Great Quest Receives Further Approvals for Tilemsi Phosphate Project
VANCOUVER, BC -- Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), is pleased to announce that the Malian Government issued its definitive letter dated November 21, 2008 declaring that the Company is the successful bidder for the Tilemsi Phosphate Project. The Company entered a bid and tender process with six other companies in which Great Quest scored 23 out of 30 points, with the next closest bidder receiving 10.
The award is conditional upon the Company coming to agreement with the Malian Government on the details of the purchase. The Malian Government is requiring that the Company have the purchase price of $1,500,000 available in its bank account pending negotiation of the details of the deal.
The Tilemsi project consists of three agricultural phosphate deposits, which, aligned from northwest to southeast, include the Tamaguilelt, Chanamaguel and Tin Hina. The Tamaguilelt is located 105 kilometres northeast of the town of Bouram which is on the east side of the Niger River, 95 km north of the regional centre of Gao. The project also includes a former producing plant in Bouram consisting of a pulverizer and 2 bagging devices along with ancillary equipment, a building housing the operation, 2 office buildings, sheds and storage buildings.
This important agricultural fertilizer project by Great Quest would make this division into a producing entity supporting a key sector of the Malian economy and supplying export markets. On completion of the purchase agreement, Great Quest intends to finance the reactivation of the Tilemsi phosphate plant and carry out exploration in order to upgrade the information on the present resource and known deposits to comply with NI 43-101.
More information on the project can be seen on the November 3, 2008 news release and on the Company's website in the Projects section.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
Willis W. Osborne