Conquest Resources Limited
TSX VENTURE : CQR

Conquest Resources Limited

December 15, 2006 13:00 ET

Conquest Closes Financing With the MineralFields Group

TORONTO, ONTARIO--(CCNMatthews - Dec. 15, 2006) - Conquest Resources Limited (TSX VENTURE:CQR) announces that it has closed the previously announced non-brokered private placement of $376,500 of which $300,000 was realized through the sale of 2,307,692 flow-through units ("FT Units") at $0.13 each to the MineralFields Group. Each Unit is comprised of one flow-through common share and one transferable non-flow-through share purchase warrant. Each share purchase warrant entitles the holder to purchase one common share of Conquest at an exercise price of $0.20 per share within the first twelve months and at an exercise price of $0.30 per share after the first twelve month period and before the end of twenty-four months.

MineralFields Group received a $15,000 cash finder's fee plus reimbursement of due diligence and other expenses together with 230,769 compensation options, valid for a period of twentyfour months, to purchase Units on the same terms as the Unit placement, equal in number to 10% of the units subscribed for by MineralFields.

Insiders of the Corporation subscribed for an additional 588,463 Units of the placement for gross proceeds of $76,500 (representing 20.3% of the total placement). The gross proceeds of the placement will be used for the exploration of the Company's King Bay Project at Sturgeon Lake, Ontario.

"We are pleased to be entering into this relationship with MineralFields Group", said Terence McKillen, President and CEO. "This is an important milestone in the growth of Conquest, and we look forward to working with MineralFields Group as we develop our holdings at the King Bay gold project at Sturgeon Lake, Ontario.

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. Conquest is also evaluating near-term gold-silver production opportunities in the Americas. Cash and short-term investments at September 30, 2006 amounted to approximately $1.1 million. There are currently 62,663,830 shares of Conquest issued and outstanding.

ABOUT MINERALFIELDS

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flowthrough limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about the MineralFields Group is available at www.mineralfields.com.

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 the content of this release.

Contact Information

  • Conquest Resources Limited
    Terence N. McKillen
    President & CEO
    (416) 362-8243
    (416) 368-5344 (FAX)
    or
    Conquest Resources Limited
    D. Brett Whitelaw
    Vice-President
    (778) 836-5891
    or
    Conquest Resources Limited
    John F. Kearney
    Chairman
    (416) 362-6686
    or
    Conquest Resources Limited
    David Ellis
    Investor Relations
    (416) 362-2435 or (416) 704-0937
    Email: info@conquestresources.net
    Website: www.conquestresources.net