Great Quest Metals Ltd.

Great Quest Metals Ltd.

July 08, 2009 15:01 ET

Great Quest Reactivates the Baoule River Gold Concession

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2009) - Willis W. Osborne, President of Great Quest Metals Ltd. (TSX VENTURE:GQ)(FRANKFURT:GQM), is pleased to announce the granting of permits, the renewal of an agreement and results of an exploration program on the 207 sq km Baoule River gold concession in southwestern Mali, West Africa.

Under the terms of a renewal agreement on the Baoule River concession, Great Quest has the exclusive option of earning a 95% interest, subject to a 1% royalty, by paying approximately $100,000 over a period of four and one half years. All permits necessary for exploration and drilling on the concession have been granted by the Malian Government.

In 2008, a program of silt sampling, soil sampling of termite mounds and trenching was carried out by Newmont Mining Corporation, through CCM, a consultancy firm in Mali, under an agreement, now terminated, with the owner. The results of that work outlined four target areas anomalous in gold, of which only one target area was drilled. Target A was drilled by a RAB drill along northeasterly lines approximately 700 metres apart. Significant intersections of gold were reported from 3 holes as follows:

Interval Width Grams per Tonne
Hole Number (metres) (metres) (gold)
GBAC 003 29 - 37 8 0.99
GBAC 007 10 - 18 8 1.24
Including 10 - 14 4 1.92
GBAC 010 32 - 36 4 1.43
55 - 63 8 1.07
79 - 87 8 0.80
Including 83 - 87 4 1.07

Holes GBAC 007 and 010 are 237 metres apart on the same northeasterly trending line. Two holes were drilled between them. From 007 it is 126 m northeast to 008, then 38 m to 009 and 73 m to 010. Hole GBAC 009 intersected anomalous gold. Hole GBAC 003 is 760 m southeast of GBAC 010 on an adjacent line. The gold mineralization is found in silt, sandstone and schist. The Newmont program was supervised and the report written by Fidele K. Kakou, Senior Geologist.

The nearest mine to the Baoule River concession is the Kalana Gold Mine, 44 km to the northwest, held by Avnel Gold Mining Ltd. The December, 2006 resource estimate for the Kalana Mine showed a total measured and indicated resource of 981,000 ounces of gold at an average of 10.2 grams per tonne as well as a total inferred resource of 257,000 tonnes at 3.52 grams per tonne. The geology of the Kalana Mine consists of gold occurring mainly in flat-dipping quartz veins, but also in quartz stockworks, in metasediments adjacent to a diorite stock.

The gold intersected in metasediments on the Baoule River concession during the 2008 program in all likelihood indicates the presence of a nearby intrusive of diorite or of similar rock type. The initial objective of the next Great Quest program will be to locate the source of the mineralization, possibly a diorite intrusive, as a possible drill target and to drill for gold mineralization around it. At that point Great Quest will go ahead with a drill program or bring in a joint venture partner.

Great Quest management is currently in discussions with parties on three other properties in an attempt to generate more exploration activity in a very difficult environment for financing exploration companies.


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 could cause actual results to vary materially from the targeted results.

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