5.5 to 13.4 meters over 100 meters from 78 to 178 meters. Hole 91-49, 57.3 meters north of Hole 91-43, intersected 0.029% molybdenum over 133 meters. Between these two drill holes there is a substantial increase in molybdenum to the northwest, and the Company will continue to drill to the north and northwest.
The second target is in the copper-gold Empress area where high grade samples have been found on the surface. The high grade fragments, up to 7.69% copper, are similar in mineral constituents to that in the Lower North zone, which starts at a depth of 140 meters. The surface fragments indicate the possible existence of a second zone similar to the Lower North zone. The Company will attempt to discover the source of the fragments.
The third target is west of the Buzzer copper-molybdenum-gold zone where a series of greater than 200-parts-per-million, copper anomalies extend to the west for approximately 2,400 meters. The Buzzer zone is a porphyry copper occurrence with disseminated copper and molybdenum with gold in granitic rock. Buzzer-like fragments with copper and molybdenum have been found on the western extent of the anomaly, and the untested area includes the Buzzer West zone.
The TSX Venture Exchange approved the flow-through financing of 450,000 units at $0.75 per unit for total proceeds of $337,500 with the Cordilleran I 2007 Partnership and four individuals, announced July 9, 2007. Each unit consists of one flow-through share and one half of a transferable share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of the Company's capital stock at a price of $0.80 until July 20, 2008.
The warrants attached to these units are all subject to an early expiration provision such that at any time after the date of closing, should the common shares of the Company trade on the TSX Venture Exchange at or above a weighted average trading price of $1.00 per share for 10 consecutive days, the Company may give notice to the holders of the warrants via a news release that the warrants will expire 30 days from the date of providing such notice. The four-month hold period on the shares will expire on November 21, 2007.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
"Willis W. Osborne"
Willis W. Osborne
For additional information please contact:
George Butterworth, Great Quest Metals Ltd.
T: +1 604-689-2882
TF: 1 877-325-3838
Jamie Mathers, Ascenta Capital Partners Inc.
T: 604.684.4743 ext. 236
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.