TORONTO, ONTARIO--(CCNMatthews - May 30, 2006) - GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX VENTURE:GQC)(FWB:M1W) is delighted to announce results of additional diamond drill holes from its Tres Palmas project in the Dominican Republic.
The company has just finished a 1,820 meter drill program comprising of 17 holes testing five mineralized zones over three kilometres. Further results have been received for drill holes LTP-03, 05, 06, 07, 08, 09 and 10.
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Hole From To Interval Au
meters meters meters g/t
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LTP-03 8.00 149.35 141.35 0.31
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inc 8.00 100.00 92.00 0.35
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LTP-05 0.00 14.00 14.00 0.50
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Hole terminated early due to
drilling problems
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LTP-06 0.00 20.00 20.00 0.26
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LTP-07 26.00 89.00 63.00 2.09
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inc 38.00 76.00 38.00 3.34
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inc 38.00 56.00 18.00 6.52
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LTP-08 38.00 64.00 26.00 0.84
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inc 38.00 50.00 12.00 1.74
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inc 6.00 3.22
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LTP-09 34.00 50.00 16.00 2.10
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inc 34.00 42.00 8.00 3.81
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LTP-10 60.00 84.00 22.00 0.31
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LTP-05, 06, 07, 08, 09 and 10 were drilled to test the high grade gold in surface trench results (e.g. 42m grading 5.24 g/t Au: Press Release 27th March 2006) from the Escandalosa zone 1,800 meters south of the Hondo Valle.
LTP-07 intersected the hanging wall andesite before entering a dense quartz vein stockwork with intense alteration and disseminated pyrite. Mineralization was intersected from 26 meters and grades 2.09 g/t Au over 63 meters including 38 meters grading 3.34 g/t Au.
LTP-08 drilled 80 m southeast of LTP-07 intersected the same mineralized sequence and returned 12.0 meters grading 1.74 g/t Au including 6.0 m at 3.22 g/t Au, 0.25% Cu and 0.36% Zn.
LTP-09 located 175 m SSW of LTP-07 returned 16.0 m at 2.10 g/t Au, 0.15% Cu and 0.44% Zn including 8.0 m at 3.81 g/t Au, 0.27% Cu and 0.74% Zn.
LTP-10 located 270 m SE of LTP-07 intersected 22.0 m at 0.31 g/t Au. This is the southernmost hole and intercepted the zone that is interpreted to be peripheral to the principal mineralized zone.
LTP-05 and LTP-06 returned 14 meters from surface grading 0.50 g/t Au and 20 meters from surface with 0.26 g/t Au respectively. Hole LTP-05 was terminated early due to drilling problems.
Gold mineralization at Escandalosa is associated with silicification and quartz-carbonate veining and appears to be stratiform replacing a dacitic volcaniclastic bed beneath a cap of unaltered andesites. Holes LTP-07, 08 and 09 intersected higher grade gold mineralization in the upper part of this dacitic unit, while holes LTP-05 and 06 intersected lower grade gold mineralization as they are interpreted to have been collared into the footwall.
LTP-03 was drilled in the Hondo Valle Zone 100 meters northeast of LTP-01 and LTP-02 that returned 12 meters grading 1.21 g/t Au from surface and 20 meters grading 2.65 g/t Au also from surface respectively (Press release of May 2nd, 2006). LTP-03 intersected the same breccia body and returned 141.35 meters averaging 0.31 g/t Au with 0.34 % Zn (maximum 1.94% Zn over 1.0 m) from 8.0 to 149.35 meters at the end of the hole.
Results are awaited for holes LTP-04 from the Hondo Valle zone, LTP-11, 12 and 13 from Los Tomates, LTP-14 from Medio Tomate 500 meters south of Hondo Valle and LTP-15,16 and 17 that tested a zone of quartz vein stockwork with anomalous copper, gold and molly values at Hilguera.
Commenting David Hall, President / C.E.O. "we are delighted with the continuity of the good grades and geology between the holes which supports our model of a shallow dipping mineralized bed. The extent of the alteration, surface values and drill intersections substantiates the presence of gold mineralization over three kilometers. The geology and results show a combination of lithological and structural control with enhanced copper and zinc contents that bear many similarities to the Pueblo Viejo gold-silver deposit. We eagerly await outstanding analyses before planning further advancement of this significant discovery with our partner Gold Fields which will probably involve step out and infill drilling in conjunction with a program of geophysics".
Gold Fields is funding 100% of the exploration expenditures at Las Tres Palmas and can earn 60% by spending US$5M on a portfolio of GoldQuest properties over three years.
Updated drill hole location maps and figures of the Las Tres Palmas project will be available shortly on the website (www.goldquestcorp.com).
The preparation and geochemical analysis of all samples was undertaken at ALS Chemex in Vancouver. The qualified person for the technical information in this press release for the purposes of National Instrument 43-101 is Dr. Stewart D. Redwood, FIMMM, Consulting Geologist to the Company.
About GoldQuest
GoldQuest is an exploration company focused in the Dominican Republic where it has a portfolio of gold and copper exploration projects. The Company has three mining companies as shareholders Gold Fields Ltd, Barrick Gold Corporation and MinMet Plc, which own a combined total of 31.2%.
GoldQuest is traded on the TSX VENTURE exchange under the symbol GQC.V and in Frankfurt under the symbol M1W.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
GoldQuest Mining Corp.
Mr. David Hall
President & Chief Executive Officer
+353-87-6189867
or
GoldQuest Mining Corp.
Mr. Alistair Waddell
Vice President Exploration
+1-809-385 2222