Great Quest Metals Ltd.
TSX VENTURE : GQ
FRANKFURT : GQM

Great Quest Metals Ltd.

August 17, 2007 12:30 ET

Great Quest Closes $751,750 Private Placement with the MineralFields Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2007) - Willis W. Osborne, President of Great Quest Metals Ltd. (TSX VENTURE:GQ)(FRANKFURT:GQM), is pleased to announce the closing of a non-brokered private placement with the MineralFields Group of 860,000 flow-through units at $0.70 per unit for proceeds of $602,000 and 230,385 non flow-through units at $0.65 per unit for proceeds of $149,750. The Company is very pleased to be entering into a relationship with the MineralFields Group, which is an important milestone in the growth of Great Quest, and Company management looks forward to working with the MineralFields Group through the development of the copper-gold-molybdenum Taseko property, 225 kilometers north of Vancouver, BC.

Each unit above consists of one share and one half of a non flow-through share purchase warrant for a total of 545,192 warrants. Each full warrant entitles the holder to purchase one additional share in the Company's capital stock at $0.80 per share until August 14, 2008. All shares issued under this private placement are subject to a four-month hold period that ends December 15, 2007. A finder's fee of $30,070, 43,615 shares and 87,230 one-year share purchase warrants was paid. Each finder's warrant entitles the holder to purchase one share of the Company's capital stock at $0.80 per share until August 14, 2008.

The 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 flow-through 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. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about the MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within and outside of the MineralFields Group.

ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.

Willis W. Osborne, President

12g3-2(b) Exemption #82-3116

Standard & Poor's Listed

The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from the targeted results.

The TSX Venture Exchange has neither approved nor disapproved the information enclosed in this release.

Contact Information

  • Great Quest Metals Ltd.
    George Butterworth
    Investor Relations
    (604) 689-2882 or Toll Free: 1-877-325-3838
    (604) 684-5854 (FAX)
    Email: info@greatquest.com
    Website: www.greatquest.com
    or
    Ascenta Capital Partners Inc.
    Jamie Mathers
    Investor Relations
    (604) 684-4743 ext 236 or Toll Free: 1-866-684-4743