Great Quest Nets $1,049,485 from Sale of Stock
VANCOUVER, BC -- Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM) ('Great Quest') reports completion of the sale of 1.5 million shares of Avion Gold Corporation ("Avion" TSX.V: AVR) for proceeds of $1,049,485 ($0.70 per share) as announced January 8, 2010. The sale of these shares reduces the 7,608,696 shares of Avion, held by Great Quest from the sale of its Kenieba gold concession to Avion as reported in our January 8, 2010 news release, to 6,108,696 shares. Although the shares are subject to a 4 month hold period, the Company is allowed to sell to an accredited investor as long as the hold period is retained by the investor. Together with the remaining 6,108,696 shares of Avion and cash proceeds to date of $1,549,485, the financial position of the Company has been significantly strengthened.
The Company's other projects consist of: the Taseko copper-gold-molybdenum property in British Columbia, Canada; the Bourdala and the Baoule River gold concessions in Mali; and the Tin Hina phosphate concession in Mali. In Mali, the Company has been active since 1998 and is well established with exploration offices and its Malian director, Mamadou Keita.Great Quest's business is to acquire, explore and advance selected mineral properties with economic potential. The strategy now is to leverage the financial assets from the Avion transaction through other properties with a resource potential. The Company is well positioned to take advantage of the tremendous acquisition opportunities presented by current market conditions. New projects in both Mali and North America are under review for acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
"Willis W. Osborne"
Willis W. Osborne
12g3-2(b) Exemption #82-3116
Standard & Poor's Listed
Trading Symbol: GQ
Frankfurt Exchange: GQM
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