GoldQuest Mining Corp. (TSX VENTURE:GQC) Announces That It Will Commence a New 1,200 Meter Drill Program on Its 100% La Escan...
November 09 2011 - 11:00AM
Marketwired
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)
("GoldQuest" or the "Company") is pleased to announce the start of
a 1,200 metre, ten diamond drill holes program on its 100% owned La
Escandalosa Concession, in the San Juan province of Dominican
Republic, which is scheduled to commence November 15, 2011.
The program will be focused on testing lateral extensions of the
southern part of the known mineralization at La Escandalosa Sur and
confirmatory infill drilling of the same zone. The drill program is
based on the recent Block Model developed by the engineering
consultants, Micon International Limited ("Micon"), and is designed
to increase drilling density on the identified mineralization.
GoldQuest further intends the results of the program to be used to
upgrade GoldQuest's current NI 43-101 compliant inferred resources
(4.86 million tonnes grading 2.60 g/t gold at 0.3 g/t cut off),
effective November 9, 2010, which was posted by the Company under
its profile on SEDAR at www.sedar.com on November 16, 2010.
Julio Espaillat, GoldQuest President and CEO, commented,
"Drilling at the southern part of La Escandalosa Sur zone had
returned excellent results such as 53.0m @ 3.02 g/t gold, including
16.0m @ 9.39 g/t gold in hole LTP-41 (previously announced in a
press release dated July 6, 2010). Following Micon's
recommendations, this drilling is intended to upgrade parts of the
known resource towards the indicated and/or measured categories,
and to further expand the previous estimations."
GoldQuest Mining Corp. and Energold Drilling Corp. have entered
into a diamond drilling contract to carry out a 1,200 meter drill
program at the La Escandalosa Sur property starting November 15th,
2011. This phase of drilling is expected to continue into early
2012.
Also the Company recently received the report on the Induced
Polarization survey, completed on the La Escandalosa Project,
including Hondo Valle, 1.2 kms north of La Escandalosa Sur, where
the highlights included 29.0 m @ 2.18 g/t gold, including 17.0 m @
3.45 g/t gold (Previously published on PR of May 16, 2011). The
potential quantity and grade is conceptual in nature, there has
been insufficient exploration to define a mineral resource, and it
is uncertain if further exploration will result in similar results
and/or a target being further delineated as a mineral resource. The
77.75 line kilometers survey covered an area of approximately 15
square kilometers. The survey delineated three chargeable zones,
being the main zone a North - South corridor of low resistivity
with a delineated extension in excess of 3.5 kilometers and
coincident to the known mineralization. The Company is carrying out
ground follow up, and the results will be presented in subsequent
releases. These IP anomalies open a series of new targets that are
anticipated to be tested by drilling early next year.
We are pleased to answer the calls of our shareholders and get
the drills turning again. We are committed to taking the right
steps to move our project forward and with interpretation of our
Induced Polarization results by Quantec Geoscience, ongoing
Metallurgical testing by Research Development Inc ("RDI") and our
new Block Model by Micon we have been able to do so.
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 113,576,851 on a fully
diluted basis. The company has recently announced two potential
transactions with arm's length parties.
The qualified person who has approved the technical information
in this press release is Mr. William Fisher, P. Geo. Mr. Fisher is
a Director of GoldQuest Mining Corp.
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 +1-604-632-4333www.goldquestcorp.com
GoldQuest Mining Corp. Sebastian de Kloet Manager, Investor
Relations +1-416-214-9151investorrelations@goldquestcorp.com
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