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TILEMSI PHOSPHATE DRILLING COMMENCES
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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:
May 11, 2011
Tilemsi Phosphate Drilling Commences
VANCOUVER, BC - Victor J.E.
Jones, Chairman and CFO of Great Quest Metals
Ltd.
("Great Quest" or "GQ") (TSXV: GQ; Frankfurt: GQM), reports that the
air-core drilling program has commenced on its Tilemsi phosphate project, in
Mali, West Africa.
The Tilemsi concessions cover 737 km2 in the Tilemsi
valley of eastern Mali in a region known for phosphate mineralization.
This
marks the commencement of the first phase of drilling on areas identified by
company geologists, a remote sensing study and prior reconnaissance work as
having the potential for phosphate mineralization.
The drilling program
will target several hills prospective for phosphate mineralization where
exposure of the phosphate horizon is evident along their perimeters and
remote sensing images.
The first phase includes up to 800 shallow holes
laid out on 500 m grids with the objective of providing data for a
preliminary NI 43-101 report.
Ownership increased in Tilemsi concession
The Tilemsi project is comprised of two concessions: the Tilemsi, held by a
subsidiary of the Companys Malian exploration subsidiary; and the Tarkint
Est, held through an agreement with a private Malian company.
An agreement
has just been entered into with respect to the Tilemsi concession, which
includes the Tin Hina hill, which effectively increases the Companys
interest from 88% to 94% in the 417 km2 Tilemsi concession.
The agreement
amends the respective shareholder interests in the subsidiary holding the
Tilemsi concession.
Under the terms of the agreement Great Quest is
required to make three payments to the minority shareholder of approximately
$110,000 each, with the final payment due on receipt of a permit for
commercial exploitation of the Tilemsi concession.
In addition, Great Quest
is required to issue a 3-year non-transferrable warrant to the minority
shareholder to purchase up to 50,000 common shares of Great Quest at a
warrant price to be determined by Exchange regulations.
The agreement is
subject to approval by the Board of Directors and the TSX Venture Exchange.
The agreement on the Tarkint Est concession is unchanged and provides for
Great Quest to earn a 97% interest.
Sanoukou Gold Project
On the Sanoukou project in Western Mali, the first of a 16 hole, 2500 m core
drilling program has been completed and samples have been sent for assay.
This initial phase of drilling on Sanoukou is targeting a large area of
orpailleur workings over 1 km wide along a 6 km strike length.
This
drilling program was recommended from prior work (see GQ News Release dated
July 29, 2010), which included trenching, geophysics, and RAB drilling by
Somafim.
Some of the more noticeable intersections from that program on the
Sanoukou concession include the following:
Drill Hole
Intersections in Metres
Grams per Tonne Gold
RAB 33
3
4.69
RAB 53
19
2.59
RAB 84
3
5.02
RAB 93
7
3.65
This initial drilling program is being carried out by PDRM, the drilling
services agency of the Malian government.
ON BEHALF OF THE BOARD OF DIRECTORS
OF GREAT QUEST METALS LTD.
"Victor J.E.
Jones"
Victor J.E.
Jones
Chairman
Great Quest Metals Ltd.
is a Canadian mineral exploration company with
exploration assets in Mali, West Africa.
The Company is focused on
developing the Tilemsi Phosphate Project, encompassing 737 km2 in eastern
Mali.
The Company also holds several gold concessions in the productive
Birimian gold belt in western Mali.
Great Quest is listed on TSX Venture
Exchange (GQ), and the Frankfurt Stock Exchange (GQM).
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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