Great Quest Increases $550,000 Private Placement to $880,000
VANCOUVER, BC - Willis W. Osborne, President of Great Quest Metals Ltd. (TSX Venture Exchange: GQ), is very pleased to report a $330,000 increase in the private placement announced on January 12, 2006, from $550,000 to $880,000, subject to regulatory approval. The private placement is priced at $0.55 per unit for a total of 1,600,000 units. Each unit consists of one common share and one half of a transferable share purchase warrant. Each full warrant entitles the holder to purchase one additional share in the Company's capital stock at $0.65 for a period of two years from closing. All shares issued under this private placement are subject to a four month hold period from closing
The proceeds of the private placement will be used for a minimum of 2,500 m of drilling on the Djambaye 2 gold zone, as well as other targets in the Kenieba concession and for exploration surveys on other Company concessions, all located in western Mali, West Africa. The proceeds will also be used for concession option payments, administration and investor relations.
ON BEHALF OF THE BOARD OF DIRECTORS
"Willis W. Osborne"
Willis W. Osborne,