Great Quest Announces $150,000 Private Placement Work to Commence on Djambaye 2 Zone Immediately

Author: Great Quest | | Categories: 2004

VANCOUVER, BC -- Willis W. Osborne, President of Great Quest Metals Ltd. (the "Company") (TSX Venture Exchange: GQ), is pleased to announce a private placement of $150,000 for 300,000 units at $0.50 per unit. Each unit consists of one share and one half share purchase warrant. Each full warrant entitles the holder to purchase one share of the Company at $0.65 for one year from closing. There is a 4 months hold period on the shares. The proceeds of the private placement will be used for exploration programs on the Djambaye 2 zone and the Alamoutala Ouest concession as well as for option payments and corporate purposes.

The second program of pitting will start immediately on the newly discovered Djambaye 2 zone in the Kenieba concession, western Mali, West Africa. During the first program 29 samples were taken from the bottom of 24, 10-to-12-meter-deep pits dug along a north-south length of 392 meters. The average gold determination of the 29 samples was 31.44 g/t gold. A further 19 samples were taken from the material around old pits dug by the orpailleurs or hand miners over a total length of 1043 meters and on strike with the area of the 24 pits. The average gold determination on these samples was 3.22 g/t gold. From this information it appears that this zone could be 1435 metres long and open in both directions.

To confirm this and to attempt to determine the width of this zone, the Company will dig 10 fences of pits at 200 metre intervals over a length of 1.8 km. along this zone. These fences will cover the north 1000 metres of the 1435 metres mentioned above as well as an additional 800 metres north of and on strike with the previous pitting.


"Willis W. Osborne"
Willis W. Osborne

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