SOURCE: GoldQuest Mining Corp.

GoldQuest Mining Corp. TSX.V:GQC

October 07, 2015 08:07 ET

GoldQuest Hires Engineering Manager, Awards Contract for Road Design for its Romero Gold/Copper Project

VANCOUVER, BC--(Marketwired - October 07, 2015) - GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to report that the Company has retained Jean Pierre (JP) Leblanc P. Eng. to act as Consulting Engineering Manager for the Romero Project and based in the Dominican Republic.

Mr. Leblanc brings a distinguished career in mine development and project management to GoldQuest including highly relevant in-country experience. Mr. Leblanc was Project Manager during the construction phase of the currently operating Cerro de Maimon copper-gold mine in the Dominican Republic and delivered that project on time and on budget.

The Company is also pleased to announce that it has the awarded contract for the design of an upgraded access road to its 100% owned Romero project in the Dominican Republic. The road design contract was awarded to DOCALSA a long established Dominican engineering & construction company.

Commenting on the addition of a Project Manager to the GoldQuest team Julio Espaillat stated, "We're very pleased to bring an engineer of JP's caliber on board. He was a key member of the Cerro de Maimon development team. Bill Fisher, GoldQuest's Chairman, and I ran GlobeStar and oversaw the discovery and development to production of Cerro de Maimon until GlobeStar was taken over by Perilya in a $184 million transaction. We know how to permit and get a mine into production in the Dominican Republic and JP was integral to ensuring construction and startup at Cerro de Maimon went smoothly. We're confident the reunited team will be able to bring the development of the Romero deposit to an equally successful conclusion."

The new road will not only provide production quality access to Romero but also afford reliable access to the villages of Hondo Valle, La Higuera, La Ciénaga, Los Gajitos, Ingenito, Boca de los Arroyos, and the surrounding countryside, positively affecting a rural population of over 1,500 people.

The road would allow heavy equipment road access to the Romero gold/copper mining project, where a recent Technical Study by JDS Power and Engineering that described the project as having an after-tax Net Present Value (NPV(6%)) of USD $219 million, with an after-tax Internal Rate of Return (IRR) of 34%, and All In Sustaining Costs (AISC) of $572/ounce Gold Equivalent), and a pre-production capital requirement of USD $143 million (see released dated April 29, 2015).

The information in this press release has been reviewed and approved by Mr. Jeremy Niemi, P. Geo., Vice President, Exploration of GoldQuest and a Qualified Person for the technical information in this press release under NI 43-101 standards.

About GoldQuest

GoldQuest is a Canadian based mineral exploration company with projects in the Dominican Republic. GoldQuest is traded on the TSX-V under the symbol GQC and in Frankfurt/Berlin with symbol M1W.,

Forward-looking statements:

Statements contained in this news release that are not historical facts are forward-looking information that involves known and unknown risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements with respect to the 2015 drill program, the results of the drill program and the interpretation of the results of the drill program, further drilling, the timing of drilling and assay results, mineral resource estimates, the merits of the Company's mineral properties, future drill programs and studies, and the Company's plans and exploration programs for its mineral properties, including the timing of such plans and programs. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "has proven", "expects" or "does not expect", "is expected", "potential", "likelihood", "appears", "budget", "scheduled", "estimates", "forecasts", "at least", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved".

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to uncertainties inherent in drill results and the estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency exchange rates; the Company's ability to continue as a going concern; the Company's ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward-looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. Forward-looking statements are based on assumptions that the Company believes to be reasonable, including expectations regarding mineral exploration and development costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's current mineral resource estimates; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained and that there will be no significant disruptions affecting the Company or its properties.

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 accuracy of this news release.

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