Grant of Stock Options Update on the Kenieba Area
VANCOUVER, BC - Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), wishes to report the grant of 700,000 stock options to directors, officers and consultants of the Company. Each stock option entitles the holder to purchase one common share of the Company's capital stock at $0.25 for a term of five years. The stock options granted today are in accordance with the Company's stock option plan, and are subject to regulatory approval.
In other matters, Great Quest currently holds the Kenieba concession where an NI 43-101 compliant, inferred mineral resource in the Djambaye 2 gold zone was recently (January 28, 2008) upgraded by Carl Verley (P. Geo.) to 324,000 ounces of gold. This equates to 2,574,000 tonnes of 3.92 grams per tonne gold or 10.08 tonnes of gold.
The outlook in the Kenieba area has been considerably enhanced with the announcement (March 25, 2008) by Nevsun Resources Ltd. that Avion Resource Corp. has agreed to pay Nevsun $20 million plus a 1% net smelter return royalty on future production subject to regulatory approval and financing by Avion for the Tabakoto mine, the Segala property and other exploration projects. Great Quest's Kenieba concession is south of and adjacent to these concessions and 6 kilometres south of the Tabakoto mine.
Nevsun suspended operations on the Tabakoto mine and put all of its holdings in Mali up for sale in September, 2007. According to Avion President and CEO, Rene Bharti, in a March 25, 2008 announcement, "This acquisition represents an exciting opportunity for Avion to acquire what it considers to be prospective gold properties and, if warranted, accelerate the projects' timeline to production without the burden of a large capital expenditure requirement."
Carl Verley, the Qualified Person pursuant to NI 43-101, has reviewed the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
Willis W. Osborne