Great Quest Acquires New Manankoto Gold Concession
VANCOUVER, BC -- Willis W. Osborne, President of Great Quest Metals Ltd. (TSX Venture Exchange: GQ), is very pleased to announce the acquisition of an option on the 105 sq km Manankoto concession in western Mali, West Africa. This concession straddles a corridor of gold mineralization and small granitic plutons that extends over a length of 55 km southwest from the Yatia granite, which is just north of the Segala and Tabakoto gold deposits of Nevsun Resources, through the Great Quest Kenieba gold concession, with the recently discovered 2,342 m long Djambaya 2 gold zone, to the border with Guinea. This concession is 26 km southwest of the Tabakoto gold deposit which is scheduled to go into production in 2005.
This area was mapped under the auspices of a Malian-French consortium set up in the early 1980's to complete a regional study of gold in western Mali. Mamadou Keita, (M.Sc. Geo. and Director of Great Quest) led the study. Because of the fact that traverses in this survey were so widely spaced, 1.6 km, not too much detail is known about the area covered by the concession. The fact that this concession covers the gold corridor mentioned above combined with a geological environment of granitic intrusives in Birimian rock makes this area highly prospective for the occurrence of gold.
Under the terms of the agreement to acquire a 95% interest in the concession, Great Quest must pay the owner $125,000 over a four and one half year period. Any production from the concession is subject to a 1% net smelter royalty. The owner has the Convention d'Etablissement and the Arrete de la Miniere permits for the concession.
ON BEHALF OF THE BOARD OF DIRECTORS
"Willis W. Osborne"
Willis W. Osborne