GoldQuest Reports 50% Increase in Land Package with Granting of Loma Los Comios Concession in Dominican Republic
26 Novembre 2013 - 11:30AM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce the issuance to GoldQuest of the Loma
Los Comios concession, adjacent to the Romero Project in the Dominican Republic.
The Dominican Republic's Secretary of State for Industry and Commerce has
granted to GoldQuest the 2,028 hectare concession which is along trend from the
Romero Project and in the Tireo formation. The Company recently published a NI
43-101 mineral resource estimate at the Romero Project which included 2.4
million ounces of gold equivalent Indicated mineral resources and 0.8 million
ounces of gold equivalent Inferred mineral resources (see October 29, 2013
release).
Highlights:
-- 50% increase in land package for exploration
-- New ground is along trend of Romero and within the favorable Tireo
Formation
-- Positive show of support from the Dominican Republic government
"With the granting of the Loma Los Comios concession we have significantly
increased our exploration footprint in the Tireo Formation and our capacity to
find additional mineral resources," commented Julio Espaillat, GoldQuest's CEO.
"We are also very encouraged by the positive endorsement from the government in
our company and in the exploration sector in the Dominican Republic."
The Loma Los Comios concession is located directly adjacent to the concession
hosting the Romero Project (see map at following link
http://goldquestcorp.com/images/nr/GQC_Concession_Map.jpg). The 2013 ground
Induced Polarization (IP) program identified a new chargeability trend, The
Guama Trend, within the Loma Los Comios concession (see press release April 12,
2013).
The Company is currently mapping and collecting surface samples to refine drill
targets in the Loma Los Comios concession. It plans to commence the next phase
of drilling in the first quarter of 2014.
Table 1: Mineral Resources for Romero and Romero South Estimated by Micon
International Limited as of October 29, 2013 (see press release October 20,
2013)
----------------------------------------------------------------------------
Au Cu Zn Ag AuEq Au AuEq
Category Zone Tonnes (g/t) (%) (%) (g/t) (g/t) Ounces Ounces
----------------------------------------------------------------------------
Indicated Romero 17,310,000 2.55 0.68 0.30 4.0 3.81 1,419,000 2,123,000
----------------------------------------------------------------------------
Romero 2,110,000 3.33 0.23 0.17 1.5 3.80 226,000 258,000
South
----------------------------------------------------------------------------
Total Indicated 19,420,000 2.63 0.63 0.29 3.7 3.81 1,645,000 2,381,000
Mineral
Resources
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred Romero 8,520,000 1.59 0.39 0.46 4.0 2.47 437,000 678,000
----------------------------------------------------------------------------
Romero 1,500,000 1.92 0.19 0.18 2.3 2.33 92,000 112,000
South
----------------------------------------------------------------------------
Total Inferred 10,020,000 1.64 0.36 0.42 3.8 2.45 529,000 790,000
Mineral
Resources
----------------------------------------------------------------------------
The data in this press release has been reviewed and approved by Mr. Jeremy
Niemi, P.Geo., the Director, Technical Services of GoldQuest and a Qualified
Person for the technical information in this press release under NI 43-101
standards.
About GoldQuest
GoldQuest is a Canadian based mineral exploration company with projects in the
Dominican Republic traded on the TSX-V under the symbol GQC.V and in
Frankfurt/Berlin with symbol M1W, with 143,980,044 shares outstanding
(157,806,568 on a fully diluted basis).
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 mineral resource estimates, the
merits of the Company's mineral properties, future studies, the potential for
underground mining, and the Company's plans and exploration programs for its
mineral properties, including the timing of such plans and programs. In certain
cases, forward-looking statements can be identified by the use of words such as
"plans", "has proven", "expects" or "does not expect", "is expected",
"potential", "appears", "budget", "scheduled", "estimates", "forecasts", "at
least", "intends", "anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions, events or
results "may", "could", "would", "should", "might" or "will be taken", "occur"
or "be achieved".
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such risks
and other factors include, among others, risks related to uncertainties inherent
in the estimation of mineral resources; commodity prices; changes in general
economic conditions; market sentiment; currency exchange rates; the Company's
ability to continue as a going concern; the Company's ability to raise funds
through equity financings; risks inherent in mineral exploration; risks related
to operations in foreign countries; future prices of metals; failure of
equipment or processes to operate as anticipated; accidents, labor disputes and
other risks of the mining industry; delays in obtaining governmental approvals;
government regulation of mining operations; environmental risks; title disputes
or claims; limitations on insurance coverage and the timing and possible outcome
of litigation. Although the Company has attempted to identify important factors
that could affect the Company and may cause actual actions, events or results to
differ materially from those described in forward-looking statements, there may
be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, do not place
undue reliance on forward-looking statements. All statements are made as of the
date of this news release and the Company is under no obligation to update or
alter any forward-looking statements except as required under applicable
securities laws.
Forward-looking statements are based on assumptions that the Company believes to
be reasonable, including expectations regarding mineral exploration and
development costs; expected trends in mineral prices and currency exchange
rates; the accuracy of the Company's current mineral resource estimates; that
the Company's activities will be in accordance with the Company's public
statements and stated goals; that there will be no material adverse change
affecting the Company or its properties; that all required approvals will be
obtained and that there will be no significant disruptions affecting the Company
or its properties.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer
+1-829-919-8701
jespaillat@goldquestcorp.com
GoldQuest Mining Corp.
Office of the Chairman - Toronto
+1-416-583-5606
wfisher@goldquestcorp.com
www.goldquestcorp.com
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