VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 26, 2013) - GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest" or the "Company") is pleased to announce the issuance to GoldQuest of the Loma Los Comios concession, adjacent to the Romero Project in the Dominican Republic. The Dominican Republic's Secretary of State for Industry and Commerce has granted to GoldQuest the 2,028 hectare concession which is along trend from the Romero Project and in the Tireo formation. The Company recently published a NI 43-101 mineral resource estimate at the Romero Project which included 2.4 million ounces of gold equivalent Indicated mineral resources and 0.8 million ounces of gold equivalent Inferred mineral resources (see October 29, 2013 release).
- 50% increase in land package for exploration
- New ground is along trend of Romero and within the favorable Tireo Formation
- Positive show of support from the Dominican Republic government
"With the granting of the Loma Los Comios concession we have significantly increased our exploration footprint in the Tireo Formation and our capacity to find additional mineral resources," commented Julio Espaillat, GoldQuest's CEO. "We are also very encouraged by the positive endorsement from the government in our company and in the exploration sector in the Dominican Republic."
The Loma Los Comios concession is located directly adjacent to the concession hosting the Romero Project (see map at following link http://goldquestcorp.com/images/nr/GQC_Concession_Map.jpg). The 2013 ground Induced Polarization (IP) program identified a new chargeability trend, The Guama Trend, within the Loma Los Comios concession (see press release April 12, 2013).
The Company is currently mapping and collecting surface samples to refine drill targets in the Loma Los Comios concession. It plans to commence the next phase of drilling in the first quarter of 2014.
Table 1: Mineral Resources for Romero and Romero South Estimated by Micon International Limited as of October 29, 2013 (see press release October 20, 2013)
|Category||Zone||Tonnes||Au (g/t)||Cu (%)||Zn (%)||Ag (g/t)||AuEq (g/t)||Au Ounces||AuEq Ounces|
|Total Indicated Mineral Resources||19,420,000||2.63||0.63||0.29||3.7||3.81||1,645,000||2,381,000|
|Total Inferred Mineral Resources||10,020,000||1.64||0.36||0.42||3.8||2.45||529,000||790,000|
The data in this press release has been reviewed and approved by Mr. Jeremy Niemi, P.Geo., the Director, Technical Services of GoldQuest and a Qualified Person for the technical information in this press release under NI 43-101 standards.
GoldQuest is a Canadian based mineral exploration company with projects in the Dominican Republic traded on the TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol M1W, with 143,980,044 shares outstanding (157,806,568 on a fully diluted basis).
Statements contained in this news release that are not historical facts are forward-looking information that involves known and unknown risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements with respect to mineral resource estimates, the merits of the Company's mineral properties, future studies, the potential for underground mining, and the Company's plans and exploration programs for its mineral properties, including the timing of such plans and programs. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "has proven", "expects" or "does not expect", "is expected", "potential", "appears", "budget", "scheduled", "estimates", "forecasts", "at least", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to uncertainties inherent in the estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency exchange rates; the Company's ability to continue as a going concern; the Company's ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward-looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
Forward-looking statements are based on assumptions that the Company believes to be reasonable, including expectations regarding mineral exploration and development costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's current mineral resource estimates; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained and that there will be no significant disruptions affecting the Company or its properties.
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President & Chief Executive Officer
GoldQuest Mining Corp.
Office of the Chairman - Toronto