GoldQuest Announces The Granting Of Loma Oculta Exploration Concession And Immediate Initiation Of An Exploration Program

VANCOUVER, JUNE 6, 2011 - GoldQuest Mining Corp. (GQC.TSXV, “GoldQuest” or the “Company”) is pleased to announce the granting to GoldQuest of the Loma Oculta exploration concession in the central part of Dominican Republic. Loma Oculta, previously known as Las Animas, is the key property within the Jarabacoa – Las Animas massive sulphide District. In a press release dated May 7, 2009, the following mineral resources were reported:

  • An indicated mineral resource of 1.00 million tonnes grading 2.95 g/t Au, 2.70% Cu, 3.36% Zn and 58.6 g/t Ag containing 95,185 oz Au, 60 million lb Cu, 74 million lb Zn, and 1.90 million oz Ag.
  • An inferred mineral resource of 0.62 million tonnes grading 1.66 g/t Au, 3.32% Cu, 3.99% Zn and 31.4 g/t Ag containing 33,357 ounces Au, 0.6 million ounces Ag, 46 million pounds Cu and 55 million pounds Zn.

The concession locations can be seen on the map (www.goldquestcorp.com/images/maps/LomaOcultaMap.jpg).  The technical report entitled “Mineral Resource Estimate for the Las Animas Project, Province of La Vega, Dominican Republic” dated May 4, 2009 describing the resource estimate was previously filed on SEDAR and is available for viewing under GoldQuest’s issuer profile at www.sedar.com.  The resource estimate was prepared by Dr Stewart D. Redwood, FIMMM, Consulting Geologist, who is the qualified person as defined by National Instrument 43-101.  He has reviewed and approved the content of this news release.

GoldQuest will initiate a comprehensive detailed mapping, sampling and ground geophysical program to define infill drilling, identify new targets that may warrant drilling in the vicinity of the known massive sulphide that remains open at depth, and better define the regional trend of the mineralized horizon. In parallel, the Company will commission a metallurgical study to define recoveries from the gold and silver rich gossan and from the poly-metallic sulphide under the oxidized zone. The massive sulphide defined by GoldQuest is the second largest massive sulphide deposit found in the Dominican Republic, is located in the same mineralized trend of Perilya Limited’s Cerro de Maimon massive sulphide mine with its sulphide and oxide facilities. 

“We are pleased to receive this concession from the Government of the Dominican Republic as it allows GoldQuest to further define one of its most promising targets” commented Julio Espaillat, the President and CEO. “Together with a preliminary assessment on the metallurgy, the additional exploration will further progress this project toward development stage”.

 

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 symbol M1W, with 103,308,601 shares outstanding and 112,066,851 fully diluted basis. The recent trading range has been C$0.18 to C$0.40.

 

On behalf of the Board of Directors,

Julio Espaillat
President & Chief Executive Officer
Office tel : +1 809 385 2222
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For further information please contact:

Dan Maarsman
Investor Relations – Vancouver, Canada
Tel: +1-604-632 4333
www.goldquestcorp.com
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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.

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.