VANCOUVER, BC, SEPTEMBER 25, 2008 -- GoldQuest Mining Corp. ("GoldQuest" or the "Company") is pleased to report new sample results from its 100% owned El Toro project located in the central Dominican Republic. The El Toro project is excluded from the Gold Fields option agreement.
HIGHLIGHTS
- New rock samples return values up to 35.19 g/t gold;
- 14 samples greater than 10 g/t gold;
- 40% of all samples greater than 1 g/t gold;
- Mineralised quartz veins defined over approximately 2.6 kilometres.
GoldQuest geologists have recently completed follow-up sampling on the 100% owned El Toro project located six kilometres northwest of the Las Animas project in the central Dominican Republic. El Toro comprises multiple mesothermal quartz veins defined over approximately 2.6 kilometres strike length with a northwest trend. The zone is approximately 1,000 meters wide and comprises several individual veins of up to 2.0 metres width, hosted in andesitic tuffs. Sampling of this zone returned 72 out of 182 rock grab and float samples (40%) with values greater than 1 g/t gold with a maximum value of 35.19 g/t gold. Fourteen samples returned gold values in excess of 10 g/t gold.
The property has now been geologically mapped and sampled in detail in preparation for trenching which will be started shortly. Exploration drill holes will subsequently be planned on the basis of trenching.
SANTA ANA & EL TUERTO PROJECTS
GoldQuest geologists have also initiated follow-up work on both the Santa Ana and El Tuerto properties. Both projects are also 100% owned by GoldQuest and excluded from the joint venture with Gold Fields.
Santa Ana is a zone of mesothermal quartz veins similar to that at El Toro located approximately six kilometres to the west. Reconnaissance sampling completed during the initial prospecting phase returned rock grab sample values up to 10.2 g/t Au.
El Tuerto is a significant area of anomalous stream sediment and rock grab and float sample geochemistry over several square kilometres area located approximately four kilometres west of Santa Ana and nine kilometres northwest of the Las Animas project. Preliminary sampling has given significant anomalies of copper, gold, silver and molybdenum in stream sediment and rock grab and float samples occur over a wide area centered on a large topographic high. Maximum values out of 53 rock grab and float samples are 6.7% Cu, 0.97 g/t Au, 32.8 g/t Ag and 0.08% Mo. Twenty-two rock grab and float samples (42%) returned values greater than 0.1% Cu including seven samples (13%) greater than 1.0% Cu. Mineralization is associated with quartz veins hosted by metabasic phyllites with quartz porphyry dikes and a diorite intrusion.
About GoldQuest
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.
Dr Stewart D. Redwood, FIMMM, Consulting Geologist to the Company is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the content of this news release. Preparation and geochemical analyses of samples were carried out by both ALS Chemex and Acme Analytical Laboratories Ltd. 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.
For further information please contact:
Alistair Waddell
President & Chief Executive Officer
Dan Maarsman
Investor Relations -- Vancouver, Canada
Tel: +1-604-632 4333
On behalf of the Board of Directors "signed" Alistair H. Waddell
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this 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.