Conquest Resources Limited
TSX VENTURE : CQR

Conquest Resources Limited

January 19, 2011 09:59 ET

Detour Gold Commences Geophysical Survey at Conquest's Sunday Lake Property

Winter Drill Program Planned For Sunday Lake

TORONTO, ONTARIO--(Marketwire - Jan. 19, 2011) - Conquest Resources Limited (TSX VENTURE:CQR) is pleased to report that Detour Gold Corporation ("Detour Gold") has commenced a ground-based geophysical survey at Conquest's Sunday Lake Property, which is currently under option to Detour Gold.

The survey is comprised of 50 line-kilometres of induced polarization geophysics that will take approximately two weeks to complete, which in combination with the recently completed MMI soil geochemistry program (see Press Release – October 27, 2010), has been designed to assist in the prioritization of drill targets for the upcoming winter drill season.

Conquest's Sunday Lake Property consists of 13 square kilometers of prospective mineral leases located along the Sunday Lake Deformation Zone approximately seven kilometres east of Detour Gold's 11.4 million ounce proposed open pit gold mine.

During September 2010, Conquest entered into a joint venture with Detour Gold on Conquest's Sunday Lake Property pursuant to which Detour Gold has the right to earn a 50% interest in the Sunday Lake Property by completing $1,000,000 on exploration over the next two years, including a minimum expenditure of $500,000 prior to September 30, 2011.

Conquest also holds 100,000 shares of Detour Gold Corporation.

Conquest anticipates Detour Gold will commence a drill program on the Sunday Lake Property following the completion of the geophysical survey.

ABOUT THE COMPANY

Conquest also continues to explore at its 100% owned Alexander Gold Project in the heart of the Red Lake gold camp with its ongoing multi-phase 20,000 metre, deep drilling program. Conquest is exploring several gold projects in Ontario. These include the Alexander Gold Project at Red Lake; the Sunday Lake property at Detour Lake in joint venture with Detour Cold Corporation; and, the Smith Lake Gold Project at Missanabie.

There are currently 95,239,092 shares of Conquest issued and outstanding.

This news release may include certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization, resources and reserves, exploration results, and future plans and objectives of Conquest, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Conquest's expectations are exploration risks detailed herein and from time to time in the filings made by Conquest with securities regulators.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Conquest Resources Limited
    Terence N. McKillen
    President & CEO
    647-728-4126
    or
    Conquest Resources Limited
    D. Brett Whitelaw
    Vice-President
    604-984-8633
    or
    Conquest Resources Limited
    John F. Kearney
    Chairman
    416-362-6686
    info@conquestresources.net
    www.conquestresources.net