GQC: TSX-V

VANCOUVER, British Columbia, Aug. 19, 2020 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) On Sunday August 16th Luis Abinader was inaugurated as President of the Dominican Republic for a four year term. In his inaugural speech, the President set out his vision for his administration, stating,

“We will create a favorable investment climate by guaranteeing legal security, transparency and speed in the hiring process. Furthermore, as of tomorrow, I am ordering all public institutions to accelerate their understanding and to make decisions for any investment that is paralyzed, and that involves job creation.” (translation as per the DR1 news agency)

GoldQuest’s Romero gold project has been paralyzed for several years awaiting government approval, specifically the President’s final approval, to commence formal environmental studies, which, according to independent engineers JDS, could result in life-of-mine expenditures of US$550 million and create up to 1,000 jobs in the construction phase and 343 permanent jobs during the operation phase. (see details of the JDS Pre-Feasibility Study below).

President Abinader has also announced his team including the new minister of Energy and Mines, Snr Antonio Almonte and Vice Minister of Mines, Snr Miguel Dias. Minister Almonte holds a master's degree in nuclear physics from the University of Surrey in Great Britain and a master's degree in Nuclear Engineering from the Institute of Nuclear Studies, Madrid, Spain...  In addition, he conducted courses and trainings such as infrastructure economics at Harvard University. Vice Minister Dias has degrees in Geological and Mining Engineering (DR) and Mineral Processing, University of Wales, UK 1987 and a Ph.D. from the Royal School of Mines, London, UK. He has 27 years of experience in the global mining industry, specifically in environmental affairs. He has worked in Europe, Africa and Latin America, becoming Technical Director of major engineering firm, Amec Foster Wheeler, based in the United Kingdom.

Since President Abinader’s election victory, GoldQuest’s management has already met with the Minister of Energy and Mines, the Minister of Finance and the Minister of Economy, Planning and Development, presenting our projects, and our commitment to the DR’s mining sector, and have been encouraged by their understanding of our Company’s situation, reflecting and supporting the positive statements by President Abinader.

“On behalf of GoldQuest Mining Corporation, I would like to congratulate the President on his inauguration and his selection of a minister of Energy and Mines and vice minister of mines with a deep understanding of the industry,” commented GoldQuest’s CEO, David Massola, “at a time of deep concern about, amongst others, the DR’s tourist sector, and that currently 38% of national exports are from gold mining (source: DR1.com) the importance of a vibrant mining sector, in a country with outstanding precious and base metal potential is not lost on the new administration, and GoldQuest is keen to be a part of a renaissance of responsible mining.  We are well funded to advance our discovery, the multi-million ounce Romero gold development and re-starting our exploration in the surrounding district.”

The independently produced Pre-Feasibility Study for the Romero Project (“PFS”) dated November 10, 2016 (see the Company’s press release of September 27, 2016) provides that at a gold price of US$1,300, copper price of US$2.50 and silver price of US$17 per ounce the project returns a Net Present Value (NPV5%) of US$203 million after tax and an Internal Rate of Return (IRR) of 28%.  The study was carried out at a gold price of US$1,300 per ounce of gold, US$2.50 per pound of copper and $17 per ounce silver.  For reference, today’s prices are US$2,000 per ounce of gold (54% higher than PFS price), copper of US$2.97 per pound (19% higher than the PFS price) and silver at $28.14(66% higher than the PFS price), thus the Company expects returns to be higher at current gold prices.

The Company is well funded with C$16.4 million in cash reported at the end of Q1 2020.

About GoldQuest:

GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out exploration programs and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.

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.

The information in this press release has been reviewed and approved by William Fisher, P. Geo., Chairman of GoldQuest and a Qualified Person for the technical information in this press release under NI 43‐101 standards.

Forward‐looking statements:

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 the election of Mr. Abinader and the timing for when Mr. Abinader will take power, potential development and production from the Company’s Romero Project, the economy of the Dominican Republic, the benefits of development and production from the Romero project on the economy of the Dominican Republic, the NPV and IRR included in the PFS, future tax payments and exploration expenditures by the Company in the Dominican Republic,  the merits of the Company's mineral properties, future programs and studies, 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", “looks forward”, "has proven", "expects" or "does not expect", "is expected", "potential", "likelihood", "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 economic and political conditions globally and in the Dominican Republic; the COVID-19 pandemic, including measures taken and that may be taken to attempt to reduce the spread of COVID-19, employee and contractor health, safety and availability, availability of materials and equipment, travel restrictions, and other risks and uncertainties related to the pandemic; uncertainties inherent in drill results and 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.

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.

CONTACT INFORMATION

GoldQuest Corp

Dave Massola

Chief Executive Officer - Toronto

+1‐416-583-5606

This email address is being protected from spambots. You need JavaScript enabled to view it.


VANCOUVER, British Columbia, July 07, 2020 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) On Sunday July 5th the people of the Dominican Republic elected Mr. Luis Abinader as the next President.  The Company understands that Mr. Abinader received a clear majority of the votes cast and will assume power on August 16th of this year.  Mr. Abinader is the leader of the Modern Revolutionary Party, which marks the end of 16 years with the Presidency held by the Dominican Liberation Party.  He graduated from the Instituto Tecnológico de Santo Domingo with a degree in economics, studied Corporate Finance and Financial Engineering at Harvard University, and Advanced Management at Dartmouth College, New Hampshire.  He followed with postgraduate studies in Project Management at Hult International Business School, Cambridge, Massachusetts.

“GoldQuest congratulates Mr. Abinader on his victory and looks forward to working with both the President and his government in advancing the Romero gold/copper Project as well as the exploration concessions held by the Company,” commented David Massola, CEO of GoldQuest. “We have demonstrated the substantial economical benefits to the Dominican economy both at the local and federal levels while acting in both a socially and environmentally responsible manner.  The Minister of Mines and Energy approved the Romero Project in January 2018, and the Company awaits a Certificate from the Presidential Palace to endorse the Minister’s decision.  Once we obtain the Romero Exploitation license, we will be in a position to begin to realize these benefits for the Company, country and community.”

The independently produced Pre-Feasibility Study for the Romero Project (“PFS”) dated November 10, 2016 (see the Company’s press release of September 27, 2016) provides that at a gold price of US$1,300 and copper price of US$2.50 the project returns a Net Present Value (NPV5%) of US$203 million after tax and an Internal Rate of Return (IRR) of 28%.  The study was carried out at a gold price of US$1,300 per ounce of gold, and US$2.50 per pound of copper.  For reference, today’s prices are US$1,784 per ounce of gold (37% higher than PFS price) and copper of US$2.79 per pound (12% higher than the PFS price), thus the Company expects returns  to be higher at current gold prices.

The Company is well funded with C$16.4 million in cash reported at the end of Q1 2020.

About GoldQuest:

GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out exploration programs and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.

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.

The information in this press release has been reviewed and approved by William Fisher, P. Geo., Chairman of GoldQuest and a Qualified Person for the technical information in this press release under NI 43‐101 standards.

Forward‐looking statements:

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 the election of Mr. Abinader and the timing for when Mr. Abinader will take power, potential development and production from the Company’ Romero Romero Project, the economy of the Dominican Republic, the benefits of development and production from the Romero project on the economy of the Dominican Republic, the NPV and IRR included in the PFS, future tax payments and exploration expenditures by the Company in the Dominican Republic,  the merits of the Company's mineral properties, future programs and studies, 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", “looks forward”, "has proven", "expects" or "does not expect", "is expected", "potential", "likelihood", "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 economic and political conditions globally and in the Dominican Republic; the COVID-19 pandemic, including measures taken and that may be taken to attempt to reduce the spread of COVID-19, employee and contractor health, safety and availability, availability of materials and equipment, travel restrictions, and other risks and uncertainties related to the pandemic; uncertainties inherent in drill results and 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.

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.

CONTACT INFORMATION

GoldQuest Corp

Dave Massola

Chief Executive Officer - Toronto

+1‐416-583-5606

This email address is being protected from spambots. You need JavaScript enabled to view it.


VANCOUVER, British Columbia, April 30, 2020 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) announces that the board of directors of the Company has authorized the grant of an aggregate of 3,400,000 incentive stock options (the “Options”) to directors, officers and employees of the Company, at an exercise price of $0.20 per common share.

The Options are exercisable for a five-year period from the date of grant and will vest as follows: ⅓ on the date of grant, ⅓ on the six month anniversary from the date of the grant and ⅓ on the one year anniversary from the date of the grant.

The Options are granted pursuant to the Company’s stock option plan, which was most recently approved by shareholders at the Company’s annual general meeting of shareholders held on June 28, 2019.

About GoldQuest

GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic.  GoldQuest is traded on the TSX-V under the symbol GQC and in Frankfurt/Berlin with symbol M1W.

For further information, please contact:

GoldQuest Mining Corp.
Dave Massola, Chief Executive Officer
(416) 583-5605

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.

VANCOUVER, British Columbia, April 21, 2020 (GLOBE NEWSWIRE) -- GoldQuest Mining Corporation (TSXV:GQC, “GoldQuest” or the “Company”) The Dominican Republic’s Minister of Energy and Mines, Minister Isa Conde, emphasised the importance of gold mining for the Dominican economy in an interview on April 16, 2020 with a major Dominican newspaper, Diario Libre, in response to the Covid-19 crisis.  Minister Isa Conde argued that gold producing countries (like Dominican Republic) have an important advantage.  He also stated that gold mining is an ally which will contribute to the rebuilding of the economy after the passage of the pandemic.

Before the Covid-19 crisis, gold mining represented a large amount of the national exports, a contribution likely to rise in importance as virtually all other economic sectors are in decline. In response to the crisis, the Dominican Republic (DR) government has moved swiftly to protect its population, cancelling all European and most North American flights, and closing most hotels, effectively halting tourism in the country, a major plank of the nation’s economy as well as halting other economic sectors.

“GoldQuest has been in the DR since 2002 and hopes to assist the DR in its economic efforts to re-ignite the nation’s economy,” commented David Massola, CEO of GoldQuest. “If developed, we expect that our flagship project at Romero would produce gold with copper and silver by-products, expected to be 100% exported, and create up to 1,000 direct jobs in the construction phase in the DR’s interior.”

The independently produced Pre-Feasibility Study for the Romero project (PFS) dated November 10, 2016 (see release of September 27, 2016) provides that at a gold price of $1,300 and copper price $2.50 the project returns a Net Present Value (NPV5%) of US$203 million after tax and an Internal Rate of Return (IRR) of 28%. The Company is well funded with $17.1 million at the end of Q3 2019.

GoldQuest has demonstrated to Minister Isa Conde and other government officials the positive economic impact the Romero Project would bring to both the local community and Federal Government.  Using this study, the Company estimates tax payments to the Dominican Republic in excess of US$250 million.

Minister Isa Conde has approved the Romero project, and the Company has been awaiting the approval of the President of the Republic to allow the Company to move forward to environmental studies and full feasibility study, leading to the potential development of the Romero mine. The mine has been planned to global environmental standards. The project does not have an open pit and is fully underground. The mine’s product is a gold and copper rich concentrate which has been physically separated from the ore so deleterious chemicals like cyanide are not used. The project uses seasonal rainfall storage and will not extract water from, or discharge water into the San Juan River, a plan developed by Golder Associates, the world’s largest environmental consultancy.  The Company expects that following receipt of all required approvals, the Company would make further exploration expenditures in the DR, including expenditures focused on the Company’s 2017 Cachimbo discovery.

David Massola, CEO, concluded, “We are pleased that the Minister of Energy and Mines continues to understand the economic impact of gold mining projects. We believe that our Romero project fits perfectly into the goals and objectives of Minister Isa Conde’s statement. With gold prices at their current level, the Company expects that the benefit to the Dominican economy identified in the Romero PFS would be significantly higher, in addition to potential exploration potential along the whole 50 km Tireo belt. GoldQuest is well positioned to re-activate its exploration activities with the recent purchase, with fellow explorer Precipitate Gold, of 5 Dominican domiciled drill rigs (see the Company’s press release dated January 17, 2020).”

About GoldQuest:

GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out exploration programs and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.

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.

The information in this press release has been reviewed and approved by William Fisher, P. Geo., Chairman of GoldQuest and a Qualified Person for the technical information in this press release under NI 43‐101 standards.

Forward‐looking statements:

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 potential development and production from the Company’ Romero project, the economy of the Dominican Republic, the benefits of development and production from the Romero project on the economy of the Dominican Republic, the NPV and IRR included in the PFS, future tax payments and exploration expenditures by the Company in the Dominican Republic,  the merits of the Company's mineral properties, future programs and studies, 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", “looks forward”, "has proven", "expects" or "does not expect", "is expected", "potential", "likelihood", "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 economic conditions globally and in the Dominican Republic; the COVID-19 pandemic, including measures taken and that may be taked to attempt to reduce the spread of COVID-19, employee and contractor health, safety and availability, availability of materials and equipment, travel restrictions, and other risks and uncertainties related to the pandemic; uncertainties inherent in drill results and 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.

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.

CONTACT INFORMATION

GoldQuest Corp

Dave Massola

Chief Executive Officer - Toronto

+1‐416-583-5606

This email address is being protected from spambots. You need JavaScript enabled to view it.

VANCOUVER, British Columbia, Jan. 17, 2020 (GLOBE NEWSWIRE) -- GoldQuest Mining Corporation (GoldQuest or the Company) is pleased to announce that it has completed a purchase with Precipitate Gold Corp. (“PRG”), out of receivership/bankruptcy, drills and associated equipment sufficient to assemble up to 5 operational man-portable diamond drill rigs at a substantial discount to the assessed replacement value of the equipment. The entire inventory acquired in this transaction is currently domiciled in the Dominican Republic (“DR”). The purchase will result in a 50% ownership for each company, and the equipment will be jointly managed.

The drills and equipment being acquired are the same types of man-portable drills and equipment previously utilized by GoldQuest and Precipitate in multiple prior DR drilling campaigns. It is therefore familiar to the Company’s technical teams and ideally suited for any future drill program.

David Massola, CEO, stated, "We are pleased to have the opportunity to jointly acquire and own multiple drills and related equipment at a reduced market value. The cost savings of owning the drills and inventory will avoid possible delays and mobilization costs as well as standby charges typically associated with contract drilling. The equipment is already securely stored in-country, thus avoiding potential future costs and delays often associated with importing drilling equipment.”

About GoldQuest:

GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out the exploration programs reported on in this release and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.

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.

CONTACT INFORMATION

GoldQuest Corp

Dave Massola

Chief Executive Officer - Toronto

+1‐416-583-5606

This email address is being protected from spambots. You need JavaScript enabled to view it.

VANCOUVER, British Columbia, June 25, 2019 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to report that the Ministry of Energy and Mines of the Dominican Republic (“MEM”) has granted a new Exploration License to the company. The Piedra Dura Exploration License total 325.50 hectares and is located north of the Romero Project. GoldQuest’s Exploitation License application for the Company’s 100% owned Gold/Copper Romero project is still under review.

“We are pleased that the Ministry of Energy and Mines continues to issue Exploration Licenses.  We look forward to continuing our Exploration program once we receive the Romero Exploitation Concession,” commented Dave Massola, GoldQuest's CEO.  “The Company continues to conserve cash with approximately $17 million in treasury and is well funded to continue the exploration program and to advance towards a production decision at Romero, once the Exploitation License is granted.”

The information in this press release has been reviewed and approved by William Fisher, P. Geo., Chairman of GoldQuest and a Qualified Person for the technical information in this press release under NI 43‐101 standards.

About GoldQuest

GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out the exploration programs reported on in this release and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.

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.

CONTACT INFORMATION

GoldQuest Corp

Dave Massola

Chief Executive Officer - Toronto

+1‐416-583-5606

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

VANCOUVER, British Columbia, March 11, 2019 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC) “GoldQuest” or the “Company”) announces a corporate update.

The Board of Directors of GoldQuest Mining Corp. (the “Company”) has granted 500,000 options to an officer of the Company.  The option grant is the result of the Company’s annual compensation review and the issuance is made under the stock option plan of the Company.  The plan was approved by shareholders on June 29, 2018 and allows the Company to issue a number of options up to 10% of its rolling issued and outstanding common shares.  The options have an exercise price of $0.15, are exercisable for a five-year period from the date of grant and will vest as follows: ⅓ on the date of grant, ⅓ on the six month anniversary from the date of the grant and ⅓ on the one year anniversary from the date of the grant.

About GoldQuest

GoldQuest is a Canadian based emerging mineral development company with projects in the Dominican Republic traded on the TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol M1W.

For further information, please contact:               

GoldQuest Mining Corp.
Dave Massola
CEO – Toronto
+1-416-583-5606
This email address is being protected from spambots. You need JavaScript enabled to view it.

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.

 

VANCOUVER, British Columbia, Jan. 21, 2019 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (GQC.TSXV, “GoldQuest” or the “Company”) announces that the board of directors has authorized the grant of an aggregate of 4,750,000 incentive stock options (the “Options”) to officers and employees of GoldQuest, at an exercise price of $0.15 per share, which represents a greater than 35% premium to the 20 day VWAP.

The Options are exercisable for a five-year period from the date of grant and will vest as follows: ⅓ on the date of grant, ⅓ on the six month anniversary from the date of the grant and ⅓ on the one year anniversary from the date of the grant.

The Options are granted pursuant to the Company’s stock option plan which was most recently approved by shareholders at the Company’s annual general meeting of shareholders held on June 29, 2018.

On behalf of the Board of Directors,

Bill Fisher
Chairman

About GoldQuest

GoldQuest is a Canadian based emerging mineral development company with projects in the Dominican Republic traded on the TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol M1W.  Goldquest has 257,067,384 common shares issued and outstanding.

For further information, please contact:

GoldQuest Mining Corp.
Dave Massola, Chief Executive Officer
(416) 583-5605 

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.

VANCOUVER, British Columbia, Jan. 14, 2019 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC) “GoldQuest” or the “Company”) announces today the appointment of Dave Massola as Chief Executive Officer of the Company, effective January 15, 2019.  Mr. Massola has served as the Company’s Vice President, Corporate Development since October 2016.

Dave Massola brings a wealth of experience to the role, with over three decades of international mining experience.  Mr. Massola’s experience includes strategic planning, mergers and acquisitions, capital raising and risk management.  In addition to his time with the Company, this includes 20 years with BHP-Billiton at the Escondida Copper Mine in Chile, the Island Copper Mine in British Columbia and the Ekati Diamond Mine in the Northwest Territories.  As Vice President and CFO of De Beers Canada, Mr. Massola contributed to the development of two diamond mines in northern Canada.  As Senior Vice President of Finance and CFO of GlobeStar Mining, Mr. Massola was key in the financing, construction and operations of GlobeStar’s Cerro de Maimón Mine in the Dominican Republic and negotiated its subsequent sale.  Mr. Massola was also the President and CEO of Continental Nickel Ltd. while it was developing a mine in Tanzania and led negotiations for its subsequent takeover.

The Company’s current Chief Executive Officer, Bill Fisher, will be continuing as non-executive Chairman of the Board of Directors of the Company.  Patrick Michaels, of the Board of Directors commented “On behalf of the Board of Directors, we wish to thank Bill Fisher for his valued service as CEO and Executive Chairman of GoldQuest.  We look forward to continuing to work with Bill as non-executive Chairman of the Board of Directors of the Company.”

The primary purpose of the management changes is to conserve capital, as discussed in the Company’s October 29, 2018 news release.

Pursuant to its agreement with Mr. Massola, the Company will issue 1,000,000 stock options with a term of five years and an exercise price of $0.15 to Mr. Massola, subject to approval by the TSX Venture Exchange.  The stock options will vest as follows: ⅓ on the date of grant, ⅓ on the six month anniversary from the date of the grant and ⅓ on the one year anniversary from the date of the grant.

About GoldQuest

GoldQuest is a Canadian based emerging mineral development company with projects in the Dominican Republic traded on the TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol M1W.

For further information, please contact:

GoldQuest Mining Corp.
Dave Massola
(416) 583-5605

Forward-looking statements:

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 the appointment of Mr. Massola and the terms thereof, Mr. Fisher’s change of role, conservation of capital, and the business of the Company.  In certain cases, forward-looking statements can be identified by the use of words such as "plans", “seeking”, “continues”, "has proven", "expects" or "does not expect", "is expected", "potential", "likelihood", "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 "will”, “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 the Company's ability to conserve capital and to continue as a going concern; risks inherent in mineral exploration; risks related to operations in foreign countries; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks 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 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.

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.

VANCOUVER, British Columbia, Oct. 29, 2018 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC) “GoldQuest” or the “Company”) announces a general corporate update.

The Company continues to wait for the Presidential endorsement of the Exploitation License (the “License”) for its Romero Project (the “Project”) in the Dominican Republic (“DR”). Granting of the License would not allow mining, but would allow GoldQuest to commence the formal Environmental and Social Impact Assessment (“ESIA”) process where environmental and social issues would be addressed. Under DR law, such issues are not part of this License criteria.

After delays of over three years, and with no clarity from the DR’s government on any timeframe for receipt of the License, the Company is taking steps towards a cash conservation policy and is proactively seeking opportunities in other countries to deploy its cash and expertise to maximize benefit to shareholders. At the end of Q2 2018, the Company had approximately C$19 million in treasury.

“GoldQuest looks forward to deploying its capital and expertise to other jurisdictions,” commented Bill Fisher, GoldQuest’s CEO. “Since its launch in 2002 the Company has almost exclusively focused on the excellent geological potential of the DR, expending over $40 million on exploration activities. The Company believes that it has fulfilled, and exceeded, all of its obligations under DR law. We have also introduced mining majors to the DR. However, without clarity of process under the law, it is problematic to continue to invest.”

With regret, the Company has determined to reduce its staff in the DR to a minimum and is suspending community programs. From a maximum of 180 employees, our subsidiary GoldQuest Dominicana has been forced to reduce to a skeleton staff to protect our assets and represent our interests. Canadian cash expenses are also being reduced and certain service contracts are being terminated, including the Investor Relations contract with Red Cloud Klondike Strike.

Upon receipt of the License, the Company would have expected to immediately embark on the ESIA and Bankable Feasibility Studies at a pre-production budgeted cost of between $10 and $20 million to the Company. Under DR law, any environmental and social studies can only be formally executed by the Company once it has received formal Terms of Reference from the Ministry of Environment (“MoE”). The MoE cannot write these Terms of Reference until the long awaited License has been granted, so any environmental or social concerns regarding the Project cannot be addressed until then.

GoldQuest’s outreach into communities surrounding the Project has indicated that an estimated 90% of the residents within 15 kilometers of the Project are in favor of advancing the Project to the ESIA phase. In a 20,000 household door-to-door campaign in the downstream San Juan province, 59% of those questioned had no objection to the Project moving forward to the ESIA phase. The Company considers these results a high success rate in an area unfamiliar with mining, and looks forward to satisfying any concerns under the formal Terms of Reference, when received. With regret, the Company has written to local authorities giving notice of suspension of 16 years of social programs. GoldQuest has, amongst other initiatives, built schools, churches and sporting facilities. The Company also pays for primary and secondary teaching staff, and a BSc. Geology Scholarship program for local students.

The Company will monitor the political situation in the DR and any progress towards Presidential endorsement of the License with interest, as it seeks other opportunities in mining friendly jurisdictions.

History of the Exploitation License Delays

GoldQuest discovered the main Romero gold/copper deposit in May 2012 and in October 2015 applied for the License. After over two years delay, on January 23, 2018, the Project was finally endorsed by Minister Isa Conde, the Minister of Energy and Mines and sent to the Office of the President for ratification. In August 2018, the Project was again endorsed, unanimously, by the public/private National Competitiveness Council (“CNC”). The CNC includes the Minister of Presidency, Jose Ramon Peralta, Minister of Finance, Donald Guerrero, Minister of Energy and Mines, Antonio Isa Conde, Minister of Environment, Angel Estevez, President of CNC, Rafael Paz, the President of the Industrial Association of the Dominican Republic, Campos de Moya and President of National Council of Private Enterprise, Pedro Brache. The Project was, once again, presented to the Office of the President by the CNC for ratification on October 11, 2018. The Company has no information as to whether the Office of the President has decided to accept or reject the application.

On behalf of the Board of Directors

Bill Fisher
CEO and Chairman

About GoldQuest

GoldQuest is a Canadian based emerging mineral development company with projects in the Dominican Republic traded on the TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol M1W.

For further information, please contact:               

GoldQuest Mining Corp.
Bill Fisher
Toronto
+1-416-583-5797
This email address is being protected from spambots. You need JavaScript enabled to view it.

Forward-looking statements:

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: the Company’s plans related to the Project and deploying its capital and expertise in jurisdictions outside the DR; the granting of the License; the commencement of an ESIA and Bankable Feasibility Study and the cost of same; receipt of MoE Terms of Reference; the Company’s cash conservation policy, reductions of staff and termination of service contracts; governmental and public support for mining and the Project; receipt of endorsement for the License for the Project; the Company’s plans to monitor the political situation in the DR and any progress towards Presidential endorsement of the License; the Company’s balance sheet; the Company’s outreach in the communities surrounding the Project; and the Company's plans and expectations with respect to government approvals and its mineral properties, including the timing of such plans.  In certain cases, forward-looking statements can be identified by the use of words such as "plans", “seeking”, "has proven", "expects" or "does not expect", "is expected", "potential", "likelihood", "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 regarding the Company’s ability to deploy its capital and expertise in jurisdictions outside the DR, receipt of the License and commencement of an ESIA and Bankable Feasibility Study; risks related to receipt of governmental approvals; risks related to governmental and public support for mining; the Company's ability to continue as a going concern; risks inherent in mineral exploration; risks related to operations in foreign countries; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks 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 the Company’s ability to deploy its capital and expertise in jurisdictions outside the DR, governmental and public support for mining and statements of public officials; the receipt of necessary approvals for the Project; commencement of an ESIA and Bankable Feasibility Study; 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.

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.

VANCOUVER, B.C., July 19, 2018 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC) “GoldQuest” or the “Company”) announces a corporate update on activities in the Dominican Republic, and issuance of stock options.

The Company continues to await the endorsement of the Exploitation License for the Romero project, located in the San Juan Province, Dominican Republic. Romero was recommended by Minister Isa Conde, the Minister of Energy and Mines of the Dominican Republic, on 23rd January 2018. Upon receipt of the endorsement from the Office of the President of the Republic, the Company expects to then be able to embark on the Environmental and Social Impact Assessment (“ESIA”) and the Bankable Feasibility Study. In the interim, the Company has halted all exploration activities, and is seeking opportunities in other countries, while maintaining a healthy balance sheet of approximately C$20 million.

GoldQuest continues its outreach into communities surrounding the Romero project. The Company is carrying out a door-to-door campaign in the San Juan province, so far reaching over 10,000 households. 58% of those questioned had no objection to the Romero project moving forward, which the Company considers a high success rate in an area unfamiliar with mining.

The Company believes that the government has also been showing growing support for mining. At the Summit of the Americas in Lima, Peru in April 2018, the President of the Dominican Republic, Snr Danilo Medina, stated “We are joining regional efforts to convince our people that it is possible to extend our participation in world trade, promoting environmentally responsible investments, even in sectors subject to the permanent onslaught of public opinion, such as the mining sector.”, a sentiment he repeated in Santo Domingo on June 29th 2018, when he said "We must continue promoting environmentally responsible investments in sectors subject to the permanent impact on social networks such as the mining sector; and we have great potential to attract global companies committed to defense and protection of the environment”. Public, supportive statements have also been made by the Minister of Finance, Donald Guerrero, Minister of Energy and Mines, Antonio Isa Conde, Minister of Presidency, Jose Ramon Peralta, Minister of Environment, Angel Estevez and the President of the Industrial Association of the Dominican Republic, Campos de Moya.

In other news, the Company announces that the board of directors has authorized the grant of an aggregate of 850,000 incentive stock options (the “Options”) to officers and employees of GoldQuest, at an exercise price of $0.25 per share, which represents a greater than 20% premium to the 20 day VWAP.

The Options are exercisable for a five-year period from the date of grant and will vest as follows: ⅓ on the date of grant, ⅓ on the six month anniversary from the date of the grant and ⅓ on the one year anniversary from the date of the grant.

The Options are granted pursuant to the Company’s stock option plan which was approved by shareholders at the Company’s annual general meeting of shareholders held on June 19, 2017. The Company’s stock option plan and the grant of the Options is subject to the approval of the TSX Venture Exchange.

On behalf of the Board of Directors,

Bill Fisher
Chairman

About GoldQuest

GoldQuest is a Canadian based emerging mineral development company with projects in the Dominican Republic traded on the TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol M1W.

For further information, please contact: 
  
GoldQuest Mining Corp.
Red Cloud KS
Bill FisherChad Williams/Sebastian de Kloet
Office of the Chairman – TorontoInvestor Relations
+1-416-583-56061-877-919-5979
This email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it. 

Forward-looking statements:

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 the commencement of an ESIA and Bankable Feasibility Study; governmental and public support for mining; receipt of endorsement for the Exploitation License for the Romero project; the Company’s balance sheet; the Company’s continued outreach in the communities surrounding the Romero project; and the Company's plans and expectations with respect to government approvals and its mineral properties, including the timing of such plans.  In certain cases, forward-looking statements can be identified by the use of words such as "plans", “seeking”, "has proven", "expects" or "does not expect", "is expected", "potential", "likelihood", "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 regarding receipt of the Exploitation License and commencement of an ESIA and Bankable Feasibility Study; risks related to receipt of governmental approvals; risks related to governmental and public support for mining; the Company's ability to continue as a going concern; risks inherent in mineral exploration; risks related to operations in foreign countries; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks 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 governmental and public support for mining and statements of public officials; the receipt of necessary approvals for the Romero project; commencement of an ESIA and Bankable Feasibility Study; 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.

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.

VANCOUVER, British Columbia, April 16, 2018 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC) (FRANKFURT:M1W) (BERLIN:M1W) ("GoldQuest" or the "Company") reports that it has received the written decision of the Penal Chamber of the First Instance Court of the Judicial District of San Juan de la Maguana (the “Court”) in response to a Constitutional Injunction “Remedy” filed by a local Dominican group against GoldQuest Dominicana SRL, the Company’s wholly owned subsidiary. Upon review of the written decision, Luis Pellerano of Pellerano & Herrera, the Company's legal counsel in the Dominican Republic, stated “The judgment simply restates the existing legal requirements under present Mining Law 146 and hence has no effect on the operations of the Company or its plans going forward.  The judgment only requires the Company to obtain the required permits to move into the exploitation phase, which was already the case.”

The injunction is limited to the Exploitation Permit Application for the Romero Concession (“Romero”) and does not relate to the Company’s exploration licenses.

At Romero, the Company effectively ceased operations in November 2015 at the time of its application for a mining exploitation concession, as under Mining Law 146 (the “Mining Law”) no work can be carried out on Romero until an Exploitation License has been granted by the Ministry of Energy and Mines. Further detailed studies on Romero will only be carried out by the Company once Terms-of-Reference for a thorough Environmental and Social Impact Assessment (“ESIA”) have been issued by the Ministry of Environment and Natural Resources, a process that can only begin with the issuance of the Exploitation License.  No substantial development activities can begin until the Company has completed the ESIA, and subsequently received an Environmental License to operate an industrial operation.

“On 22nd January 2018, the Minister of Energy and Mines announced that the Company had fully complied with every requirement for an Exploitation License under the Mining Law. The Minister sent this application to the Office of the President for ratification, which the Company eagerly awaits,” commented Bill Fisher, Gold Quest’s CEO. “All activities by GoldQuest will be carried out under the Mining Law, maintaining international standards and safeguards.”

About GoldQuest

GoldQuest is a Canadian based mineral exploration company with projects in the Dominican Republic. GoldQuest is traded on the TSX-V under the symbol GQC and in Frankfurt/Berlin with symbol M1W.

Forward-looking statements:

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 the decision of the Court, the interpretation of the decision, the impact of the decision on the Company and its activities and plans, the Company's plans and expectations with respect to the decision and its mineral properties, including the timing of such plans, receipt of the Exploitation License and Terms-of-Reference for an ESIA and the timing thereof, and the activities of the Company in the future. In certain cases, forward-looking statements can be identified by the use of words such as "plans", “seeking”, "has proven", "expects" or "does not expect", "is expected", "potential", "likelihood", "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 regarding the Court decision; the interpretation of the Court decision; and the implications of the decision on the Company and its activities and plans; uncertainties related to receipt of the Exploitation License and ESIA; the Company's ability to continue as a going concern; risks inherent in mineral exploration; risks related to operations in foreign countries; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks 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 the interpretation and implications of the decision of the Court; the receipt of the Exploitation License and ESIA; 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.

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.

CONTACT INFORMATION

GoldQuest Corp.
Bill Fisher
Executive Chairman and CEO
+1-647-271-4505
This email address is being protected from spambots. You need JavaScript enabled to view it.

Red Cloud KS
Chad Williams/Sebastian de Kloet
Investor Relations
1-877-919-5979
This email address is being protected from spambots. You need JavaScript enabled to view it.

VANCOUVER, British Columbia, March 27, 2018 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC) (FRANKFURT:M1W) (BERLIN:M1W) ("GoldQuest" or the "Company") reports that it has been advised that the Penal Chamber of the First Instance Court of the Judicial District of San Juan de la Maguana (the “Court”) has reached a decision (the “Decision”) in response to a Constitutional Injunction Remedy filed by a group of individuals in the Dominican Republic against the Company’s wholly owned subsidiary, GoldQuest Dominicana SRL.

The only information the Company has at this time regarding the Decision is a verbal summary of the Decision that was delivered by a Court clerk. The written Decision of the Court, including the reasons for the Decision, has not yet been issued and is expected in approximately one week. The summary of the Decision is unclear in a number of respects and the Company is seeking to clarify the Decision with the Court.

The summary of the Decision included a requirement that the Company suspend its activities at its Romero Project until certain certificates and licenses are issued in favor of the Company. The Company is seeking to clarify which certificates and licenses must be obtained before its activities can be re-commenced. In addition, based on the information currently available, the Company is not able to determine the extent of its activities that must be suspended or the exact area the Decision pertains to. 

Once the Company has more information regarding the Decision it will work with its local counsel to consider its next steps and the possibility of challenging the Decision.

The Company will issue a further news release once it has additional information regarding the Decision.

About GoldQuest

GoldQuest is a Canadian based mineral exploration company with projects in the Dominican Republic. GoldQuest is traded on the TSX-V under the symbol GQC and in Frankfurt/Berlin with symbol M1W.

Forward-looking statements:

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 the Decision of the Court, the details of the Decision, the interpretation of the Decision, the impact of the Decision on the Company and its activities, the expected timing for the written Decision, the next steps of the Company related to the Decision, and the Company's plans and expectations with respect to the Decision and its mineral properties, including the timing of such plans. In certain cases, forward-looking statements can be identified by the use of words such as "plans", “seeking”, "has proven", "expects" or "does not expect", "is expected", "potential", "likelihood", "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 regarding the details of the Court Decision and the implications of the Decision on the Company and its activities; the Company's ability to continue as a going concern; risks inherent in mineral exploration; risks related to operations in foreign countries; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks 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 the details and implications of the Decision of the Court; 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.

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.

CONTACT INFORMATION

GoldQuest Corp.
Bill Fisher 
Executive Chairman and CEO
+1-647-271-4505
This email address is being protected from spambots. You need JavaScript enabled to view it.

Red Cloud KS
Chad Williams/Sebastian de Kloet
Investor Relations
1-877-919-5979
This email address is being protected from spambots. You need JavaScript enabled to view it.

VANCOUVER, BC--(Marketwired - January 30, 2018) - GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to report assay results from the latest seven drill holes from its Cachimbo Discovery located within the Company's 100% owned Tireo Concessions in the Dominican Republic. Mineralization at Cachimbo remains open in all directions. The Company's 50-km-long land package also hosts multiple targets areas and the multi-million-ounce gold/copper Romero Project, 22 km to the north-west, which this week received approval from the Ministry of Mines for a 75-year Exploitation License (see release of Jan 22nd, 2018).

Several holes display a repetitive characteristic at Cachimbo which include higher grade near surface intervals within very broad (over 100m) intervals of lower grade mineralization below, characteristics suggestive of deposition below or at the paleo seafloor. Highlights include hole TIR-17-50, a step-out to the east of previous drilling, encountering a broad anomalous gold intersection from 55.6 m to 203.7 m downhole of 148.1 m grading 0.82 g/t gold, containing sub intervals of 5.05 m @ 8.4 g/t gold and 20.3 m @ 1.74 g/t gold, with the last assay at the bottom of the hole returning 1.8 m @ 1.58 g/t gold.

"These results support our belief that our Cachimbo discovery has considerable potential for a large gold bearing system, which we continue to intersect," commented Bill Fisher, GoldQuest's CEO. "An expanded 2018 drill program will be announced shortly, which will include testing further expansion of Cachimbo, new targets along the 50 km belt and a dedicated program around the Romero development area."

A plan map and cross-sections updating the recent Cachimbo drilling can be found at the following links.

Plan Map: http://goldquestcorp.com/images/PlanView_Loma_El_Cachimbo.pdf

Section B-B': http://goldquestcorp.com/images/Long_Section_Loma_El_Cachimbo_B-B.pdf

 
Table 1. Results of Tireo Drilling Program - Holes TIR -17-46 to 52
Hole From To Interval Au g/t Ag g/t Cu % Zn %
               
TIR-17-46 52.00 58.60 6.60 0.20 4.30 0.02 0.17
               
TIR-17-47 22.90 38.10 15.20 0.40 1.30 0.01 0.22
And 133.70 238.00 104.30 0.20 1.40 0.01 0.03
Incl. 133.70 136.50 2.80 1.10 21.30 0.02 0.15
               
TIR-17-48 49.60 54.10 4.40 5.30 12.40 0.18 1.92
Incl. 51.10 52.50 1.40 14.70 27.40 0.39 3.77
And 93.70 322.30 228.60 0.40 1.40 0.01 0.04
Incl. 93.70 103.50 9.80 3.00 7.40 0.02 0.22
        
 
Table 1. Results of Tireo Drilling Program - Holes TIR -17-46 to 52 continued.
TIR-17-49 44.20 61.50 17.30 1.90 7.40 0.03 0.26
Incl. 51.70 61.50 9.80 2.70 7.40 0.03 0.23
               
TIR-17-50 55.60 203.70 148.10 0.80 3.90 0.02 0.10
Incl. 56.40 61.40 5.05 8.40 42.40 0.10 0.51
Incl. 102.5 122.8 20.3 1.74 5.0 0.01 0.15
Incl. 175.10 192.60 17.60 1.24 1.50 0.03 0.24
And 399.00 400.80 1.80 1.58 0.70 0.04 0.18
               
TIR-17-51 62.00 125.00 63.00 0.26 0.85 0.01 0.10
Incl. 62.00 71.63 9.63 0.51 2.38 0.29 0.30
And 198.50 237.74 39.24 0.23 0.97 0.00 0.05
Incl. 220.38 222.50 2.12 1.60 2.30 0.10 0.20
               
TIR-17-52 57.82 140.00 82.18 0.50 1.49 0.01 0.11
Incl. 57.82 77.15 19.33 0.56 3.06 0.01 0.15
Incl. 109.50 111.90 2.40 4.52 1.76 0.01 0.08
        

Gold values did not exceed 31 g/t. Intervals may not represent true widths. There is insufficient drilling to determine the exact orientation of the mineralized zones at this time.

 
Table 2. Collar location and directions for TIR-17-46-52
Hole Easting Northing Elevation Azimuth Dip Depth
TIR-17-46 266563.00 2097301.00 1186.50 0 -90 307.85
TIR-17-47 266563.00 2097301.00 1186.50 240 -70 329.18
TIR-17-48 266539 2097199 1106 240 -90 356.62
TIR-17-49 266539 2097199 1106 210 -70 342.9
TIR-17-50 266539 2097199 1106 125 -75 400.81
TIR-17-51 266773.5 2097186.5 1150.5 230 -70 397.76
TIR-17-52 266773.5 2097186.5 1150.5 180 -70 259.08
       

QA/QC

As part of the Company's Quality Assurance and Quality Control procedures (QA/QC), the Company reviews results from Certified Standard Reference materials (CRSM or Standards), which are inserted at a rate of five per 100 samples. Within the results disclosed herein there were no samples with results outside of the recommended tolerances for the standards. In GoldQuest's drill programs, composite intervals were chosen using a combination of geological criteria and mineralization, averaging around two metres core length. The drill core is cut in half with one half of the core sample shipped to Bureau Veritas Ltd. Labs by GoldQuest technicians. The remaining half of the core is kept at the Company core shack for future assay verification, or any other further investigation. Assays within intervals below the 0.005 g/t detection limit for Au were given a zero value. All drill samples were prepared and screened by Bureau Veritas Ltd. in Maimon Dominican Republic; metallic fire assay and multi‐element ICP‐MS were assayed by Bureau Veritas Ltd. Vancouver. Gold values are determined by standard fire assay with an AA finish, or, if over 10.0 g/t Au, were re‐assayed and completed with a gravimetric finish. Copper and zinc values exceeding 0.2% were re-assayed with a 4-acid digestion and AAS finish. When zinc values exceeded 10%, a classic titration was carried out for zinc. QA/QC included the insertion and continual monitoring of numerous standards, blanks and duplicates into the sample stream, at random intervals within each batch.

The information in this press release has been reviewed and approved by William Fisher, P. Geo., CEO and Executive Chairman of GoldQuest and a Qualified Person for the technical information in this press release under NI 43‐101 standards.

About GoldQuest

GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out the exploration programs reported on in this release and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.

Forward‐looking statements:

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 the 2015 drill program, the results of the drill program and the interpretation of the results of the drill program, further drilling, the timing of drilling and assay results, mineral resource estimates, the merits of the Company's mineral properties, future drill programs and studies, 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", "likelihood", "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 drill results and 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.

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.

CONTACT INFORMATION

GoldQuest Corp.
Bill Fisher
Executive Chairman and CEO
+1‐647‐271‐4505
This email address is being protected from spambots. You need JavaScript enabled to view it.

Red Cloud KS
Chad Williams/Sebastian de Kloet
Investor Relations
1-877-919-5979
This email address is being protected from spambots. You need JavaScript enabled to view it.

VANCOUVER, BC--(Marketwired - January 22, 2018) - GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to report that in a press conference today in Santo Domingo that Minister Isa Conde, the Minister of Energy and Mines ("MEM") of the Dominican Republic, has completed his review of GoldQuest's Exploitation Permit Application for the Company's 100% owned Romero Project, approved the Application, and sent it to the President of the Republic for ratification. The Minister expressed his full support for the project to go ahead. Exploitation Permits in the Dominican Republic are for 75 years, with a Tax Stability Agreement that freezes the tax treatment for the project for a minimum of 25 years protected under the current Mining Law.

Highlights of the statement, titled "Application for Approval of the Resolution for the Mining Exploitation of ROMERO," include:

The MEM has evaluated this application and verified that this project has complied with the legal, economic and technical conditions, and is satisfactory in the national interest. This is a highly important project for the Dominican Republic, based on the profitability of the mining activity and the social welfare of the local communities and their development.

The granting of the exploitation concession is conditional on carrying out an Environmental Impact Study, and subsequently obtaining an Environmental License issued by the Ministry of Environment and Natural Resources (MIMARENA).

The State Participation for any economic benefits will be forty percent (40%), taking into account the Royalty, Income Tax and Municipal Contributions, and a Voluntary Contribution that the company has committed to pay to the State, if warranted, under a formula.

The minister expects the Executive Power (Office of the President) to issue its approval and authorization for the granting of the Mining Exploitation Concession.

"We would like to thank Minister Isa Conde for giving his full support to the outstanding Romero gold/copper project," commented Bill Fisher, GoldQuest's CEO, "We have reached agreement with the Ministry as to the details of sharing the project's benefits in a Win- Win formula under the existing law, where the Project's Net Present Value and Internal Rate of Return remain aligned with previous guidance. The Company is well funded with over $20 million in treasury and, once we receive the formal Exploitation License, we will rapidly advance towards a production decision at Romero, with the first items being the Full Feasibility Study, outlining project financing, and the Environmental Impact Study, coupled with an accelerated exploration program."

The information in this press release has been reviewed and approved by William Fisher, P. Geo., CEO and Executive Chairman of GoldQuest and a Qualified Person for the technical information in this press release under NI 43‐101 standards.

About GoldQuest

GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. 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.

GoldQuest Corp
Bill Fisher
Executive Chairman and CEO - Toronto
+1‐647‐271‐4505
This email address is being protected from spambots. You need JavaScript enabled to view it.

Red Cloud KS
Chad Williams/Sebastian de Kloet
Investor Relations
1-877-919-5979
This email address is being protected from spambots. You need JavaScript enabled to view it.