|December 31, 2008|
Great Quest Announces $120,000 Private Placement
|VANCOUVER, BC -- Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), is pleased to announce a private placement of 3,000,000 units at $0.04 per unit, consisting of one common share and one half of a transferable share purchase warrant, for total proceeds of $120,000. Each full warrant will entitle the holder to purchase one additional share in the Company's capital stock at $0.07 for a period of one year from the date of closing. The private placement is subject to regulatory approval and all shares issued under the private placement will be subject to a four-month hold period from the date of closing. A finder's fee will be paid and broker's warrants issued on a portion of the private placement.|
The proceeds of the private placement will be used for continued assessment of the Tilemsi project, corporate purposes and investor relations.
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: 604-689-2882
12g3-2(b) Exemption #82-3116
Standard & Poor's Listed
Trading Symbol: GQ Frankfurt Exchange: GQM Toll Free: 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.
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