Great Quest Metals Ltd.

Great Quest Metals Ltd.

May 11, 2011 14:27 ET

Great Quest Metals Ltd.: Tilemsi Phosphate Drilling Commences

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 11, 2011) - Victor J.E. Jones, Chairman and CFO of Great Quest Metals Ltd. ("Great Quest" or "GQ") (TSX VENTURE:GQ)(FRANKFURT:GQM), reports that the air-core drilling program has commenced on its Tilemsi phosphate project, in Mali, West Africa. The Tilemsi concessions cover 737 km2 in the Tilemsi valley of eastern Mali in a region known for phosphate mineralization. This marks the commencement of the first phase of drilling on areas identified by company geologists, a remote sensing study and prior reconnaissance work as having the potential for phosphate mineralization. The drilling program will target several hills prospective for phosphate mineralization where exposure of the phosphate horizon is evident along their perimeters and remote sensing images. The first phase includes up to 800 shallow holes laid out on 500 m grids with the objective of providing data for a preliminary NI 43-101 report.

Ownership increased in Tilemsi concession
The Tilemsi project is comprised of two concessions: the Tilemsi, held by a subsidiary of the Company's Malian exploration subsidiary; and the Tarkint Est, held through an agreement with a private Malian company. An agreement has just been entered into with respect to the Tilemsi concession, which includes the Tin Hina hill, which effectively increases the Company's interest from 88% to 94% in the 417 km2 Tilemsi concession. The agreement amends the respective shareholder interests in the subsidiary holding the Tilemsi concession. Under the terms of the agreement Great Quest is required to make three payments to the minority shareholder of approximately $110,000 each, with the final payment due on receipt of a permit for commercial exploitation of the Tilemsi concession. In addition, Great Quest is required to issue a 3-year non-transferrable warrant to the minority shareholder to purchase up to 50,000 common shares of Great Quest at a warrant price to be determined by Exchange regulations. The agreement is subject to approval by the Board of Directors and the TSX Venture Exchange. The agreement on the Tarkint Est concession is unchanged and provides for Great Quest to earn a 97% interest.

Sanoukou Gold Project
On the Sanoukou project in Western Mali, the first of a 16 hole, 2500 m core drilling program has been completed and samples have been sent for assay. This initial phase of drilling on Sanoukou is targeting a large area of orpailleur workings over 1 km wide along a 6 km strike length. This drilling program was recommended from prior work (see GQ News Release dated July 29, 2010), which included trenching, geophysics, and RAB drilling by Somafim. Some of the more noticeable intersections from that program on the Sanoukou concession include the following:

Drill HoleIntersections in MetresGrams per Tonne Gold
RAB 3334.69
RAB 53192.59
RAB 8435.02
RAB 9373.65

This initial drilling program is being carried out by PDRM, the drilling services agency of the Malian government.


Victor J.E. Jones, Chairman

Great Quest Metals Ltd. is a Canadian mineral exploration company with exploration assets in Mali, West Africa. The Company is focused on developing the Tilemsi Phosphate Project, encompassing 737 km2 in eastern Mali. The Company also holds several gold concessions in the productive Birimian gold belt in western Mali. Great Quest is listed on TSX Venture Exchange (GQ), and the Frankfurt Stock Exchange (GQM).

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

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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