VANCOUVER, British Columbia, Nov. 20, 2024 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) is pleased to announce the successful completion of a non-brokered private placement (the “Private Placement”), raising gross proceeds of C$8,698,950.88 through the issuance of 45,783,952 common shares of the Company at a price of C$0.19 per share. Following the Private Placement, the Company’s cash on hand will exceed C$15 million.
“We are thrilled to welcome our new investors, all of whom are prominent members of the Dominican Republic’s business community,” said Luis Santana, CEO of GoldQuest. “Their confidence in our vision underscores the strong potential of the Romero project and our exploration activities. We are committed to advancing the Environmental Permit Application process with the Ministry of Environment and Natural Resources, updating our economic assessments, and furthering exploration along the highly prospective Tireo Formation. The Romero gold-copper project represents a low-impact underground mining development opportunity with the potential to serve as a significant economic driver for San Juan province and the Dominican Republic as a whole.”
In connection with the Private Placement, the Company paid a cash finder’s fee to Coastline Group totaling approximately C$217,500.
The Private Placement is subject to final acceptance of the TSX Venture Exchange (the “TSX-V”). Common shares issued under the Private Placement are subject to a four-month statutory hold period, in accordance with applicable Canadian securities laws.
Use of Proceeds
The funds raised will be allocated toward:
- Advancing exploration across the Company’s highly prospective Tireo Formation properties;
- Progressing the permitting process, including the Environmental and Social Impact Assessment (“ESIA”) for the Romero project;
- Updating the Company’s Pre-Feasibility Study to a definitive Feasibility Study in preparation for the development of the Romero project;
- Working capital and general corporate purposes.
GoldQuest’s efforts have been bolstered by recent adjustments to the Dominican Republic’s environmental regulations, which now allow advanced mining projects, such as the Romero gold-copper project, to submit ESIA applications directly to the Ministry of Environment and Natural Resources (see press release dated November 12, 2024).
Board Appointment
In connection with the closing of the private placement, the Company has appointed Mr. Charles Reid to its board of directors.
Charles Reid is a seasoned professional specializing in asset recovery and project development in the Dominican Republic. As Project Leader at DAF Management, he focuses on monetizing distressed assets and developing innovative real estate and business ventures.
With experience at Grupo SID in finance, HR, and marketing, Charlie has led key initiatives in mergers, feasibility studies, and product distribution. He holds a Bachelor’s in Management from Bentley University and a Master’s in Administrative Studies from Boston University. Fluent in English and Spanish, he brings strategic expertise to local and international markets.
About the Romero Project
GoldQuest’s flagship Romero project, discovered in 2012, is a gold-copper deposit located in the Tireo Formation of the Dominican Republic. A 2016 Pre-Feasibility Study highlighted its robust economic potential, delivering a Net Present Value (“NPV”) of US$203 million at a 5% discount rate and an Internal Rate of Return (“IRR”) of 28%, based on an all-in sustaining cost of $595/oz Au Eq and commodity prices of $1,300/oz gold and $2.50/lb copper (see press release dated September 27, 2016).
About GoldQuest Mining Corp.
GoldQuest Mining Corp. is a Canadian-based mineral exploration and development company with projects in the Dominican Republic. The Company is focused on advancing the Romero gold-copper project and exploring the Tireo Formation, a district known for its rich mineral potential. GoldQuest is listed on the TSX-V under the symbol GQC.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mike Makarenko, P. Eng., and a “qualified person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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 receipt of final TSX-V approval for the Private Placement, the use of proceeds of funds raised under the Private Placement, recent changes to the Dominican Republic’s environmental regulations, the interpretation of such changes, the application of such changes to the Company, the Company’s ability to obtain the governmental, environmental and social approvals for its Romero project, the Company’s ability to advance a Feasibility Study, Environmental and Social Impact Assessment and other studies on the Romero project, the prospects of the Tireo Formation and the Company’s exploration plans with respect to such properties, the ability of the Company to address environmental concerns of the province of San Juan, the funding of the Company, the merits of the Romero project, the Company's plans and expectations regarding the Romero project, and the economic potential of the Romero project, including its estimated NPV and IRR. 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 the implementation, application and interpretation of the recent changes to the Dominican Republic’s environmental regulations; risk related to the ability of the Company to advance and complete a Feasibility study, Environmental and Social Impact Assessment and other studies on the Romero project; economic and political conditions globally and in the Dominican Republic; 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.
| For further information, please contact: | |
| Luis Santana | Bill Fisher |
| Chief Executive Officer | Chairman Board of Directors |
| GoldQuest Mining Corp | GoldQuest Mining Corp. |
| Phone: +1 (809) 224 0629 | Phone: +1 (647) 271 4505 |
VANCOUVER, British Columbia, Nov. 12, 2024 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) is pleased to announce that recent changes to the Dominican Republic’s environmental regulations are expected to enable the Company to advance the Feasibility Study and Environmental and Social Impact Assessment (ESIA) for its wholly-owned gold and copper discovery at the Romero project, located in San Juan province.
The Company believes that the regulatory changes permit GoldQuest to engage formally with the Ministry of Environment by applying for the issuance of the Terms of Reference, a key step in the project development process. Previously, the Ministry of Environment was unable to review mining project applications without Presidential approval. The Company has already begun preparing its formal application to obtain the Terms of Reference, marking the first step toward advancing the Romero project.
"This regulatory change is expected to permit GoldQuest to carry out studies that allow us to demonstrate the environmental feasibility of our Romero project and at the same time respond to the environmental concerns that the province of San Juan has," said Luis Santana, CEO of GoldQuest. "The company is funded to initiate a full Feasibility Study (FS), building on our existing Pre-Feasibility Study (PFS), once the necessary approvals are obtained."
Details of the modified environmental regulations are available on the official website of the Ministry of Environment & Natural Resources via the following link: Res. Núm. 0038-2024 - Environmental Impact Assessment Policy and Regulations
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. The Company is financially positioned to complete the EIA and DFS, advancing the development of its Romero gold/copper discovery within the Tireo geological formation in 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 recent changes to the Dominican Republic’s environmental regulations, the interpretation of such changes, the application of such changes to the Company, the Company’s ability to obtain the governmental, environmental and social approvals for its Romero project, the Company’s ability to advance a Feasibility Study, Environmental and Social Impact Assessment and other studies on the Romero project, the ability of the Company to address environmental concerns of the province of San Juan, the funding of the Company, the merits of the Romero project, and the Company's plans and expectations regarding the Romero project. 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 the implementation, application and interpretation of the recent changes to the Dominican Republic’s environmental regulations; risk related to the ability of the Company to advance and complete a Feasibility study, Environmental and Social Impact Assessment and other studies on the Romero project; economic and political conditions globally and in the Dominican Republic; 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.
For further information, please contact:
| GoldQuest Mining Corp. | GoldQuest Mining Corp. |
| Luis Santana, Chief Executive Officer | Bill Fisher, Chairman Board of Directors |
| +1 (809) 224 0629 | +1 (647) 271 4505 |
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, Sept. 18, 2023 (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 5,000,000 incentive stock options (the “Options”) to directors, officers and employees of the Company, at an exercise price of $0.11 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 amended and restated stock option plan, which was most recently approved by shareholders at the Company’s annual general meeting of shareholders held on June 29, 2023, and remain subject to the approval of the TSX Venture Exchange.
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. The Company is well funded to carry out exploration programs and to advance the development of its Romero gold/copper discovery, located in the Geological Tireo Formation of the Dominican Republic.
For further information, please contact:
GoldQuest Mining Corp.
Luis Santana, Chief Executive Officer
1 (829) 919-8705
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, Sept. 11, 2023 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV: GQC “GoldQuest” or the “Company”) is deeply saddened to hear about the passing of David Hall, the founder of the Company.
David worked as an economic geologist in more than 60 countries over a 40-year career. He was a superb team and company builder with a successful discovery track record in both major corporations and junior exploration and development companies.
He founded GoldQuest in 2002 and maintained a long and fruitful relationship with the Dominican Republic. Under his leadership and remarkable skills as an explorationist, the company assembled a large and prospective land position and discovered the Romero South Deposit, leading to further discoveries in the country.
David will be fondly remembered as a treasured colleague and inspirational leader in the GoldQuest family and as a friend to many in the Dominican Republic’s exploration sector, as well as to many throughout the entire world of exploration geology.
We offer our heartfelt condolences to his family during this difficult time.
With deepest sympathy,
Luis Santana, CEO
Bill Fisher, Chairman
On behalf of the Company and Board of Directors
VANCOUVER, British Columbia, March 06, 2023 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV: GQC “GoldQuest” or the “Company”) is very pleased to announce that has received the final report of a poll/survey commissioned to measure the social support within the San Juan province to carry on with the EIA for its Romero Project. It shows 67.7% of the population of the San Juan province supports the EIA studies for the project. The survey was conducted by Gallup, a world-renowned polling consultant.
CEO Luis Pereyra Santana commented:
“When I first joined GoldQuest in September 2022, the social situation in the province of San Juan regarding GoldQuest and our Romero Project was one of straight up rejection, fear and distrust. We are now pleased to inform all stakeholders that the situation today has turned around significantly. As certified by Gallup, we now see support from the San Juan community to proceed with the Romero project. The Romero project and the potential benefits that the full development of this project would bring to better the lives of the people of San Juan and the Dominican Republic is now well understood by over 2/3rds of the community.
Since my arrival into my country of birth, Dominican Republic, we have been engaging on a regular basis with the local community in San Juan and very high level officials of the National Government.
We look forward to the National Governments feedback as they digest this very clear message being sent to them from the San Juan Community. We have been and will continue to seek government approval granting us the permit which will allow for the EIA phase of Romero to begin ASAP.”
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. The Company is well funded to carry out exploration programs and to advance the development of its Romero gold/copper discovery, located in the Geological Tireo Formation of the Dominican Republic.
For further information, please contact:
GoldQuest Mining Corp.
Luis Santana, Chief Executive Officer
1 (829) 919-8705
VANCOUVER, British Columbia, Nov. 22, 2022 (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 200,000 incentive stock options (the “Options”) to certain employees of the Company, at an exercise price of $0.16 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 27, 2022.
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. Luis Santana, Chief Executive Officer 1 (829) 919-8705 |
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, Sept. 01, 2022 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) is pleased to announce that Mr. Luis Santana Pereyra today took up his position as Chief Executive Officer (“CEO”) and Director of the Company. Mr. Santana will be based in Santo Domingo and will initially be responsible for achieving the Romero Project Exploitation License (the “Permit”) in the San Juan Province of the Dominican Republic and supervising exploration and environmental studies.
Luis is a Citizen of the Dominican Republic and is a Qualified Engineer with more than 25 years of experience in mining and mineral processing. Luis has an impressive history having worked with Glencore – Falcondo and Altonorte Mines in Dominican Republic and Chile, BHP Billiton – Olympic Dam Mine in Australia, Barrick – Pueblo Viejo Mine in Dominican Republic, Barrick & Shandong Gold – Veladero Mine in Argentina and most recently as CEO for Shandong Gold/Cardinal Resources Namdini Gold Project in Ghana.
“I am pleased to welcome Luis to lead our Company from Santo Domingo.” Commented Bill Fisher, Chairman of GoldQuest, “This should send a clear message to the Dominican Republic of our commitment to the country. Combining Luis’s outstanding international career, we look forward to advancing our in-country studies, whilst re-establishing strong relationships with the international investment community. I would like to thank David Massola for his years of dedicated service as CEO and wish him well in his future endeavors.”
“I am thrilled to be given the opportunity to advance the substantial Romero project and the highly prospective surrounding gold exploration portfolio in my home country,” commented Mr Santana, “I have every confidence that this administration will shortly issue our exploitation license, allowing the Company to begin the thorough and detailed Environmental and Social studies in collaboration with the Ministry of Environment. I am looking forward to re-establishing the Company’s Dominican workforce, which in the past has numbered hundreds of workers, and guiding the process to demonstrate how modern and responsible mining and development can be executed in partnership with both the local population with respect for the environment.”
Mr. Massola’s last day as CEO was August 31, 2022 and he will assist in an orderly transition. He commented “I have been involved in the Dominican Republic since 2005, having participated in all aspects of the country’s mining sector. I leave many Dominican friends and colleagues and wish the Company all success in the future as it moves forward.”
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.
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 engagement and services to be provided by the Company’s new CEO, the Company obtaining the Permit, the Company’ Romero Project, 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 | ||
| Luis Santana, CEO (Santo Domingo) | Ph.+1 829 919 8705 | |
| Office of the Chairman (Toronto) | Ph. 416 583 5606 | |
VANCOUVER, British Columbia, June 01, 2022 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) is very pleased to announce the appointment of Mr. Luis Santana Pereyra to the position of Chief Executive Officer (“CEO”) of the Company. Mr. Santana will formally commence his role as CEO on or before September 1, 2022, following a transition period. Furthermore, it is expected that Mr. Santana will join the board of directors of the Company once he formally commences his role as CEO. Mr. Santana will be based in Santo Domingo and will initially be responsible for working towards achieving the Romero Project Exploitation License (the “Permit”) in the San Juan Province of the Dominican Republic.
Luis is a Citizen of the Dominican Republic and is a Qualified Engineer from the Santo Domingo Technological Institute. Luis has more than 25 years of experience in mining and mineral processing and has worked in senior management and executive positions in the design, construction and operation of gold processing plants and mines globally.
Luis has an impressive history having worked with Glencore – Falcondo and Altonorte Mines in Dominican Republic and Chile, BHP Billiton – Olympic Dam Mine in Australia, Barrick – Pueblo Viejo Mine in Dominican Republic, Barrick & Shandong Gold – Veladero Mine in Argentina and most recently as CEO for Shandong Gold – Cardinal Resources Namdini Project in Ghana.
Luis is well recognized as a resourceful team leader with a track record of delivering high quality production assets on time, on budget and with exemplary environmental, safety and governance performance.
The Company strongly believes that Luis will add value to its operations through awareness, engagement, and accountability of three key strategic objectives: Collaboration by developing a strong culture, Community by strengthening sustainable license to operate, and Company by maximizing economic productivity (production, profitability, and asset value).
Late last year the Company’s current CEO, Mr. Dave Massola, informed the Board of Directors that he would like to resign from his current position during 2022. The Board has been in the process the last six months of finding a replacement. Mr. Massola has informed the board that his last day will be August 31, 2022.
Bill Fisher Chairman of the Board commented “Luis Santana joins the company with an impressive career behind him in international mining. We have taken the step of engaging a mine developer as CEO following positive comments by the Minister of Energy and Mines, Antonio Almonte, and the President of the Dominican Republic, Luis Abinader, earlier in the year about permitting our Romero project. After an extensive search we were pleased to find a Dominican citizen with extensive international experience in mine development - permitting, building and operating - to guide the company through the next stages of development, thus demonstrating our commitment to the Dominican Republic.
On behalf of the Board I would like to thank Dave Massola for his years of dedicated service and contribution and wish him well in his future endeavors.”
Mr. Santana has been granted 2,000,000 stock options at an exercise price of C$0.18. The options have a term of 5 years and vest in three equal installments with 1/3 vesting upon the granting the options, a further 1/3 vesting on the 6-month anniversary and the final 1/3 vesting on the 12-month anniversary.
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.
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 engagement and services to be provided by the Company’s new CEO, the Company obtaining the Permit, the Company’ Romero Project, 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
VANCOUVER, British Columbia, March 31, 2022 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) is pleased to provide an update on progress towards achieving the Romero Project Exploitation License (the “Permit”) in the San Juan Province of the Dominican Republic following a visit to the Dominican Republic by David Massola, CEO and Bill Fisher, Chairman of the board last week. The response by government officials was positive regarding support of the project, however, no commitment was made or timetable provided as to when the decision would be made with respect to the Permit. The Company has been encouraged by the recent reported public statements in San Juan by the President Luis Abinader on January 8, 2022. He stated that he was in favor of knowing whether or not mining is feasible in San Juan province, and that the necessary scientific studies are to be carried out, recognizing that beforehand the government must grant the Romero exploitation permit to know the potential for gold production in the region. In the annual policy speech by the President on February 27, 2022 he also stated:
“This administration believes in promoting a sustainable mining industry that operates with the highest standards in the world, that guarantees the environment, peaceful coexistence with the communities and that the resources produced serve to achieve a true transformation in the lives of the families that reside in these areas.”
The Company will continue to work closely with the government as it has done in the past to achieve the Company’s goal of receiving the Permit which will allow advanced environmental, social and economic studies to investigate the viability of the Company’s flagship Romero gold/copper project.
“We are pleased that the political climate remains positive for the Romero project and that the Minister of Energy and Mines Almonte stated to GoldQuest’s CEO and Chairman that he supports the Romero Project,” commented Dave Massola, the Company’s CEO.
The Minister of Finance, Hochi Vicente, expressed his support for the Romero license issuance, and recognized the role that a mining project of this nature could achieve, recognizing that mining today represents $1.8 billion or 20% of the national exports – a key sector for the solvency of the country.
Along with the Minsters of Energy and Mines, and Finance, GoldQuest executives met with the Vice Minister of Mines, Miguel Diaz, the Mining Director, Rolando Nunes, the Presidential Special Advisor on Mining, Miguel Pena, the past President of the Republic, Leonel Fernandez and the Legal Advisor to the President, Antoliano Peralta.
In other news the Company is reactivating it’s exploration program in the Dominican Republic after a halt of over 3 years.
Th Company looks forward to welcoming Minister Almonte and his team to the PDAC conference in Toronto in June and discussing our study programs for the Romero Mineral Reserves and accompanying exploration programs.
The main Romero gold/copper deposit, located in the San Juan province was discovered by GoldQuest in 2012. A 2016 Pre-feasibility study returned an after-tax Net Present Value of USD 204 million @ 5% and an IRR of 28%, and an AISC of 595/oz of gold. Note that this study was done at US$1300/oz of gold and US$ 2.50 copper where March 30 prices were US$1,938/oz of gold and US$ 4.75 copper, an increase of 49% and 90% respectively.
The Company is well funded with in excess of C$14 million in cash.
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.
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 support for the Romero Project and the issuance of the Permit by government officials, the political climate in the Dominican Republic, the likelihood of the Permit being granted, 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 and political conditions globally and in the Dominican Republic; support for the Romero Project and the Permit by government officials and the risk that such support could change; risks related to the likelihood of the Permit being granted; 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 support for the Romero Project and the grant of the Permit by government officials; 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
VANCOUVER, British Columbia, Dec. 17, 2021 (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 5,495,000 incentive stock options (the “Options”) to directors, officers and employees of the Company, at an exercise price of $0.15 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 23, 2021, and remain subject to the approval of the TSX Venture Exchange.
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, June 15, 2021 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) During an interview in El Gobierno de la Tarde the mining advisor of the Executive Branch, Miguel Peña, said last Friday that GoldQuest’s Romero project, in San Juan de la Maguana, has the ideal conditions to carry out a model mine in the Dominican Republic and the world.
He was also quoted as stating that the Romero site has been misinterpreted by a lot of San Juan’s society and that the deposit has the ideal conditions for an underground mine.
Dave Massola, CEO of GoldQuest Limited stated “We are glad that Mr. Pena has stated that the Romero Project will be an ideal mine for the Dominican Republic as the Romero Mine will be a simple underground mine with crushing, grinding and flotation and will only use water collected from rain to produce a copper concentrate.”
The Company is well funded with C$15.1 million in cash reported at the end of Q1 2021.
Link to Mr. Miguel Pena’s statements:
https://www.opinionlibrebarahona.com/2021/06/insisten-en-explotacion-minera-en-san.html?m=1
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.
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 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
VANCOUVER, British Columbia, Jan. 22, 2021 (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 3,525,000 incentive stock options (the “Options”) to directors, officers and employees of the Company, at an exercise price of $0.36 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 30, 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.
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, 2021 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) The Minister of Energy and Mines, Mr. Antonio Almonte, stated in an interview published in the El Dia newspaper that he will be visiting the city of San Juan in the coming weeks to speak about the Romero Gold and Copper Project with community members. The Minister also went on to state that post his visit he will be writing a report to the President of the Dominican Republic to assist in making a decision on the Project.
“We are encouraged that Minister Almonte will meet with various community members to discuss our project in the next few weeks,” commented Dave Massola CEO of GoldQuest. “We are hopeful that a conclusion on our Romero Exploitation application will be made in the near term. We also invite the Minister or Vice Minister Miguel Diaz to visit our project site.”
In a separate letter to Mr. Massola, Minister Almonte stated that the government apologizes for the delay and assured GoldQuest that the new government is committed to supporting responsible mining and foreign investment. He also emphasized that the government is aware of the time the company has waited for a decision and assured the company that the Ministry is working hard to speed up the process of mining projects.
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 filed on SEDAR November 11, 2016).
The Company is well funded with C$15.7 million in cash reported at the end of Q3 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.
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’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
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
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