VANCOUVER, BC, SEPTEMBER 16, 2008 -- GoldQuest Mining Corp. ("GoldQuest" or the "Company") is pleased to present an update on the exploration activities with its partner Gold Fields Ltd ("Gold Fields"). Gold Fields are currently earning a 60% interest in various projects in the Dominican Republic by expending US$5 million over a three year period.
Drilling, as part of Gold Fields option earn-in has commenced on the Company's 100% owned Jengibre project to test targets described in news release dated March 5, 2008. Drilling will test outcropping mineralization identified in five principal zones, four of which are located over a horizontal distance of approximately 1,000 meters. The northwest mineralized outcrops occur as a shallow dipping stratiform body cross-cut by a sub-vertical fault and possible feeder structures. Additional sub-vertical mineralized structures trend to the southeast. The fifth zone, located approximately 500 meters further east, is a zone of silica-pyrite alteration which trends approximately 450 meters east-west. The style of alteration and mineralization of the fifth zone is similar to that occurring in the other zones.
The Jengibre discovery is now the third significant zone of mineralization defined by GoldQuest and Gold Fields in a new 35 km NNW-trending gold district extending from the Las Tres Palmas and Loma Viejo Pedro properties in the northwest, to Jengibre in the southeast.
LOMA VIEJO PEDRO PROJECT
Gold Fields also plans a series of exploration drill holes on the Loma Viejo Pedro project. The project is located directly to the northwest of the Jengibre project on the same geological trend. Gold Fields have been following up numerous targets identified during the regional geochemical exploration programme and have recently defined several new zones of outcropping mineralisation. At Loma Viejo Pedro, rocks of the Upper Cretaceous Tireo Formation host silicic, argillic and pyritic alteration with anomalous gold values. Rock chip and soil sampling has defined a three kilometre long gold anomaly. The target is a structurally controlled, poly-metallic, intermediate sulphidation, gold system. Mineralization is characterized by argillic and silicic alteration with disseminated pyrite. Several phases of pyritization can be seen at some localities, with disseminated pyrite being post-dated by later veinlets of quartz, pyrite containing traces of chalcopyrite and barite. Five initial drill holes, will target a 1.2 km trend which is host to the highest gold in rock chip; this trend has returned values up to 15.3 g/t Au.
PIEDRA IMÁN PROJECT
Gold Fields drilled the Company's 100% owned Piedra Imán project located approximately four kilometres northwest of the Pueblo Viejo mine currently under option from the Dominican government to a Barrick-Goldcorp joint venture. As announced by Barrick on February 27, 2008, the Pueblo Viejo mine contains reserves of 20.4 million ounces of gold, 423.6 billion pounds of copper, and 117.3 million ounces of silver. Gold Fields completed fifteen diamond holes for a total of 3,645 meters to test for blind high sulphidation mineralization beneath a strongly altered silica cap.
Gold Fields report that no significant gold values were intercepted from this phase of drilling with the best being from hole PI-19 which returned 4 meters grading 0.87 ppm gold from a zone of strong silicification, pyrite and pyrophilite veinlets. Gold Fields has no plans for further drilling on the Piedra Imán project at this time.
Gold Fields are still completing systematic follow-up exploration on numerous other targets identified by the regional exploration programme. Sample results will be released from the different projects as soon as they come available.
GoldQuest is a Vancouver based 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 including it's 100% owned Las Animas Au-Ag-Cu-Zn project excluded from the Gold Fields joint venture.
Mr Nathan Brewer, an employee of Gold Fields is the Qualified Person as defined by National Instrument 43-101, responsible for the technical information noted in this news release and the design and management of the ongoing exploration programmes. David J. Hall, Vice Chairman and Director of 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 in Vancouver and Acme Labs in Santiago. Standards and blanks 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 / Berlin with symbol M1W.
On behalf of the Board of Directors,
Alistair H. Waddell
For further information please contact:
President & Chief Executive Officer
Investor Relations -- Vancouver, Canada
Tel: +1-604-632 4333
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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.