Northquest Ltd. announces the submittal of a gold exploration permit application in the Union of Myanmar (Burma)
June 04 2012 - 5:54PM
PR Newswire (Canada)
TORONTO, June 6, 2012 /CNW/ - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q)
("Northquest" or "the Company") announces that it has submitted an
application for an exploration permit in the Union of Myanmar,
formerly known as Burma. The permit application is for an 180
square kilometre area in central Myanmar. The permit application
covers a very prospective area of documented gold occurrences and
unexplored exploration targets which have similar features to known
gold occurrences. The mining industry of Myanmar, particularly with
respect to gold, has great potential and certain gold exploration
targets are have not been systematically explored. Northquest has
established good communication with the Ministry of Mines and has
obtained general guidelines for exploration permit
applications. The current application was submitted according
to the guidelines and is currently under consideration and
processing. Jon North, President and CEO of Northquest Ltd. said
that "this initiative in Myanmar, or Burma as it was formerly
known, is the culmination of over two years of research targeting
gold exploration targets in Indochina and the southwest Pacific.
Approximately two years ago, we concluded that the geology of Burma
has many similarities to epithermal gold districts of the Pacific
Rim, and the islands of the southwest Pacific, and that there were
numerous, untested gold targets, however, at the time we could not
do business in the country because of a variety of Canadian
Government sanctions. We were very pleased when Canadian
Foreign Minister John Baird announced April 24, 2012 that the
Canadian Government had eased the sanctions regime against Burma,
and we quickly moved to submit an application for our top target".
Northquest is a mineral exploration company focused on the
acquisition, exploration and development of properties for the
mining of gold and other minerals. Northquest has 25,315,823
shares outstanding (38,345,035 on a fully diluted basis). For
further information please visit www.northquest.biz.
Forward-Looking Statements Certain information set forth in this
news release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of
Northquest, including, but not limited to, the length of time which
the permit application may take, the likelihood of successful of
the permit application, the final terms and boundaries which may be
imposed in connection with the grant of any permit applied for, the
impact of general economic conditions, industry and political
conditions, volatility of commodity prices, risks associated with
the uncertainty of exploration results and estimates and that the
resource potential will be achieved on exploration projects,
currency fluctuations, dependence upon regulatory approvals, and
the uncertainty of obtaining additional financing and exploration
risk. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking
statements. 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 RELEASE Northquest Ltd. CONTACT:
Dr. Jon North President and Chief Executive OfficerTel. (416)
306-0202Tanya MahadeoInvestor RelationsTel. (416) 306-0486
Copyright