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Great Quest Announces a $17,474 Increase to Total $1,169,474 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 an increase in the best efforts, non-brokered private placement, of $14,275 to $405,876 in non-flow-through funds and an increase of $3,199 to $764,599 in flow-through funds. The non-flow-through private placement consists of 1,927,976 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 2,831,849 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.

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.

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

"Willis W. Osborne"
Willis W. Osborne
President