VANCOUVER, BC - Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), is pleased to announce that the Company has made an application to the TSX Venture Exchange to amend the Warrant terms for 1,415,925 Warrants expiring on December 18 and 19, 2008 at an exercise price of $0.40 per share. Upon receiving TSX Venture Exchange approval, the above Warrants will expire on March 19, 2009 at an exercise price of $0.08.
Under TSX Venture Exchange policy, when the Warrant terms are amended, the length of the exercise period must be shortened to 30 days, if, for ten consecutive trading days, the Premium Trading Days, the closing price of the Listed Shares exceeds the revised exercise price by the applicable Private Placement Discount of 25%. The 30 day period will commence seven calendar days after the tenth Premium Trading Day.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
Willis W. Osborne