Great Quest Metals Ltd

Published : January 09th, 2010

Completes Sale of Kenieba Concessions for Cash and Shares of $4.35 million and a Production Bonus of

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Keywords :   Canada | Copper | Debt | Gold | Gold Production | Lead | Mali | Market | Phosphate |

     GREAT QUEST

             METALS LTD.

 

 

Suite 515, 475 Howe Street

Vancouver, BC, Canada  V6C 2B3

Tel:   604-689-2882       Website:  www.greatquest.com

Fax:  604-684-5854          Email:  info@greatquest.com

 

January 8, 2010

 

Great Quest Completes Sale of Kenieba Concessions for Cash and Shares of $4.35 million and a

Production Bonus of up to $3.50 million

 

VANCOUVER, BC -- Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM) (?Great Quest?) reports completion of the sale of its Kenieba gold project to Avion Gold Corporation (AVR: TSXV) (?Avion?) as announced December 18, 2009.  Avion has now acquired all of the Great Quest interest in three Kenieba concessions for $4.35 million comprised of $850,000 cash, of which $350,000 was received under a preceding joint venture agreement with Avion, and 7,608,696 shares of Avion at a deemed price of $ 0.46 per share, with a four month hold.  With the recent appreciation of the Avion shares to the $0.70 range, the value of the transaction to Great Quest has increased by $1.83 million to $6.18 million.

 

The sale agreement also requires Avion to make further payments of up to $2.1 million based on gold production from the concessions greater than 400,000 ounces, payable in increments of $700,000 for each additional 50,000 ounces production.  If production from the concessions exceeds 600,000 ounces Avion would be required to make up to a further $ 1.4 million in payments to complete its obligations under the sale agreement for a total production bonus of $3.5 million.

 

The Kenieba concessions are located adjacent to the south and west sides of the Avion Tabakoto property and are subject to a carried interest for the Government of Mali ranging between 10% to 20% and underlying interests up to 5%.  Great Quest delineated a 43-101 compliant inferred resource on the Djambaye 2 gold zone of 324,000 ounce (Carl Verley, P. Geo., January 28, 2008 Great Quest news release).  This equates to 2,574,000 tonnes grading 3.92 grams per tonne gold.  With the Djambaye 2 gold zone open along strike and to depth and with other relatively unexplored zones on the concessions, Great Quest anticipates future increases to the current mineral resource.

 

. /2


Great Quest Metals Ltd.

January 8, 2010

Page Two

 

 

 

 

Under the agreement Great Quest is required to acquire a permit on one of the Concessions, and 25% of the shares issued are held in escrow pending receipt of this permit.  In the event that Great Quest is unable to obtain the permit on or before January 8, 2011, then 20% of the Escrowed Shares shall be released to Avion on each anniversary of the closing date until the earlier of five years and the date Great Quest receives the permit for the Comifa Concession.  The sale agreement has received TSX Venture approval.

 

Concurrently with the sale of its Kenieba project, the Company has arranged the sale of 1.5 million shares received in this transaction for proceeds of $1,050,000 or $0.70 per share, subject to regulatory approval.  The Company also announces the completion of the settlement of $168,590 in debt by way of the issue of 1,685,900 shares of the Company at a deemed price of $0.10 per share, as announced on November 26, 2009.  All debt settlement shares issued are subject to a four-month hold period and may not be traded in British Columbia until April 10, 2010.

 

Willis W. Osborne, President and CEO of Great Quest, states ?The management of Great Quest has a high level of confidence in the ability of Avion to explore the Kenieba concessions and to substantially increase the mineral resource.  This should not only add to the value of the Avion shares held by Great Quest but may also lead to the eventual payment to Great Quest of the production bonuses.  This transaction will also allow Great Quest to pursue its other gold concessions and an industrial phosphate project in Mali.  Most significantly for the Company it is now positioned to actively solicit new gold projects of merit without going to the market.?

 

Great Quest is a gold, copper and phosphate exploration company with interests in Mali, West Africa and British Columbia. 

 

ON BEHALF OF THE BOARD OF DIRECTORS

OF GREAT QUEST METALS LTD.

 

?Willis W. Osborne?

Willis W. Osborne

President

Data and Statistics for these countries : Canada | Mali | All
Gold and Silver Prices for these countries : Canada | Mali | All

Great Quest Metals Ltd

EXPLORATION STAGE
CODE : GQ.V
ISIN : CA3909121038
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Great Quest Metals is a gold and copper development stage company based in Canada.

Great Quest Metals holds various exploration projects in Mali.

Its main exploration properties are KENIETI, BOURDALA, KENIEBA, TIN HINA and SANOULOU in Mali and TASEKO in Canada.

Great Quest Metals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 4.6 millions as of today (US$ 3.4 millions, € 3.0 millions).

Its stock quote reached its highest recent level on May 27, 2011 at CA$ 4.88, and its lowest recent point on August 11, 2023 at CA$ 0.01.

Great Quest Metals has 53 720 000 shares outstanding.

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Financings of Great Quest Metals Ltd
5/24/2013Announces Private Placement
9/14/2012Agrees to a Private Placement of $1=2C152=2C850
1/1/2009Announces $120,000 Private Placement
7/9/2008AGM and Private Placement Closes
Option Grants of Great Quest Metals Ltd
11/25/2009Grant of Stock Options
12/30/2008Grant of New Stock Options, Cancellation and Re-Issuance of ...
Nominations of Great Quest Metals Ltd
8/13/2013Appoints Abdoulaye Pona to the Board of Its Mali Subsidiary
5/13/2013Announces AGM Results-Appoints Jed Richardson CEO
7/23/2010Appointment of New Director Signals Focus on Malian Phosphat...
4/8/2010Appoints New Director and Grants Options
Project news of Great Quest Metals Ltd
3/25/2011(Sanoulou)Mobilizes for Gold Drilling
2/21/2011Remote Sensing Identifies Phosphate Targets
6/3/2010(Kenieba)Sampling Program Identifies Gold in Over 8 Albitite Dykes on...
4/21/2010(Kenieba)Defines Gold Soil Anomaly on Dabia Ouest Concession
6/5/2009(Tilemsi Phsophate)Update on Tilemsi Phosphate Project
12/24/2008(Tilemsi Phsophate)Granted Extension to January 31, 2009 on the Exercise of Til...
11/24/2008(Tilemsi Phsophate)Receives Further Approvals for Tilemsi Phosphate Project
9/10/2008(Taseko)Announces Results of the 2008 Drill Program on the Taseko Pr...
7/2/2008(Taseko)2008 Drill Program on the Taseko Property to Start by July 7...
6/4/2008(Taseko)Start Drill Program on Taseko Property in early July
Corporate news of Great Quest Metals Ltd
11/4/2015Tests Conclude the GQ Blends Are a Recommended Replacement f...
10/1/2015Nevada Sunrise Appoints David Shaw to Advisory Board
9/17/2015Preparation Laboratory: On Time, On Budget
9/8/2015Great Quest Announces $200,000 Private Placement
6/22/2015Great Quest Announces AGM Results
3/2/2015Great Quest Clarifies Its Technical Disclosure, and Northern...
2/3/2015Great Quest Files Updated PEA for Multi-Phased Phosphate Pro...
9/22/2014IIROC Trading Resumption - GQ
9/19/2014IIROC Trading Halt - GQ
7/23/2014Great Quest Announces a New Partnership With the Aga Khan De...
3/26/2014Tilemsi Bulk Samples Average Above 24% Drilled Inferred Reso...
9/30/2013.: Sanoukou Gold Program Reports Chip Samples of Up to 24.9 ...
9/18/2013to Resume Exploration Program at the Tilemsi Phosphate Proje...
6/20/2013Congratulates Mali on the 'Historic' Kidal Agreement
4/29/2013Corporate Update-Pursuing Routes to Restoring Value
3/18/2013Adopts Advance Notice Policy for Future Shareholder Meetings
2/7/2013Files PEA and Confirms Robust Economic Results on Tilemsi Ph...
1/22/2013Granted Permit for Aderfoul Concession, Tilemsi Phosphate Pr...
1/16/2013Comments on Market Activity and Provides Corporate Update
10/10/2012Grants Stock Options
9/17/2012Completes $1=2C152=2C850 Private Placement and Appoints Inve...
7/9/2012=2D News Alert
5/29/2012Alert
3/7/2012- news release
6/13/2011. Announces Results of Annual General Meeting
6/2/2011Accelerates Phosphate Exploration
5/11/2011.: Tilemsi Phosphate Drilling Commences
3/8/2011Initiates Phosphate Studies
2/22/2011Receives Escrowed Shares
2/18/2011.: Arrete de la Miniere Permits Received for the Tilemsi Pho...
2/16/2011Retransmission-Great Quest Metals Ltd.: Remote Sensing Ident...
7/29/2010Sanoukou Gold Concession Advanced to Drill-Ready Status
7/8/2010Phosphate Advisory Committee Appointed for Mali Phosphate Pr...
6/23/2010Expands Phosphate Concession Areas in Mali to 737 sq km
6/9/2010Reports on its Annual General Meeting
4/13/2010Acquires the Sanoukou Gold Concession in Western Mali
1/18/2010Acquires Option on Concession in Prolific West Mali Gold Bel...
1/9/2010Completes Sale of Kenieba Concessions for Cash and Shares of...
9/3/2009Reports Area of Tin Hina Concession Increased from 230 to 41...
7/10/2009Reactivates the Baoule River Gold Concession
12/4/2008Amends Warrant Terms
11/3/2008is Granted the Right to Acquire a Majority Interest in the T...
11/8/2007 Completes Sale of Convertible Debenture
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