VANCOUVER, BC - Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), is pleased to announce the acquisition of the 8 square kilometer Comifa gold concession in Mali, West Africa, which is north, west and adjacent to the Company's Kenieba gold concession. Great Quest recently announced an increase in the NI 43-101 compliant, inferred mineral resource to 324,000 ounces of gold in the Djambaye 2 gold zone on the Kenieba gold concession. Because of the success of its exploration program in the Kenieba concession, Company management considers it an excellent opportunity to be able to add to its holdings in the area.
The Comifa concession is held by a Malian company. African Metals Corporation holds an option to acquire a 95% interest in the Comifa concession, subject to a 1% royalty on production. Under the terms of the agreement with African Metals, Great Quest is acquiring all of the rights and obligations under the option agreement between the Malian company and African Metals by issuing 100,000 shares of its capital stock to African Metals on approval by the TSX Venture Exchange. A further 50,000 shares will be issued in the event of the completion of a stand-alone, bankable feasibility study on mineral resources located solely on the concession. Finally, 50,000 shares will be issued at the start of any production from the concession. In addition, Great Quest will pay the remaining option payments as long as exploration on the concession continues to be favorable. Of the original commitment totalling $115,000, $34,000 has been paid. A total of $11,500 to be paid to the Malian company is required every six months.
This is a valuable addition to Great Quest's portfolio of concessions in Mali, and it strengthens the Company's position in the important Kenieba district.
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: +1 604-689-2882
Toll Free: 1 877-325-3838
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.