Great Quest Closes Two Private Placements and Updates Drilling
VANCOUVER, BC - Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), is pleased to announce the completion of two private placements and an 869-metre extension to the strike length of gold mineralization on the Djambaye 2 gold zone in the Kenieba concession, western Mali, West Africa.
On February 5, 2007, Great Quest announced a private placement of 1,300,000 units at $0.60 per unit for total proceeds of $780,000. Each unit consists of one share and one half of a transferable share purchase warrant with each full warrant entitling the holder to purchase one additional share of Great Quest's capital stock at $0.75 for one year.
On February 12, 2007, Great Quest announced a second private placement of 833,332 units at $0.60 per unit for total proceeds of $500,000. This private placement has identical terms as the February 5th private placement, except that finder's fees and broker's warrants were included as part of the February 5th financing only. The February 12th private placement was completed with Macquarie Bank Limited and closed on March 8, 2007. The four-month hold period on the shares will expire on July 9, 2007.
The February 5th private placement was completed on April 3, 2007, with 738,667 units placed for total proceeds of $443,200. Finder's fees of $25,984 and broker's warrants of 43,307 were paid. The four-month hold period on the shares will expire on August 4, 2007.
A total of 18 diamond drill holes have been completed on the Djambaye 2 gold zone so far this year, and results from six of them are expected this week. Great Quest also reports that recent work on the Djambaye 2 has resulted in an 869-metre extension to the strike length of gold mineralization on the surface, which brings the total known strike length to 4,000 metres. The combined strike length of the known gold mineralization in two parallel zones, the Djambaye 1 and Djambaye 2, is now 7,477 metres.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
"Willis W. Osborne"
Willis W. Osborne,
For additional information please contact:
Ascenta Capital Partners Inc.
Jamie Mathers: 604-684-4743, ext 236
Toll Free: 866-684-4209
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.