Great Quest Metals Ltd.: Gold Exploration Permit Renewed to Complete Requirements of Transaction with Avion Gold
10.01.2011 | Marketwire
BAMAKO, MALI -- (Marketwire) -- 01/10/11 -- Victor Jones, Chairman of Great Quest Metals Ltd. (TSX VENTURE: GQ) (FRANKFURT: GQM), announces that the exploration permit on the Comifa concession was renewed on January 7, 2011 and that an agreement has been executed which authorizes the transfer of the concession to Tambaoura Mining, a Malian subsidiary of Avion Gold Corporation (TSX: AVR) (OTCQX: AVGCF). This allows for the completion of the Mineral Property Sale according to the Letter of Intent between the Company and Avion dated December 18, 2009. The Company will now request that Avion release the escrowed portion of the shares of Avion received by the Company under that agreement which were held in escrow pending the issue of this exploration permit. The concession will complement the property holdings of Avion at its Tabakoto/Segala operations.Camp Preparation for Tilemsi Phosphate Project Exploration Program
The Company has completed a geophysical survey and mobilized a drill rig for the initial water wells required prior to the planned drilling on the Tilemsi Phosphate project and the permit for the location of its exploration camp in eastern Mali has been received. Recent discussions with the Minister of Mines of Mali and other government officials have been encouraging with regard to the issue of the initial permits for the two phosphate concessions, which comprise the Tilemsi project. One of the concessions is held by a subsidiary of the Company and the other by agreement with a private Malian company, as announced last year. The Company has also initiated the acquisition of remote sensing data on the 737 sq km Tilemsi project area in preparation for analysis of phosphate rock signatures and detailed mapping to assist with further geological reconnaissance work and the planned drilling program. Fieldwork will commence immediately on receipt of the Malian permits.
About Great Quest
Great Quest Metals Ltd explores for phosphate and gold in Mali, West Africa. The Tilemsi phosphate project encompasses 737 km2 in eastern Mali, boasting potential for large tonnage of high-grade phosphate rock for a growing world and local market. The Company's track record for discovery and years of local experience have yielded a number of highly prospective gold concessions located along the productive Birimian gold belt in western Mali.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
Victor J.E. Jones, Chairman
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.
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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
