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Market: TSX-V
Sector: General Mining
Epic: TSX-V:GQ
News: Latest news
Web Site: Great Quest Metals
Other Articles: 03-11-200921-08-200909-07-2009

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Great Quest Metals

Great Quest Metals

Great Quest is a Canadian junior mining company with assets in Mali and B.C. Canada. The company originally started operations as a gold exploration company. With the impending acquisition of the Tilemsi Phosphate Project, GQ is diversifying into the development of a phosphate project as well.

Thursday, April 23, 2009

Great Quest Metals forms an alliance with Avion Resources to develop four concessions

by Sam Kiri company news image

Having raised finance to secure the Tilemsi Phosphate Project in eastern Mali, West Africa Canadian Venture and Frankfurt listed Great Quest Metals Ltd (TSX.V: GQ, Frankfurt: GQM) has made further progress in forming a partnership with Avion Resources Corp. (Avion) to develop some of its mining assets in Mali. The letter of intent gives Avion the right to acquire 75% of its interest in four mineral concessions located adjacent to the south and west sides of the Tabakoto property.

The Property comprises the Kenieba, Kenieba Est, Comifa and Baroya concessions totalling approximately 50 km2.  The Kenieba concession hosts a NI 43-101 compliant inferred resource in the Djambaye 2 gold zone of 324,000 ounces, amounting to 2,574,000 tonnes grading 3.92 grams per tonne gold. The Baroya concession lies west of the various mineralized Segala zones, which are still open along strike to the east and west.

GQ has made considerable progress in all its efforts to add shareholder value and the partnership with Avion bodes well for both companies. The Tilemsi Phosphate Project brought a 36,000 tonne per year plant as well as 3 phosphate deposits to GQ. One of the phosphate deposits has been in near-surface production.  The proposed acquisition of mineral concessions would enable GQ continue its focus on other properties as well as the development of Tilemsi project.

Avion’s President and CEO, Mr. John Begeman expressed his optimism as the acquisition of nearby prospective gold projects could provide additional feed for the Tabakoto mill. It also supports Avion’s stated growth and West African consolidation goals said Begeman.

To acquire 75% of GQ’s interest in the four mining concessions Avion is required to make cash payments of CDN$ 2,500,000 and work commitments of CDN$ 2,000,000, both over five years. Upon signing a definitive agreement, Avion is required to make a cash payment of CDN$400,000 and complete at least CDN$150,000 of exploration expenditures during the first year. Great Quest’s interest in the concessions varies from 95% to 100% subject to a carried interest to the Government of Mali ranging between 10% and 20%.

Avion plans to build upon GQ’s work that has defined a series of northerly trending gold zones and gold mineralized cross-structures that are similar in character to those on the Avion concessions. Once the data has been incorporated into the property compilation, a programme of soil sampling and magnetic surveys will be carried out prior to additional drilling comments Don Dudek, Vice President of Exploration for Avion.

About Great Quest
Great Quest is a Canadian junior mining company with assets in Mali and B.C. Canada. The company originally started operations as a gold exploration company. With the impending acquisition of the Tilemsi Phosphate Project, GQ is diversifying into the development of a phosphate project as well.

About Avion Resources Corp.
 
Avion is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali (assuming completion of the Dynamite acquisition). Gold production at these projects has commenced, with approximately 66,000 ounces of production forecast for 2009 rising to 101,400 ounces in 2012. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.

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