VANCOUVER, BC -- Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), is very pleased to announce an agreement with Macquarie Bank Limited (Macquarie) whereby Macquarie is granted a Right of First Offer (ROFO) to provide future project-construction debt finance and hedging facilities (as applicable) to bring the Kenieba Project into commercial production on terms acceptable to both Macquarie and Great Quest.
In return for granting the ROFO to Macquarie on the Kenieba concession, Macquarie will complete the $500,000 private placement announced on February 12, 2007, and participate to a minimum of $250,000 in any future private placement designated for exploration and development on the Kenieba project. The ROFO would terminate in the event that Macquarie should not choose to participate in one of the private placements for the Kenieba concession; ceases to be the beneficial holder of at least 500,000 common shares of Great Quest; decides not to participate in the development financing of any deposit on the Kenieba concession; or a third party acquires greater than a 50 percent interest in Great Quest.
This agreement with Macquarie represents a significant step forward on the Company's Kenieba gold project in Mali and provides a valued partnership for working towards the development of this property. Macquarie Bank Limited is a global investment bank and a leader in resource financing, headquartered in Australia.
ON BEHALF OF THE BOARD OF DIRECTORS
"Willis W. Osborne"
Willis W. Osborne,
For additional information please contact:
Great Quest Metals Ltd.
George Butterworth: +1 604-689-2882
Toll Free: 1 877-325-3838
Ascenta Capital Partners Inc.
Jamie Mathers: 604-684-4743, ext 236
Toll Free: 866-684-4209
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.