Conquest Resources Ltd

Published : January 19th, 2015

Conquest Sells 50% JV Interest in Sunday Lake Property to Detour Gold

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Conquest Sells 50% JV Interest in Sunday Lake Property to Detour Gold

220 BAY STREET, SUITE 700, TORONTO, ONTARIO, CANADA, M5J 2W4

TEL: 647-728-4134 FAX: 416-368-5344

EMAIL: [email protected]

PRESS RELEASE

CONQUEST SELLS 50% JV INTEREST IN SUNDAY LAKE PROPERTY TO DETOUR GOLD

Toronto, Ontario - January 19, 2015 | Conquest Resources Limited (TSV-V: "CQR") ("Conquest" or "the Company") announces that it has sold its remaining 50% joint venture interest in the Sunday Lake gold project to Detour Gold Corporation ("Detour Gold"), for a one-time payment of 33,000 common shares of Detour Gold ("DGC"-TSX).

Based on the closing share price of Detour Gold on January 16, 2015 the consideration received by Conquest is valued at approximately $420,000.
The Sunday Lake Property is located along the Sunday Lake Deformation Zone and situated approximately seven kilometres east of Detour Gold's 15.5 million ounce open pit gold mine in northeastern Ontario.
In 2010, Conquest entered into an agreement whereby Detour Gold was granted an option from Conquest to acquire a 50% joint venture interest in the Sunday Lake Property by incurring $1.0 million in exploration expenditures. Under the Option earn-in, Detour Gold vested its 50% interest and became the Operator of the joint venture by completing exploration soil geochemistry and geophysical programs in addition to two exploration Diamond drilling programs.
In 2010 Conquest sold its adjacent Aurora Property to Detour Gold for a cash consideration of $2.0 million and 100,000 shares of Detour Gold.
Conquest is actively seeking a new project to replace its Sunday Lake Property in mining-friendly jurisdictions such as Canada and the United States of America. Conquest believes that prolonged depressed markets for junior exploration companies have created favorable conditions for the Company to generate value through the acquisition and exploration/development of distressed projects and/or companies.

ABOUT CONQUEST

Conquest holds two geologically significant gold exploration projects in Ontario, Canada.
The Company's flagship Alexander Gold Property is located immediately adjacent to Goldcorp's producing Red Lake mine in northern Ontario. The property is 100% owned by Conquest measuring 448 hectares in size and situated just beyond the security gate at Goldcorp's Red Lake gold mine. The Alexander Property is large enough to accommodate another deep, high grade gold deposit that may repeat adjacent to Goldcorp's Red Lake Gold Mine, which is less than 800 metres from the property boundary.
The Smith Lake Gold Project measures 52 square kilometres in size and consists of six (6) patented mining claims and twenty-eight (28) unpatented mining claims located within the Missanabie-Goudreau greenstone belt in Leeson, Rennie and Stover Townships in northern Ontario. The property is 100% Conquest owned and is contiguous with the former International Corona Resources Renabie Gold Mine, which produced more than 1,000,000 ounces of gold from 1941 through 1991.
The Company also maintains a claim to two gold properties in Zimbabwe. There are currently 95,477,728 shares of Conquest issued and outstanding.

This news release may include certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization, resources and reserves, exploration results, and future plans and objectives of Conquest, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Conquest's expectations are exploration risks detailed herein and from time to time in the filings made by Conquest with securities regulators. 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 the accuracy of this release.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Robert J. Kinloch, President & CEO

306-343-5799

Benjamin Batson, V.P. Exploration

647-728-4134

URL: www.conquestresources.com

John F. Kearney, Chairman

416-362-6686

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Canada | United States Of America | Zimbabwe | All
Gold and Silver Prices for these countries : Canada | United States Of America | Zimbabwe | All

Conquest Resources Ltd

PRODUCER
CODE : CQR.V
ISIN : CA2082871021
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Conquest Res. is a gold producing company based in .

Conquest Res. holds various exploration projects in Canada.

Its main assets in production are BABS&BEEHIVE and PIPER MOSS in Zimbabwe, its main asset in development is DETOUR LAKE (SUNDAY LAKE) in Canada and its main exploration properties are SUGUTI in Tanzania and ALEXANDER, KING BAY, AURORA PROJECT and SMITH LAKE in Canada.

Conquest Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.9 millions as of today (US$ 2.3 millions, € 2.0 millions).

Its stock quote reached its highest recent level on November 21, 2003 at CA$ 0.40, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Conquest Res. has 95 477 728 shares outstanding.

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Financings of Conquest Resources Ltd
12/4/2009private placement financing of up to $4.0 million
Nominations of Conquest Resources Ltd
9/11/2012Announces Appointment of President
Project news of Conquest Resources Ltd
11/24/2009(Alexander)intersects gold in first four holes on Alexander gold proper...
8/19/2009(Alexander)Chooses contractor for Alexander drill project at Red Lake
8/5/2009(Alexander)Plans two-phase drill program at Alexander
5/26/2009(Alexander)Goldcorp drills 4.97 g/t gold over 1.82 metres on Alexander ...
Corporate news of Conquest Resources Ltd
1/19/2015Conquest Sells 50% JV Interest in Sunday Lake Property to De...
5/22/2014Conquest Reports March 31, 2014 First Quarter Results
2/11/2013Detour Gold Commences Winter Work Program at Conquest's Sund...
9/13/2011Releases Scheme Book
6/2/2011Annual Meeting of Shareholders
4/14/2011Commences Drilling from Goldcorp Red Lake Mine Property
3/7/2011Detour Gold Commences Drilling Program at Conquest's Sunday ...
2/15/2011Research Report
8/11/2010amends agreement with Detour Gold Corporation on Conquest's ...
7/18/2009( CQR : TSXV ) updates shareholders through Investment Pitch...
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