Great Quest Options Strategically Located Concession between Sadiola and Yatela Gold Mines
VANCOUVER, BC -- Willis W. Osborne, President of Great Quest Metals Ltd. (the "Company") (TSXVenture Exchange: GQ) is pleased to announce the acquisition of the 10 sq. km Alamoutala Ouest concession. This concession, in Mali, West Africa, is strategically located between the block of concessions encompassing the Sadiola Gold Mine and the block of concessions encompassing the Yatela Gold Mine and is surrounded on three sides by the Yatela concessions. The Sadiola Mine occurs 10.3 km southeast of the Alamoutala Ouest concession; the Yatela mine occurs 9.1 kilometer northwest of the concession; and the Alamoutala deposit, with inferred resources of 14.3 million tonnes of 1.2 g/t gold or approximately 600,000 ounces of gold, occurs approximately 740 metres east.
Under the terms of the agreement Great Quest has an option to acquire 96% of the concession, subject to a 1% net smelter royalty, by paying approximately $125,000 over a period of around 5 years. A 90 day Autorisation d'Exploration permit has recently been granted on the concession.
This acquisition is in line with the Company strategy of acquiring quality concessions prospective for the discovery of gold deposits. There is an old adage that says the best place to look for a mineral deposit is near a mine. Great Quest not only holds the Alamoutala Ouest concession but holds two concessions, Baroya and Kenieba, which share a 12.5 km border with the Nevsun Resources concessions covering the Tabakoto and Segala deposits. The Tabakoto deposit is scheduled to go into production in 2005.
ON BEHALF OF THE BOARD OF DIRECTORS
"Willis W. Osborne"
Willis W. Osborne