Great Quest Receives Escrowed Shares
February 22 2011 - 1:16PM
Marketwired
Victor J.E. Jones, Chairman and CFO of Great Quest Metals Ltd. (TSX
VENTURE: GQ)(FRANKFURT: GQM), is pleased to report the release of
all of the 1.9 million Avion Gold Corporation ("Avion") (TSX
VENTURE: AVR) shares placed in escrow pursuant to the transaction
on its Kenieba gold concessions with Avion and the grant of the
Comifa concession permit (GQ News - January 10, 2011).
The former Great Quest Kenieba concessions now comprise part of
the Avion gold Tabakoto-Segala project, reported to have produced
87,661 ounces of gold in 2010. Under the agreement with Avion,
Great Quest is to receive further payments of up to $2.1 million
based on gold production from its former Kenieba concessions
greater than 400,000 ounces, payable in increments of $700,000 for
each additional 50,000 ounces production. If production from the
concessions exceeds 600,000 ounces Avion would be required to make
up to a further $ 1.4 million in payments to complete its
obligations under the agreement for a total production bonus of
$3.5 million.
Proceeds from the Kenieba transaction have been used to expand
the Company's exploration activities in Mali where it now holds
several concessions and drilling permits for its 737 sqkm Tilemsi
Phosphate project and Sanoukou gold concession.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS
LTD.
Victor J.E. Jones, Chairman
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Great Quest Metals Ltd. George Butterworth Investor
Relations 604-689-2882 or Toll Free: 877-325-3838 604-684-5854
(FAX) info@greatquest.com www.greatquest.com
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