- Title formally granted on land to be use for fertilizer processing plant
- Acquired for 10,253,755 CFA (USD$17,418)
TORONTO, April 28, 2020 - Great Quest Fertilizer Ltd (TSXV:GQ) (“Great Quest” or “the Company”) is pleased to announce that following the reissuance of exploration permits for the Tilemsi Phosphate Project, the land authority of the Segou Region, Mali formally granted a parcel of land located in Markala to the Company to be used for its planned fertilizer mixing and granulation facility (see press release dated February 27, 2019).
The Markala land comprises 2.5 hectares and is located in the secure southern portion of Mali, on the banks of the Niger River and adjacent to a major cross-country highway, in the centre of the country’s agricultural heartland. Markala is situated within a Special Economic Zone in close proximity to the country’s largest fertilizer consumers. The land was purchased for a sum of 10,253,755 CFA (USD $17,418).
“We applaud the government of Mali for its enduring commitment to agricultural development. Thanks to our Mama Tapo, director of Great Quest Mali, SA for his role in securing this transaction and his ongoing efforts to ensure that Great Quest’s work in Mali has benefits for both the growth of the local economy and our valued shareholders,” said Jed Richardson, President, CEO and director of Great Quest Fertilizer Ltd.
The completed purchase follows the reissuance of environmental and exploration permits at Tilemsi and Tarkint Est (see press release dated April 16, 2020), for up to seven years (inclusive of extensions), enabling Great Quest to pursue an application for mining permits. The land in Markala will enable Great Quest to begin stockpiling phosphate rock mined at Tilemsi, away from the less stable north, once mining permits have been granted. This positions the Company for greater long-term synergies in the delivery of phosphate fertilizer products for commercial agricultural use in Africa.
Great Quest continues to work through the COB process as outlined by the TSX Venture. Upon completion of the audit, shareholders will vote on the transaction. Approval of the transaction and the change of business by shareholders will allow the acquisition of Ivoirienne de Noix de Cajou to close and the shares of Great Quest to resume trading.
About Great Quest
Great Quest Fertilizer Ltd. is a Canadian agribusiness company focused on the development of African agricultural mineral projects for local production of farm ready fertilizers. The Company’s flagship asset is the Tilemsi Phosphate Project, encompassing 1,206 km² in northeastern Mali, containing high quality phosphate resources amenable to use as direct application fertilizer. Great Quest is listed on the TSX Venture Exchange under the symbol GQ, and the Frankfurt Stock Exchange under the symbol GQM.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST FERTILIZER LTD.
President, Chief Executive Officer and Director
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. We seek safe harbor.
For more information:
Please call Jed Richardson at 1-877-325-3838 or email