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Private Placement; Update on Drill Program

By Great Quest | 

VANCOUVER, BC - Willis W. Osborne, President of Great Quest Metals Ltd. (TSX Venture Exchange: GQ), is pleased to announce that the Company has now closed the sale of 769,500 units, of the 1,400,000 unit private placement originally announced in November, 2004, to raise proceeds of $400,140. The Company closed the private placement before completion to start the drill program on the Djambaye 2 gold zone. The drill sites are being prepared this week, and drilling should commence by next week. The shares, warrants and any shares issued on exercise of warrants are subject to a hold period and may not be traded in British Columbia until July 12, 2005 except as permitted by the Securities Act (British Columbia) and the Rules made thereunder and the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS

Willis W. Osborne"
Willis W. Osborne