VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 8, 2007) - GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX VENTURE:GQC)(FRANKFURT:M1W) is pleased to announce the results of recent soil and rock sampling from the 100% owned Las Animas project in the Dominican Republic.
A 2,000 meter diamond drill program has commenced at Las Animas to step out from the Phase One drilling along the strike of the massive sulphide horizon and test additional targets, including new gossan discoveries, new soil geochemical anomalies, and geophysical targets.
Subsequent to undertaking geological mapping, soil sampling and selective rock sampling at the Las Animas, the Company has defined several new Au-Cu-Zn-Pb-Ba in soil anomalies in part coincident with the previously drilled massive sulphide horizon.
This horizon has already been drilled by the Company with highlights being a massive sulphide intersection of 9.74 m grading 6.24% Zn, 2.06% Cu, 1.52 g/t Au & 47.8 g/t Ag (Press Release - February 5, 2007) and an oxide gold intersection of 10.18 meters grading 8.84 g/t Au and 60.00 g/t Ag (Press Release - December 11, 2006).
GoldQuest recently completed a soil sampling programme consisting of 322 samples across the area of the previous drilling and along strike. Samples were taken at 25 metre intervals along lines 50 or 100 metres apart. The area was prospected in detail and numerous rock samples taken including new outcrop samples of gossan discovered close to the critical sediment - volcanic rock contact, the same geological setting as the previously drilled massive sulphide. Samples from a newly discovered outcrop of gossan located approximately 450 metres east of the previous drilling returned values of 21.30 and 9.17 g/t gold.
A line of 25 metre spaced samples 30 metres northwest of the newly discovered gossan returned 2.10 and 0.33 g/t gold and coincides with a strong northwest trending conductive geophysical anomaly. A soil sample 150 meters north east of the new gossan discoveries returned 4.92 g/t Au.
To date the company has completed four drill holes in the Phase II drill programme (LA-07 to LA-10) totalling 671.91 metres. Hole LA-07 was drilled 45 metres east of Holes LA-01 and 02 and intercepted 0.53 metres of gossan at the sediment-volcanic contact. Hole LA-08 was a short hole drilled on the same fence as holes LA-01, 02, 03, 04 and 05. The hole intercepted 2.94 metres of sanded barite gossan at the sediment-volcanic contact. Hole LA-09 was drilled to test a conductive geophysical target located 80 metres southeast of holes LA-05 and intercepted a broad zone of weakly pyritic sericite schist. Hole LA-10 was located 56 meters north of LA-06 on the same geological cross section with an azimuth of 180 degrees south and an inclination of -60 degrees in order to test the continuity of sulphides at depth. The hole intercepted 13.69 meters of massive sulphide at 163.02 meters down hole at the sediment-volcanic contact, followed by intercalated massive sulphide and pyritic sericite schists over 100.08 meters from a depth of 197.95 meters to 298.03 meters. The remainder of the hole was in pyritic sericite schist to the final depth of 330.79 meters. The true widths of the intervals in hole LA-10 cannot be estimated at this time and will be clarified by ongoing drilling. The sample assay results are awaited from ALS Chemex.
Gold Fields Option Agreement update
GoldQuest has received formal notification from Gold Fields that they have elected to take over management of the Dominican option agreement from June 1, 2007. Gold Fields recently recruited John Hertel a highly experienced geologist with over thirty years of experience to manage the project. David Hall, President & CEO, said, "We are delighted that Gold Fields has elected to take over management of the project which will free up key GoldQuest personnel to focus their time on projects excluded from the agreement such as Las Animas." For further details of the Gold Fields agreement please refer to the March 23, 2007 press release.
Chief Financial Officer Appointed
The company is pleased to announce the appointment of Ford Cannon as its Chief Financial Officer, effective immediately. Ford has been involved with all aspects of finance and administration, project planning, project management and economic modeling in both the mining industry and other industries for over 30 years.
GoldQuest is an Exploration company focused on the Dominican Republic. Through regional grass-roots 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
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
GoldQuest Mining Corp.
Mr. Alistair Waddell
Executive Vice President
(778) 994 6111