VANCOUVER, B.C., JULY 5, 2010 - GoldQuest Mining Corp. ("GoldQuest" or the "Company") is pleased to announce that William Fisher has been appointed to its Board of Directors.
Following the Annual General Meeting the Company completed its realignment of the board, a process which began in the period leading up to the AGM. At the AGM, incumbent directors Roger Davey, Anthony Warrender, Anna Stylianides and Neil MacDonald were re-elected to the board, together with new director Stephen Orr. Following the AGM, Mr. MacDonald tendered his resignation as Chairman and director of the Company and Mr. Bill Fisher was appointed to the board to fill the vacancy created by Mr. MacDonald's resignation.
Bill Fisher graduated as a geologist in 1979 and has extensive industry experience which has included a number of residential posts in Africa, Australia, Europe and Canada in both exploration and mining positions. Under his leadership, Karmin Exploration discovered the Aripuanã base metal massive sulphide deposits in Brazil. From 1997 to 2001 Bill was Vice President, Exploration for Boliden AB, a major European mining and smelting company where he was responsible for thirty five projects in nine countries. From 2001 to 2008 Bill led GlobeStar Mining Corp. from an exploration company to an emerging base metal producer in the Dominican Republic which developed and operates the Cerro de Maimon mine. Bill was also Chairman of Aurelian Resources which was acquired by Kinross in 2008 for $1.2 Billion after the discovery of the Fruta del Norte gold deposit in Ecuador. Bill currently serves as an independent director of PC Gold (TSX: PKL), RX exploration (RXE.CNQ) and Treasury Metals (TSX: TML).
Alistair Waddell, the President & CEO, commented, "We are delighted to welcome Bill to the board and we are looking forward to working with him to advance the Company's projects in the Dominican Republic and Spain. Bill has tremendous experience in the Dominican Republic and Europe which will be very beneficial for GoldQuest going forward. We are extremely grateful for Neil MacDonald's past contributions to the Company as Chairman and Director and wish him well with his other business endeavours. The composition of the board provides the Company with a broad range of corporate experience and technical and operational expertise in the mining industry."
The Board of Directors now comprises of Roger Davey, William Fisher, Steven Orr, Anna Stylianides and Anthony Warrender.
The Company would also like to announce that on July 15, 2010 Anna Stylianides will be appointed as interim President & CEO while a replacement is found for Alistair Waddell following his previously announced resignation (Press Release of June 2, 2010). Anna Stylianides commented, "We would like to thank Alistair for his contribution and service to GoldQuest as CEO and Director and we wish him well in his future career."
GoldQuest is a Vancouver based company with a portfolio of 100% owned exploration projects in the Dominican Republic and Spain. 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
President & Chief Executive Officer
For further information please contact:
Investor Relations -- Vancouver, Canada
Tel: +1-604-632 4333
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.
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.