Northquest Ltd.
TSX VENTURE : NQ

Northquest Ltd.

February 02, 2011 16:04 ET

Northquest Ltd. Expands Land Position at the Pistol Bay Gold Project, Nunavut

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2011) - Northquest Ltd. (TSX VENTURE:NQ) ("Northquest" or "the Company") announces that it has increased its land holdings at the Pistol Bay gold project, Nunavut.

On 2 December, 2010, the Company announced that it had acquired 100% interest in approximately 10,000 hectares (25,000 acres) of mineral rights through an option agreement and through physical staking.

In December, 2010, the Company applied for five Prospecting Permits to cover the extensions of the gold-bearing rocks on the original claim block.

The permits were granted 1 February, 2011, and comprise an area of approximately 86,600 hectares (216,500 acres). Accordingly, the Pistol Bay gold project now consists of 96,600 hectares (241,500 acres) of mineral rights.

Prospecting Permits in Nunavut have a term of three years and the owner of a Prospecting Permit has the exclusive right during the three year term to convert any part, or all, of the Prospecting permit to staked claims.

The Company is currently planning community consultations and logistics for the 2011 exploration program. It is anticipated that exploration will commence in the spring of 2011. The Company intends to complete a high resolution, airborne geophysical survey, followed by geological surveying and sampling, and a preliminary phase of drilling in the 2011 field season.

Northquest is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. Northquest has 21,448,400 shares outstanding (32,971,187 on a fully diluted basis).

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