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Re: News Releases - Wednesday, June 02, 2010
GoldQuest Announces Prospective Board and Chief Executive Changes
and Schedules Annual General Meeting
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VANCOUVER, B.C., JUNE 2, 2010 -- GoldQuest Mining Corp. ("GoldQuest" or
the "Company") announces that Alistair Waddell, the Company's current
CEO and President, has advised the Board that he wishes to step down
from his position as President and CEO of the Company, to pursue other
endeavours. By mutual agreement, the Company intends to waive notice
under Mr. Waddell's employment agreement and, after stepping down as
CEO in mid July, Mr. Waddell will continue to work with the Board to
facilitate a smooth period of transition and to ensure that the
Company's previously announced exploration plans are carried out while
the Board identifies and secures his successor.
The Company also announces that it has set the date for the Annual
General Meeting (the "Meeting") of its shareholders, to be held in
Vancouver on Tuesday, the 29th day of June, 2010. The Information
Circular for the meeting, mailed to shareholders, proposes a five
person Board of Directors, including Neil MacDonald, Anna Stylianides,
Anthony Warrender and Roger Davey, each of whom is currently a director
of the Company.
In addition, the Company is proposing the election of Stephen A. Orr as
a new non-executive director. Mr. Orr is currently the President and
CEO of Ventana Gold Corp. ("Ventana") (TSX: VEN), a Vancouver-based
mineral exploration and development company. Mr. Orr joined Ventana in
September 2009 following five years as CEO of OceanaGold Limited, where
under his leadership Oceana built and commissioned two new mines in New
Zealand and increased production by 90%. Prior to Oceana Mr. Orr spent
23 years with Barrick Gold Corp. and Homestake Mining Company in a
number of progressively senior roles, ultimately serving as President
and CEO of Homestake Canada Inc. Following the merger of Homestake
with Barrick Gold Corporation Mr. Orr was Vice President and Managing
Director for Australia and Africa with Barrick.
Neil MacDonald, the Chairman of the Board, commented, "We are grateful
for Alistair Waddell's past contributions to the Company and for his
continued assistance with its current drilling and other activities
pending the appointment of his successor. We wish him well in his
future endeavours. The Company is well-positioned to execute its
strategic exploration plan for both Spain and the Dominican Republic.
We are very pleased that Steve Orr has accepted the nomination of the
Board for his election as a non-executive director of the Company at
its upcoming Annual General Meeting. He has an extraordinary record of
success and experience in the mining industry, and we are confident
that his counsel will be significant to GoldQuest's future
development."
The Company also announces that it has granted an aggregate of 900,000
incentive stock options at a price of $0.14 to employees of the Company
in the Dominican Republic and Spain. The options are being granted
pursuant to the Company's rolling stock option plan and will expire in
five years. The options have a vesting schedule over periods of six
months and one year.
About GoldQuest
GoldQuest is a Vancouver based company with a portfolio of 100% owned
exploration projects in the Dominican Republic and Spain. GoldQuest is
traded on the TSX-V under the symbol GQC.V and in Frankfurt / Berlin
with symbol M1W.
On behalf of the Board of Directors,
Neil MacDonald
Chairman
For further information please contact:
Dan Maarsman
Investor Relations -- Vancouver, Canada
Tel: +1-604-632 4333
www.goldquestcorp.com
investorrelations@goldquestcorp.com
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.
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. 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, except
as required by law.
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Copyright (c) 2010 GOLDQUEST MINING CORP. (GQC) All rights reserved.
For more information visit our website at http://www.goldquestcorp.com/
or send mailto:investorrelations@goldquestcorp.com
Message sent on Wed Jun 2, 2010 at 1:15:45 PM Pacific Time
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VanEck Vectors Global Alternative Energy ETF
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EXPLORATION STAGE |
CODE : GQC.V |
ISIN : CA38144C1005 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Goldquest Mining is a gold exploration company based in Canada. Goldquest Mining holds various exploration projects in Dominican Republic. Its main exploration properties are CERRO DORADO, PIEDRA IMÁN, JENGIBRE, LOS COMIOS, LAS TRES PALMAS / SAN JUAN, EL TORO, LOMA VIEJO PEDRO, SANTA ANA, LAS ANIMAS and LA ESCALANDOSA in Dominican Republic and TORAL in Spain. Goldquest Mining is listed in Canada and in Germany. Its market capitalisation is 12.1 millions as of today (US$ 8.9 millions, € 8.0 millions). Its stock quote reached its lowest recent point on May 18, 2012 at 0.04, and its highest recent level on August 24, 2012 at 2.03. Goldquest Mining has 47 442 200 shares outstanding. |