GoldQuest Intercepts 142 Meters Grading 2.59% Cu, 1.91% Zn and 2.50 g/t Au at Las Animas

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2007) - GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX VENTURE:GQC)(FRANKFURT:M1W) is pleased to announce the results of the first four drill holes from its Phase II diamond drill programme on its 100% owned Las Animas project in the Dominican Republic.

The 2,000 meter programme is currently drilling targets along the strike of the previous drilled massive sulphide horizon (Reported in Press Releases - December 11, 2006 & February 5, 2007) and testing additional zones, including new gossan discoveries, soil geochemical anomalies and geophysical targets. Results for the first four drill holes (LA-07 to LA-10) totalling 671.91 meters have been received. Highlights are as follows:

  • Massive sulphide and stockwork intersection of 142 meters of 2.59% Cu, 1.91% Zn and 2.50 g/t Au;
  • Drilling extends massive sulphide to over 275 meters below surface;
  • Mineralization thickened due to folding;
  • Mineralization still open at depth and to west;

Drill hole LA-10 was drilled 56 meters north of LA-06 on the same geological cross section with an azimuth of 180 degrees and an inclination of -60 degrees in order to test the continuity of sulphides at depth below the gossan intercepted in hole LA-06.

The hole intersected massive sulphides consisting of chalcopyrite, sphalerite and pyrite vertically below the gossan of LA-06. The hole then continued in massive sulphides and sulphide-rich sericite schist to a depth of 304.00 meters, giving an intersection of 140.98 metres width to a vertical depth of 275 metres below surface.

The massive sulphide and stockwork interval returned:

  • 142.00m grading 2.50 g/t Au, 36.58 g/t Ag, 2.59% Cu and 1.91% Zn from 162.00m to 304.00m.

Including,

  • 14.56m grading 4.20 g/t Au, 85.99 g/t Ag, 3.13% Cu and 3.29% Zn from 163.02m to 177.58m

And

  • 105.98m grading 2.72 g/t Au, 36.75 g/t Ag, 2.29% Cu and 2.09% Zn from 198.02m to 304.00m.

This drill intercept can be explained by folding and structural thickening of the massive sulphide layer in an asymmetric S-shaped fold (looking east), with a near vertical body on the upper and lower fold limbs, and an intermediate limb with a similar dip as the drill hole. The remainder of the hole was in pyritic sericite schist to the final depth of 330.79 meters. The Company wishes to emphasise that the actual geometry of the massive sulphide body will not be defined until further drilling has been undertaken. A perpendicular "scissor hole" will be completed on the same section (drilled to the north) as drill hole LA-10 to clarify the true thickness of this new massive sulphide zone discovered at depth.

Hole LA-07 was drilled 45 meters east of Holes LA-01 and 02 and intercepted a thin horizon of gossan at the sediment-volcanic contact. The gossan returned 0.51m grading 2.62 g/t Au from 46.05m and the footwall volcanics returned 23.44m grading 0.36 g/t Au from 46.56m, including 10.00m at 0.55 g/t Au from 56.00m.

Hole LA-08 was a short 55.81 meter hole drilled to the south on the same section as holes LA-01, 02, 03, 04 and 05. The hole intercepted sanded barite gossan, gossanous sediments and sericite schist at the sediment-volcanic contact that returned 16m grading 3.01 g/t Au and 19.08 g/t Ag in oxide from surface, including 2.81m grading 12.24 g/t Au and 35.57 g/t Ag in gossan from 12.19m. Base metals have been leached from this interval. The rest of the hole is in pyritic sericite schist and gave 0.28 g/t Au and 3.53 g/t Ag over 39.81m from 16.00m, including a semi-massive sulphide intersection of 4.44m grading 0.63 g/t Au and 6.06 g/t Ag from 36.26m.

Hole LA-09 was drilled to test a conductive geophysical target located 80 meters southeast of holes LA-05 and intercepted sericite-pyrite altered rhyolite volcanic rocks with a maximum value of 0.63 g/t Au.

Drilling is ongoing and will test a number of other targets including the new gossans discovered some 450 meters along strike to the west that returned 21.30 g/t and 9.17 g/t gold (Press release May 8, 2007), geophysical, geochemical targets and step-out holes from hole LA-10.

Results from the ongoing drilling will be released as soon as they are received. Further information including updated maps and cross sections will be posted on the GoldQuest website shortly.

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From To Length Gold Silver Copper Zinc
Hole (m) (m) (m) (g/t) (g/t) (%) (%)
---------------------------------------------------------------
LA-07 0.00 4.00 4.00 1.51 3.56 0.03 0.01
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46.05 46.50 0.51 2.63 170.50 0.04 0.01
---------------------------------------------------------------
46.50 70.00 23.44 0.37 23.00 0.05 0.24
---------------------------------------------------------------
including 56.00 66.00 10.00 0.55 19.82 0.03 0.43
---------------------------------------------------------------
LA-08 0.00 16.00 16.00 3.01 19.08 0.05 0.03
---------------------------------------------------------------
including 12.19 15.00 2.81 12.24 35.57 0.10 0.40
---------------------------------------------------------------
16.00 55.81 39.81 0.28 3.52 0.05 0.01
---------------------------------------------------------------
including 35.56 40.00 4.44 0.63 6.06 0.08 0.01
---------------------------------------------------------------
LA-09 138.00 140.00 2.00 0.64 3.22 0.06 0.05
---------------------------------------------------------------
LA-10 162.00 304.00 142.00 2.50 36.58 2.59 1.91
---------------------------------------------------------------
including 163.02 177.58 14.56 4.20 85.99 3.13 3.29
---------------------------------------------------------------
and 198.02 304.00 105.98 2.72 36.75 2.29 2.09
---------------------------------------------------------------

Table 1: Length-weighted average grades of drill holes. Note
that the lengths are drill intersection widths and that there
is still insufficient data to calculate true widths of the
massive sulphide body. In the case of core duplicates and
repeat analyses, the average value has been used.

About GoldQuest

GoldQuest is an Exploration company focused on the Dominican Republic. Through regional grass-roots generative exploration and new geological models the Company has built a portfolio of new gold and copper discoveries.

Dr Stewart D. Redwood, FIMMM, Consulting Geologist to the Company is the qualified person as defined by National Instrument 43-101 and has reviewed the content of this press release. Preparation and geochemical analyses of all samples were carried out by ALS Chemex, Vancouver. Standards, blanks and duplicates are routinely inserted into all sample batches for quality assurance and quality control.

GoldQuest is traded on the TSX-V under the symbol GQC.V and in Frankfurt with symbol M1W.

On behalf of the Board of Directors

David Hall

 

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

For more information, please contact

GoldQuest Mining Corp.
Mr. David Hall
President & Chief Executive Officer
+353-1-661-3309 (Dublin)

or

GoldQuest Mining Corp.
Mr. Alistair Waddell
Executive Vice President
(778) 994-6111 (Vancouver)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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