|November 29, 2010|
Update on Permit Applications for Tilemsi Phosphate Project
|BAMAKO, MALI -- Victor Jones, Chairman, provides this update from Bamako, Mali, following a meeting with the Minister of Mines, Minister Abou Bakar Traoré, at his office within the Ministry of Mines. The meeting with the Minister confirmed that the permit application for the Company's 88% held Tin Hina concession is in the final stage of approval and the application process for the northern concession, Tarkint Est, is well along the established process for a similar long term permit known as the Convention d'Establissement. The meeting also provided an opportunity for Great Quest to fully inform the Minister and his officials of the scope of the phosphate project, the potential contribution that an in-country source of natural phosphate would have towards the goals for the agricultural sector in Mali, and details of the exploration program for which the Company has committed over $1,250,000.|
The Tilemsi Phosphate project includes two concessions which cover some 737 sq km in the eastern part of Mali where preliminary geological examination over several decades indicates the presence of phosphate mineralization and its potential use as fertilizer. Exploration work by Great Quest and reconnaissance by the Malian company holding the northern concession have provided encouraging results. Analysis of 26 samples taken by Company geologists (released earlier) ranged from 5.11% to 33.05% P2O5 and averaged 24.50% P2O5. The thickness of the layer of phosphate rock observed ranged from 0.40 to 1.7 meters. Often referred to as Phosphate Naturel du Tilemsi (PNT), some limited past production indicates the rock to be useable as a direct application natural fertilizer.
The Board of Directors met in Mali for a review of the Tilemsi Phosphate drill plan logistics and exploration plans at its exploration office in Bamako. This also allowed the Board to convey the focus on Mali for both the phosphate and gold exploration projects in meetings with various officials and members of the Malian mining industry.
Discussions were also held with Dr. Lamine Traoré, a member of the Company's Phosphate Advisory Committee and the researcher with the Rural Economy Institute of Mali who will be leading the phosphate research and marketing programs for the Company. A series of research programs are planned to further define the markets for Tilemsi phosphate and the various forms of commercial phosphate fertilizer using PNT which would be most suitable for the soils and crops in Mali, and its neighbouring countries.
Drilling on the phosphate targets within the Company's Tilemsi concessions will commence following: the drilling and installation of equipment for a water supply; remote sensing analysis of the areas and receipt of high quality digital maps; and the receipt of the pending permits in accordance with Malian mining law. The exploration and logistics plans were further updated and reviewed in preparation for the imminent commencement of the field programs. The objectives of the exploration work include geological reconnaissance on the concessions and a drilling program with hole density sufficient to enable an initial phosphate resource to be determined, consistent with the standards of National Instrument 43-101.
The Company has now filed its 3rd Quarter Report on SEDAR and made it available on its website. The Chairman and President will attend the Mine Africa conference in London today. Further information will be provided on issue of the permits and commencement of drilling of the Tilemsi Phosphate project.
ON BEHALF OF THE BOARD OF DIRECTORS
OF GREAT QUEST METALS LTD.
"Victor J.E. Jones"
Victor J.E. Jones
For additional information please contact:
George Butterworth: 604-689-2882
Toll Free: 877-325-3838
Great Quest is a Vancouver based exploration company with a focus on Mali, where it holds large concessions prospective for phosphate and several exploration-stage gold projects. The Company is funded this year from the proceeds of the sale of its Kenieba gold project in Mali to Avion Gold Corp. and is debt free.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties could cause actual results to vary materially from the targeted results.
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