GoldQuest Completes Geophysical Program and Initiates Preliminary Economic Assessment for Its Escandalosa Gold Project, Domin...
August 24 2011 - 7:30AM
Marketwired
GoldQuest Mining Corp. (TSX VENTURE: GQC)(FRANKFURT: M1W)
("GoldQuest" or the "Company") is pleased to announce that it has
completed a ground geophysical survey (IP) at its 100% owned La
Escandalosa exploration concession in the Western Dominican
Republic. A total of 26 lines, totaling 74.8 kilometers, were
surveyed over an area of approximately 15 square kilometers at the
Hondo Valle - La Higuera grid. The objective of the survey is to
better define drill targets within the surveyed area, with
particular focus on particular areas both to the south and to the
north of the known mineralized zone at La Escandalosa Sur, on which
the Company published a NI 43-101 Compliant Inferred Resource of
4.86 million tonnes grading 2.60 g/t gold at 0.3 g/t cut off (as
previously announced in a news release dated November 16, 2010).
The survey will also aid in the selection of drill targets to the
north of Hondo Valle, located about 1.2 kilometers to the north of
la Escandalosa Sur, where the Company is considering the potential
to pursue a new mineralized zone. The analysis of the ground
geophysical survey (IP) is currently underway and the results of
this survey are expected to be completed and announced in
September, 2011. As part of the ongoing exploration program, the
Company purchased a high precision magnetometer to carry on
in-house magnetic surveys on all of the Company's exploration
concessions within Dominican Republic. Currently a survey over an
area of approximately 30 square kilometers is in progress at the
Loma Oculta exploration concession, where Las Animas massive
sulphide project is located (as previously discussed in a news
release dated May 7, 2009).
Furthermore, the Company has engaged MICON International, a
highly respected Toronto-based mineral consultancy firm, to carry
out Preliminary Economic Assessments (PEAs) on our La Escandalosa
Sur and Las Animas projects. While we are fully committed to
continued exploration of our projects through mapping, geochemical,
geophysical and drilling programs, management believes that having
an economic framework to guide our exploration is warranted. We
expect the results from the PEA of La Escandalosa Sur gold project
to be released this fall, followed by the PEA on Las Animas massive
sulphide later this year.
Finally, the Company has retained Resource Development Inc (RDI)
of Colorado, to initiate metallurgical testing for its La
Escandalosa Sur and Las Animas Projects. Results from testing will
provide GoldQuest with a good understanding of the metallurgy and
recoveries of the mineralization at each of these projects.
"We are very excited with the expected targets that will be
generated by the ground geophysical survey (IP) at our La
Escandalosa Concession and with both metallurgical testing and PEAs
of La Escandalosa Sur and Las Animas Projects as we continue to
move from an exploration based company to a development stage
company," commented Julio Espaillat, the President and CEO.
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 the symbol
M1W, with 103,508,601 shares outstanding and 110,551,851 on a fully
diluted basis. The recent trading range has been C$0.16 to
C$0.40.
The qualified person for the technical information in this press
release is Mr. William Fisher, P. Geo. Mr. Fisher is a Director of
GoldQuest Mining Corp.
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 +1 809 385 2222
jespaillat@goldquestcorp.com GoldQuest Mining Corp. Sebastian de
Kloet Investor Relations +1-416-970-5277
investorrelations@goldquestcorp.com www.goldquestcorp.com
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