GoldQuest Announces the Granting of Loma Oculta Exploration Concession and Immediate Initiation of an Exploration Program
June 06 2011 - 9:30AM
Marketwired
GoldQuest Mining Corp. (TSX VENTURE: GQC)(FRANKFURT: M1W)
("GoldQuest" or the "Company") is pleased to announce the granting
to GoldQuest of the Loma Oculta exploration concession in the
central part of Dominican Republic. Loma Oculta, previously known
as Las Animas, is the key property within the Jarabacoa - Las
Animas massive sulphide District. In a press release dated May 7,
2009, the following mineral resources were reported:
-- An indicated mineral resource of 1.00 million tonnes grading 2.95 g/t
Au, 2.70% Cu, 3.36% Zn and 58.6 g/t Ag containing 95,185 oz Au, 60
million lb Cu, 74 million lb Zn, and 1.90 million oz Ag.
-- An inferred mineral resource of 0.62 million tonnes grading 1.66 g/t Au,
3.32% Cu, 3.99% Zn and 31.4 g/t Ag containing 33,357 ounces Au, 0.6
million ounces Ag, 46 million pounds Cu and 55 million pounds Zn.
The concession locations can be seen on the map
(http://www.goldquestcorp.com/images/maps/LomaOcultaMap.jpg). The
technical report entitled "Mineral Resource Estimate for the Las
Animas Project, Province of La Vega, Dominican Republic" dated May
4, 2009 describing the resource estimate was previously filed on
SEDAR and is available for viewing under GoldQuest's issuer profile
at www.sedar.com. The resource estimate was prepared by Dr Stewart
D. Redwood, FIMMM, Consulting Geologist, who is the qualified
person as defined by National Instrument 43-101. He has reviewed
and approved the content of this news release.
GoldQuest will initiate a comprehensive detailed mapping,
sampling and ground geophysical program to define infill drilling,
identify new targets that may warrant drilling in the vicinity of
the known massive sulphide that remains open at depth, and better
define the regional trend of the mineralized horizon. In parallel,
the Company will commission a metallurgical study to define
recoveries from the gold and silver rich gossan and from the
poly-metallic sulphide under the oxidized zone. The massive
sulphide defined by GoldQuest is the second largest massive
sulphide deposit found in the Dominican Republic, is located in the
same mineralized trend of Perilya Limited's Cerro de Maimon massive
sulphide mine with its sulphide and oxide facilities.
"We are pleased to receive this concession from the Government
of the Dominican Republic as it allows GoldQuest to further define
one of its most promising targets," commented Julio Espaillat, the
President and CEO. "Together with a preliminary assessment on the
metallurgy, the additional exploration will further progress this
project toward development stage."
About GoldQuest
GoldQuest is a Vancouver based mineral exploration company with
projects in Spain and the Dominican Republic traded on the TSX-V
under the symbol GQC.V and in Frankfurt / Berlin with symbol M1W,
with 103,308,601 shares outstanding and 112,066,851 fully diluted
basis. The recent trading range has been C$0.18 to C$0.40.
On behalf of the Board of Directors,
Julio Espaillat, President & Chief Executive Officer
Forward-looking statements:
This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical fact, that address events or
developments that GoldQuest expects to occur, are forward looking
statements.
Forward looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or
"should" occur. Although GoldQuest believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in forward looking statements. Factors that could cause the
actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
success, continued availability of capital and financing and
general economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward looking statements are based on the beliefs, estimates and
opinions of GoldQuest's management on the date the statements are
made. GoldQuest undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change, except as
required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: GoldQuest Mining Corp. Julio Espaillat President &
Chief Executive Officer Office: +1 809 385 2222
jespaillat@goldquestcorp.com GoldQuest Mining Corp. Dan Maarsman
Jr. Investor Relations - Vancouver, Canada +1-604-632 4333
investorrelations@goldquestcorp.com www.goldquestcorp.com
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