Northquest Ltd.
TSX VENTURE : NQ

Northquest Ltd.

November 04, 2011 14:46 ET

Northquest Ltd. Announces Investor Relations Manager & Grant of Stock Options

TORONTO, ONTARIO--(Marketwire - Nov. 4, 2011) - Northquest Ltd. (TSX VENTURE:NQ) ("Northquest" or the "Company") announced today that following an initial probationary period, Ms. Tanya Mahadeo of Toronto, Ontario has been retained as Corporate Investor Relations Manager on a on-going basis to assist the Corporation with investor relations activities for current shareholders and potential investors. Ms. Mahadeo has extensive communication and investor relations experience with Canadian public companies, including most recently having worked for a Canadian public company listed on the Toronto Stock Exchange. Ms. Mahadeo also maintains relationships with retail brokers, investment firms, institutional funds, in Canada, the US and Europe. Services provided by Ms. Mahadeo will focus on the investor communications, planning and coordination of investment meetings, providing newswire services, and management of communications material, with a view to achieving a high level of awareness of Northquest in the investment community and to broaden the shareholder base.

Ms. Mahadeo will be issued 100,000 stock options to purchase common shares of the Company at $0.92 per common share, for a period of five years. One-third of such stock options vest immediately, one-third shall vest on the first anniversary of the date of grant, and one-third shall vest on the second anniversary of the date of grant. On a going forward basis, she will also receive an annual salary of $70,000, and shall be eligible to receive an annual bonus on such terms as may be determined at the sole discretion of the board of directors of the Company. The agreement shall continue for an indefinite period and may be terminated (i) by Northquest for just cause; (ii) by Northquest upon payment of one month's base salary for each year of service; or (iii) by Ms. Mahadeo upon two-week's written notice. Ms. Mahadeo will not engage in market making activities and will restrict her services to public relations and investor relations counselling.

The appointment of Ms. Mahadeo remains subject to the approval of the TSX Venture Exchange.

Northquest is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Northquest, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of financial markets and commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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 RELEASE.

Contact Information

  • Northquest Ltd.
    Dr. Jon North
    President and Chief Executive Officer
    (416) 786-6348
    www.northquest.biz