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Market: TSX-V
Sector: General Mining
Epic: GQ
News: Latest news
Web Site: Great Quest Metals
Other Articles: 27-08-201029-07-201026-07-2010

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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Great Quest Metals

Great Quest Metals

Great Quest Metals Ltd. is a Canada-based company engaged in the exploration and development of mineral concessions in Mali and Canada. The Company’s projects in Mali includes the Tilemsi Phosphate Project, Kenieba-Baroya, Bourdala and Kenieti Diamond Concession.

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Tuesday, November 03, 2009

Great Quest Metals completes $2.36 million agreement with Avion Gold

by Sam Kiri company news image

In the junior mining space forming alliances to develop prospects is considered a good sign, as it generally leads to an accelerated development programme. In what could be a similar development Canadian Venture and Frankfurt listed Great Quest Metals Ltd. (TSX.V: GQ, Frankfurt: GQM) have executed a definitive agreement with Avion Gold Corporation (TSX.V: AVR) to acquire 75% of GQ’s interest in three mineral concessions located adjacent to the south and west sides of the Tabakoto property. GQ previously spent approximately US$3.0 million in expenditures to explore the properties.

GQ properties comprise the Kenieba (Sansanto), Kenieba Est and Comifa concessions totalling approximately 32 km2. The agreement increases Avion's local property package by approximately 30%. The Kenieba concession hosts a 43-101 compliant inferred resource in the Djambaye 2 gold zone of 324,000 ounces which equates to 2,574,000 tonnes grading 3.92 grams per tonne gold.

Commenting on the proposed acquisition, Avion's President and CEO, Mr. John Begeman stated, "As stated previously this disciplined acquisition represents an exciting opportunity for Avion to acquire nearby prospective gold projects that could provide additional feed for the Tabakoto mill and support Avion's stated growth and West African consolidation goals."

To acquire 75% of Great Quest's interest in the three mining concessions Avion is required to make cash payments of CDN$ 2.36 million and complete work commitments of CDN$ 1.89 million both over five years. On signing of the Option Agreement Avion made a cash payment of CDN$ 350,000 and is required to complete at least CDN$ 150,000 of exploration expenditures in year 1. GQ’s interest in the properties varies from 95% to 100% subject to a carried interest to the Government of Mali ranging between 10% and 20%.

Willis W. Osborne, President and CEO of Great Quest, states "this is an excellent opportunity for the Company as it could enable production from the Great Quest concessions without the need to establish a mineral resource large enough to support a standalone mill and mining equipment. This could result in earlier production from the concessions then would normally be expected and the project will benefit from the Avion exploration success on its adjacent Tabakota concession". In Mali the Company will now focus on exploration on both its Bourdala gold concessions and its recently acquired Tin Hina phosphate concession.

GQ still holds its recently secured Tin Hina phosphate project in Mali. Given the growing influence of the agriculture sector in the Malian economy Tin Hina is expected to add considerable value to GQ’s investment case. The management has ambitious development plans for this asset.

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