GoldQuest Announces Initial Resource Estimate for Toral Zinc-Lead-Silver
Deposit, Spain
View News Release in PDF Format
Vancouver, BC, March 2, 2011 -- GoldQuest Mining Corp. (GQC-TSX.V)
("GoldQuest" or the "Company")is pleased to announce a
National Instrument 43-101 compliant resource estimate on its 100% owned Toral
project in Spain.
The initial mineral resource estimate includes an indicated mineral resource of
4.04 million tonnes of 11.8% lead (Pb) + zinc (Zn) and an inferred mineral
resource of 4.67 million tonnes of 9.8% Pb + Zn, representing a 15% increase
over historical estimates. An economic cut-off grade of 7 % Pb + Zn was used to
define the Toral mineral resources.
Mineral Resources for Toral
Estimated by Micon as of February 2011
GoldQuest's Chairman, Bill Fisher, commented, "This initial resource
estimate is a significant milestone at Toral and lends additional justification
for the Company's continued presence in Spain. We are extremely encouraged with
the results of the initial resource estimate prepared by Micon, which shows an
increase of approximately 15% over previous historical lead and zinc tonnage
estimates."
The NI 43-101 resource estimate was prepared by independent consultants, Micon
International Co Inc., and was prepared using CIM definitions for mineral
resources as required by NI 43-101. The three-dimensional geological model used
was based mainly on the historical geological property database compiled by the
previous owners of the Toral property, Pe�arroya Espa�a S.A and Empresa
Nacional ADARO de Investigaciones Mineras, S.A, and which includes more than
40,000 metres of diamond drilling. In addition, the database includes the
results of drilling carried out by Lundin Mining S.L in the period 2007 to
2008.
Pursuant to applicable regulatory requirements, the Company is required to file
on SEDAR a NI 43-101 compliant technical report within 45 days from the date of
this news release.
The "Qualified Person", as defined in NI 43-101, who prepared the
mineral resource estimate disclosed in this press release, is Mr. S. C.
Bartlett, P.Geo. Mr. Bartlett is Vice President and Director of Micon
International Limited and is Managing Director of Micon's United Kingdom
subsidiary, Micon International Co Limited. Bill Fisher, P.Geo.,
a Qualified Person, and a director of GoldQuest, reviewed the release for
accuracy.
PDAC 2011 Core Shack
GoldQuest also announces that it has been selected to display samples from its
high grade intersections from the La Escandalosa property (Dominican Republic)
at the 2011 PDAC Core Shack (booth #5004B) on Tuesday, March 8 from 9:00 am to
5:00 pm, and Wednesday, March 9 from 9:00 am to 12 noon. The Core Shack will be
held on Level 700, South Building of the Metro Toronto Convention Centre
adjacent to the rooms where the technical sessions will take place and
GoldQuest invites all shareholders to visit the Core Shack and meet the
Company's new CEO, Julio Esplaillat along with the GoldQuest management team.
Stock Options Granted
The Company also announces that it has granted 1,000,000 incentive stock
options with an exercise price of $0.42 per share to an officer of the Company.
The options are being granted pursuant to the Company's stock option plan and
will expire in five years. The options granted have a specific vesting schedule
and vest within three years.
On behalf of the Board of Directors,
Bill Fisher
Chairman
For further information please contact:
Dan Maarsman Jr.
Investor Relations -- Vancouver, Canada
Tel: +1-604-632-4333
www.goldquestcorp.com
investorrelations@goldquestcorp.com
About GoldQuest
GoldQuest is a Vancouver-based exploration company with projects in the Dominican
Republic and Spain, and is traded on the TSX-V under the symbol GQC.V 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.
Forward-looking
statements:
This news release contains
certain statements that may be deemed "forward-looking statements".
All statements in this release, other than statements of historical fact, that
address events or developments that GoldQuest expects to occur, are forward
looking statements.
This news release contains
"forward-looking information" that is based on the Company's
expectations, estimates and projections as of the dates which those statements
were made. Forward looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or
"should" occur. All statements, other than statements of historical
fact, included herein including, without limitation, statements about the
exploration permit of the concession containing both La Escandalosa and Hondo
Valle and exploration potential of the La Escandalosa property. Although
GoldQuest believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results may differ materially from
those in forward looking statements. Factors that could cause the actual
results to differ materially from those in forward-looking statements include
market prices, exploitation and exploration success, continued availability of
capital and financing and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from those
projected in the forward-looking statements. Forward looking statements are
based on the beliefs, estimates and opinions of GoldQuest's management on the
date the statements are made. GoldQuest undertakes no obligation to update
these forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
Copyright �
2011 GOLDQUEST MINING CORP. (GQC) All rights reserved.
For more information visit our website at http://www.goldquestcorp.com/ or send email to investorrelations@goldquestcorp.com ..
Message sent on Wed
Mar 2, 2011 at 7:10:44 AM Pacific Time