Conquest Resources Limited
TSX VENTURE : CQR

Conquest Resources Limited

August 30, 2005 17:21 ET

Conquest Announces Normal Course Issuer Bid for up to 3.0 Million Shares

TORONTO, ONTARIO--(CCNMatthews - Aug. 30, 2005) - Conquest Resources Limited (TSX VENTURE:CQR) announces that it has received approval from the TSX Venture Exchange ("TSXV") of its Notice of Intention to Make a Normal Course Issuer Bid (the "Bid").

Pursuant to the Bid, Conquest may purchase for cancellation up to 2,998,583 of its common shares, or approximately 5% of the issued and outstanding shares. As of August 30, 2005, there were 59,971,677 Conquest common shares issued and outstanding. The purchases will be made by Conquest through the facilities and in accordance with the rules of the TSXV, and the prices that Conquest will pay for any common shares will be the market price of such shares at the time of acquisition. Conquest will make no purchases of common shares other than open market purchases or such other means approved by the TSXV. No director, senior officer or other Insider of the Company proposes to sell securities of the Issuer during the course of the Bid.

The program will begin on September 1, 2005 and continue until August 31, 2006, or such earlier date as the Company may complete its purchases.

COMMENT

Terence McKillen, President & CEO, speaking today said: "We believe that the Company's share price is significantly undervalued and barely reflects the cash position of the Company. Buying back up to 5% of the issued and outstanding shares of the Company signals the Board's commitment to our stated objectives. We plan to commence significant exploration drilling programs this fall and winter on our Alexander (Red Lake), King Bay and Aurora gold projects, all in Ontario and we are actively seeking new opportunities with near-term gold and silver production potential in Canada and the Americas. The addition of a dedicated financial officer to our management team is a clear indication of our commitment to building value for Conquest's shareholders."

ABOUT CONQUEST

Conquest is exploring several gold projects in Ontario. These include the Alexander gold project at Red Lake, the King Bay gold project at Sturgeon Lake, the Smith Lake gold project at Missanabie, and the Aurora, Sunday Lake and Nash Creek gold projects at Detour Lake. Cash and short-term investments at June 30, 2005 amounted to approximately $1.2 million. There are currently 59,971,677 shares of Conquest issued and outstanding.

WARNING: The Company relies upon litigation protection for "forward-looking" statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Conquest Resources Limited
    Terence N. McKillen
    President & CEO
    (416) 362-8243
    or
    Conquest Resources Limited
    D. Brett Whitelaw
    Vice-President
    (604) 699-2320
    or
    Conquest Resources Limited
    John F. Kearney
    Chairman
    (416) 362-6686
    info@conquestresources.net
    www.conquestresources.net