Great Quest Initiates Phosphate Studies
March 08 2011 - 1:23PM
Marketwired
Victor J.E. Jones, Chairman and CFO of Great Quest Metals Ltd. (TSX
VENTURE: GQ)(FRANKFURT: GQM), reports that the Company has entered
into an agreement with the Malian Institute for Rural Economy
("IER") which has designated Dr. Lamine Traore to carry out the
programs. Dr. Traore is an agronomist with many years experience in
rural Mali and other West African nations where he has researched
best practices in sustainable agriculture. The Tilemsi Phosphate
project in eastern Mali covers 737 sq km now permitted for drilling
and where Company geologists, remote sensing and other studies have
indicated the potential for extensive areas of phosphate
mineralization.
Discussions with the Rural Economy Institute indicate a
strategic interest in expanding both the area of agricultural land
fertilized and the average annual amount applied, to boost food and
other crop production. This renewed emphasis on expanding the Mali
agricultural sector, where important infrastructure investments for
irrigation are already being made, aligns with global concerns for
agricultural production and fertilizers, including phosphates. The
research is aimed at maximizing regional benefits from Phosphate
Naturel du Tilemsi ("PNT") to be produced from the Company's
Tilemsi Phosphate Project, by providing a natural fertilizer
product beneficiated for the crops and soils of Mali. Servicing the
Mali and regional markets is the first part of the market strategy
which includes export products for world markets. This initiative
targets the cost effective use of PNT as a direct application
fertilizer. The goal is to define the forms of commercial PNT
fertilizers most suitable for the various soils and crops in Mali
and neighbouring countries including Niger, Burkina Faso, and
Senegal. Mali currently imports 100% of its fertilizer.
About Institute for Rural Economy ("IER")
The IER's mandate is to design, manage, and carry out
agricultural research programs; to plan and evaluate agricultural
development projects; to supervise and coordinate organizations and
authorities that conduct research in Mali; and to create, conserve,
and protect national scientific assets. IER is governed by a Board
of Directors whose members include representatives from the
Ministry of Agriculture, producer organizations and IER's research,
technical support, and finance departments. The directors of the
regional centers are appointed by IER's Director General and are
responsible for managing and supervising activities at their
research stations and substations.
In other matters, the Board has approved the grant of a stock
option to a Consultant of the Company for the purchase of up to
50,000 common shares of its capital stock for a period of five
years at an exercise price of $2.69 per share. The option vests in
six months. Other terms are in accordance with the Company's Stock
Option Plan and the grant is subject to regulatory approval.
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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