Great Quest Granted Permit for Aderfoul Concession, Tilemsi Phosphate Project
January 22, 2013 (Source: Marketwire) — Great Quest Metals Ltd. (TSX VENTURE:GQ)(FRANKFURT:GQM) (the “Company”) is pleased to report that it has received the official decree from the government of Mali, granting its Malian subsidiary a Research Permit (“Permis de Recherche”) for the Aderfoul concession. This concession is contiguous to the east of the Tilemsi concession and covers an area of 200 km2. Along with the Tarkint Est (589 km2) and Tilemsi (417 km2) concessions, it constitutes Great Quest’s flagship project: the Tilemsi Phosphate Project.
The Decree #2013 0197/MM-SG granted by the Malian Ministry of Mines is effective January 17, 2013 and was awaited, as stated in the Company’s MD&A for the third quarter 2012.
Chief Executive, Joel Jeangrand, commented: “We are very pleased to receive this new permit from the Ministry. The concession area falls within the same geological formation as Tilemsi and Tarkint Est, both highly prospective for high grade phosphate rock. As soon as the situation improves in the region, we will be able to resume our drilling programs which are expected to increase the size of our deposit.”
To date, the Company has published two resource reports, with the total inferred resource now standing at 50 million tonnes at an average grade of 24.3% P2O5 (at 10% cut-off). Phosphate rock from the Tilemsi project displayed good characteristics for effective beneficiation with assays ranging between 25% and 38% P2O5, and low level of contaminants, especially Cadmium.
In addition to the Tilemsi Project, Great Quest holds several gold concessions in southwestern Mali, over 700 km away from the combat zone. Mining companies operating in this gold-prolific region remain mostly unaffected by the current crisis and are to date functioning normally.
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The geopolitical crisis that has afflicted Mali, and hampered exploration work on the Company’s Tilemsi Phosphate Project for the past 10 months, has entered a new phase. France has confirmed it is sending 2,500 troops to support the Mali government’s efforts to regain its territorial integrity. In coming days, soldiers from neighbouring countries are reported to be joining the French and Malian armies.
About Great Quest
Great Quest Metals Ltd. is a Canadian mineral exploration company with assets in Mali, West Africa. The Company is focused on developing the Tilemsi Phosphate Project, encompassing 1,206 km2 in eastern Mali. The Company also holds several gold concessions in the productive Birimian gold belt, in southwestern Mali. Great Quest is listed on the TSX Venture Exchange under the symbol GQ, and the Frankfurt Stock Exchange under the symbol GQM.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
Joel Jeangrand, President, CEO & Director
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. We seek safe harbor.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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