Conquest Resources Limited

Conquest Resources Limited

August 25, 2005 08:30 ET

Conquest Half Yearly Report

TORONTO, ONTARIO--(CCNMatthews - Aug. 25, 2005) - Conquest Resources Limited (TSX VENTURE:CQR) reports that for the quarter and half year ended June 30, 2005 it recorded losses of $111,211 and $266,749 respectively, compared to losses of $480,748 and $659,563 in the comparable periods in 2004. At June 30, 2005 the Company held cash and short term investments of $1.2 million and marketable investments of $281,970.

During the second quarter of 2005, Conquest's activities focused on property evaluation and exploration on the Alexander Property at Red Lake, the Aurora Property at Detour Lake and the King Bay Property at Sturgeon Lake, all in Ontario.

On the Alexander Property at Red Lake, Conquest has reviewed and compiled exploration results from geochemical and geophysical surveys carried out last year and evaluated results of drilling completed in the fourth quarter 2004 which led to the discovery of a new zone of sulphide mineralization with associated gold values, as well as narrower zones of quartz-carbonate veins carrying higher grade gold values. The Sulphide Zone has been delineated by drilling over a strike length of about 400 metres.

During the second quarter of 2005, Conquest carried out additional geophysical surveys (Induced Polarization) over the western part of the Alexander Property. Results suggest that the Sulphide Zone may extend for a further 1,200 metres to the west. Additional conductive targets were also identified. Conquest is now finalizing plans to resume drilling later in the year, at which time the extension of the Sulphide Zone and deeper targets will be tested.

On the Aurora Property at Detour Lake, joint venture partner Trade Winds Ventures Inc. plans to follow up gold mineralization previously encountered on the GB Zone in a planned winter drill programme.

In Tanzania, Barrick Gold continues to explore under option the Company's Suguti property in the Lake Victoria area.


The Company plans an aggressive program of exploration on its Canadian projects during the second half of 2005 with significant emphasis on diamond drilling on its Alexander and King Bay properties. Sufficient funds are available directly or through joint venture contributions to support continued exploration activities for 2005.

APPOINTMENT of Chief Financial Officer

Following Conquest's Annual Meeting of Shareholders held on June 13, 2005, Danesh K. Varma was appointed as Chief Financial Officer of the Company. Mr. Varma is a chartered accountant and brings to the position significant experience in the junior mining sector with Canadian Zinc Corporation, Minco plc, Ovoca Resources plc, Anglesey Mining plc, and American Resource Corporation, as well as being a former director of Northgate Exploration Limited and Westfield Minerals Limited.


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
    Conquest Resources Limited
    D. Brett Whitelaw
    (604) 699-2320
    Conquest Resources Limited
    John F. Kearney
    (416) 362-6686