Great Quest Metals Ltd.: Arrete de la Miniere Permits Received for the Tilemsi Phosphate Concessions
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/18/11 -- Victor J.E. Jones, Chairman and CFO of Great Quest Metals Ltd. (TSX VENTURE: GQ)(FRANKFURT: GQM), is very pleased to report that the Company has now received the Arrete permits, as required under Malian law, to commence exploration field work on its Tilemsi Phosphate Project in Eastern Mali. These Arretes were received pursuant to applications made following the receipt of the Convention d'Etablissement permits issued by the Ministry of Mines on January 12, 2011 (GQ News - January 12, 2011). Within the framework of the 30 year Conventions, Arretes provide renewable 3 year exploration licences and important tax relief for exploration expenditures and importing drilling equipment. The Tilemsi Phosphate Project comprises the Tin Hina and Tarkint Est concessions which together cover some 737 sqkm prospective for phosphates.
'The receipt of these Arretes marks the formal approval for field work mobilization,' said Mamadou Keita, the Company's Vice President Exploration, based in Bamako Mali, 'and we can now authorize the mobilization of the air-core drill rig into the country and initiate logistics for exploration operations and drilling.'
In preparation for the air-core drilling program the Company has just completed a remote sensing data analysis which identified extensive showings of apparent phosphate mineralization based on correlations with known Company geological sampling reconnaissance (GQ News - February 15, 2011). The area highlighted by the remote sensing and prior sampling are priorities for the multi-phase drilling and geological programs. The first phase of air-core drilling will include an estimated 1000 drill holes, pits and geological reconnaissance over the targeted areas using the new remote sensing findings and high resolution maps to assist field crews. The objective is an initial NI 43-101 compliant resource estimate, after which a preliminary scoping study would be commissioned, along with further drilling.
Great Quest holds an 88% interest in the 320 sqkm Tin Hina concession located immediately to the south of the 417 sqkm Tarkint Est concession in which Great Quest holds a 97% interest through an exploration agreement with a private Malian company. The Tilemsi valley is known for its natural phosphate rock. This first comprehensive approach to exploration and development of these concessions has gained recognition within Mali for its potential benefit on the Malian agricultural sector.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
Victor J.E. Jones, Chairman
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Contacts:
Great Quest Metals Ltd.
George Butterworth
Investor Relations
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