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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Great Quest Fertilizer Ltd | TSXV:GQ | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.05 | 0.045 | 0.05 | 0 | 01:00:00 |
Ownership increased in Tilemsi concession
The Tilemsi project is comprised of two concessions: the Tilemsi, held by a subsidiary of the Company's Malian exploration subsidiary; and the Tarkint Est, held through an agreement with a private Malian company. An agreement has just been entered into with respect to the Tilemsi concession, which includes the Tin Hina hill, which effectively increases the Company's interest from 88% to 94% in the 417 km2 Tilemsi concession. The agreement amends the respective shareholder interests in the subsidiary holding the Tilemsi concession. Under the terms of the agreement Great Quest is required to make three payments to the minority shareholder of approximately $110,000 each, with the final payment due on receipt of a permit for commercial exploitation of the Tilemsi concession. In addition, Great Quest is required to issue a 3-year non-transferrable warrant to the minority shareholder to purchase up to 50,000 common shares of Great Quest at a warrant price to be determined by Exchange regulations. The agreement is subject to approval by the Board of Directors and the TSX Venture Exchange. The agreement on the Tarkint Est concession is unchanged and provides for Great Quest to earn a 97% interest.
Sanoukou Gold Project
On the Sanoukou project in Western Mali, the first of a 16 hole, 2500 m core drilling program has been completed and samples have been sent for assay. This initial phase of drilling on Sanoukou is targeting a large area of orpailleur workings over 1 km wide along a 6 km strike length. This drilling program was recommended from prior work (see GQ News Release dated July 29, 2010), which included trenching, geophysics, and RAB drilling by Somafim. Some of the more noticeable intersections from that program on the Sanoukou concession include the following:
---------------------------------------------------- Intersections Grams per Drill Hole in Metres Tonne Gold ---------------------------------------------------- RAB 33 3 4.69 ---------------------------------------------------- RAB 53 19 2.59 ---------------------------------------------------- RAB 84 3 5.02 ---------------------------------------------------- RAB 93 7 3.65 ----------------------------------------------------
This initial drilling program is being carried out by PDRM, the drilling services agency of the Malian government.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
Victor J.E. Jones, Chairman
Great Quest Metals Ltd. is a Canadian mineral exploration company with exploration assets in Mali, West Africa. The Company is focused on developing the Tilemsi Phosphate Project, encompassing 737 km2 in eastern Mali. The Company also holds several gold concessions in the productive Birimian gold belt in western Mali. Great Quest is listed on TSX Venture Exchange (GQ), and the Frankfurt Stock Exchange (GQM).
12g3-2(b) Exemption #82-3116
Standard & Poor's Listed
The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties could cause actual results to vary materially from the targeted results.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts: Great Quest Metals Ltd. George Butterworth Investor Relations 604-689-2882 or Toll Free: 877-325-3838 604-684-5854 (FAX) info@greatquest.com www.greatquest.com
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