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Gold Exploration Permit Renewed to Complete Requirements of Transaction with Avion Gold
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Suite 515, 475 Howe Street
Vancouver, BC, Canada V6C 2B3
Tel: 604-689-2882 Website: www.greatquest.com
Fax: 604-684-5854 Email:
January 10, 2011
Gold Exploration Permit Renewed to Complete Requirements of Transaction with
Avion Gold
BAMAKO, Mali -- Victor Jones, Chairman of Great Quest Metals Ltd.
(TSXV: GQ;
Frankfurt: GQM), announces that the exploration permit on the Comifa
concession was renewed on January 7, 2011 and that an agreement has been
executed which authorizes the transfer of the concession to Tambaoura
Mining, a Malian subsidiary of Avion Gold Corporation (TSX: AVR)
(OTCQX:AVGCF).
This allows for the completion of the Mineral Property Sale
according to the Letter of Intent between the Company and Avion dated
December 18, 2009.
The Company will now request that Avion release the
escrowed portion of the shares of Avion received by the Company under that
agreement which were held in escrow pending the issue of this exploration
permit.
The concession will complement the property holdings of Avion at
its Tabakoto/Segala operations.
Camp Preparation for Tilemsi Phosphate Project Exploration Program
The Company has completed a geophysical survey and mobilized a drill rig for
the initial water wells required prior to the planned drilling on the
Tilemsi Phosphate project and the permit for the location of its exploration
camp in eastern Mali has been received.
Recent discussions with the
Minister of Mines of Mali and other government officials have been
encouraging with regard to the issue of the initial permits for the two
phosphate concessions, which comprise the Tilemsi project.
One of the
concessions is held by a subsidiary of the Company and the other by
agreement with a private Malian company, as announced last year.
The
Company has also initiated the acquisition of remote sensing data on the 737
sq km Tilemsi project area in preparation for analysis of phosphate rock
signatures and detailed mapping to assist with further geological
reconnaissance work and the planned drilling program.
Fieldwork will
commence immediately on receipt of the Malian permits.
About Great Quest
Great Quest Metals Ltd explores for phosphate and gold in Mali, West Africa.
The Tilemsi phosphate project encompasses 737 km2 in eastern Mali, boasting
potential for large tonnage of high-grade phosphate rock for a growing world
and local market.
The Companys track record for discovery and years of
local experience have yielded a number of highly prospective gold
concessions located along the productive Birimian gold belt in western Mali.
ON BEHALF OF THE BOARD OF DIRECTORS
OF GREAT QUEST METALS LTD.
"Victor J.E.
Jones"
Victor J.E.
Jones
Chairman
For additional information please contact:
12g3-2(b) Exemption #82-3116
Investor Relations:
Standard & Poors Listed
George Butterworth: 604-689-2882
Trading Symbol: GQ Frankfurt Exchange: GQM
Toll Free: 877-325-3838
Neither the TSX Venture Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release.
The
statements that are not historical facts and are forward-looking statements
involving known and unknown risks and uncertainties could cause actual
results to vary materially from the targeted results.
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