GoldQuest Engages Micon International to Conduct a Preliminary Economic Assessment ("PEA") for the Romero Gold Project, Domin...
28 November 2013 - 9:30PM
Marketwired Canada
GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce that it has engaged Micon International
of Toronto to carry out a Preliminary Economic Assessment ("PEA") for the
Company's Romero Project. Micon's senior engineering team is currently visiting
the project and coordinating activities including mine planning, infrastructure
and mill options.
The Company recently published a NI 43-101 mineral resource estimate at the
Romero Project which included 2.4 million ounces of gold equivalent Indicated
mineral resources and 0.8 million ounces of gold equivalent Inferred mineral
resources (see October 29, 2013 release). Pursuant to NI 43-101, the company
will be filing a technical report with respect to such mineral resource estimate
by December 13, 2013.
Highlights:
-- PEA commenced and Micon engineering is at site
-- Metallurgical work is underway with ALS Minerals in Kamloops, British
Columbia
-- Environmental base line studies for PEA and permitting well underway
"We are proud to announce this important milestone for the Romero Project,"
commented Julio Espaillat, GoldQuest's CEO. "In addition to starting the PEA we
are well positioned having the majority of our Romero mineral resource in the
Indicated category. This would allow us to fast track the project without having
to complete costly infill drilling."
The Romero PEA is expected to be completed in early Q2 2014. The Company is
aggressively exploring the surrounding Tireo Project, as well as targets in and
around the Company's Romero and Romero South discoveries.
Table 1: Mineral Resources for Romero and Romero South Estimated by Micon
International Limited as of October 29, 2013 (See press release October 29,
2013)
----------------------------------------------------------------------------
Au Cu Zn Ag AuEq Au AuEq
Category Zone Tonnes (g/t) (%) (%) (g/t) (g/t) Ounces Ounces
----------------------------------------------------------------------------
Indicated Romero 17,310,000 2.55 0.68 0.30 4.0 3.81 1,419,000 2,123,000
----------------------------------------------------------------------------
Romero
South 2,110,000 3.33 0.23 0.17 1.5 3.80 226,000 258,000
----------------------------------------------------------------------------
Total Indicated
Mineral
Resources 19,420,000 2.63 0.63 0.29 3.7 3.81 1,645,000 2,381,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred Romero 8,520,000 1.59 0.39 0.46 4.0 2.47 437,000 678,000
----------------------------------------------------------------------------
Romero
South 1,500,000 1.92 0.19 0.18 2.3 2.33 92,000 112,000
----------------------------------------------------------------------------
Total Inferred
Mineral
Resources 10,020,000 1.64 0.36 0.42 3.8 2.45 529,000 790,000
----------------------------------------------------------------------------
The data in this press release has been reviewed and approved by Mr. Jeremy
Niemi, P.Geo., the Director, Technical Services of GoldQuest and a Qualified
Person for the technical information in this press release under NI 43-101
standards.
About GoldQuest
GoldQuest is a Canadian based mineral exploration company with projects in the
Dominican Republic traded on the TSX-V under the symbol GQC.V and in
Frankfurt/Berlin with symbol M1W, with 143,980,044 shares outstanding
(157,806,568 on a fully diluted basis).
Forward-looking statements:
Statements contained in this news release that are not historical facts are
forward-looking information that involves known and unknown risks and
uncertainties. Forward-looking statements in this news release include, but are
not limited to, statements with respect to the completion of the PEA, mineral
resource estimates, the merits of the Company's mineral properties, future
studies, the potential for underground mining, and the Company's plans and
exploration programs for its mineral properties, including the timing of such
plans and programs. In certain cases, forward-looking statements can be
identified by the use of words such as "plans", "has proven", "expects" or "does
not expect", "is expected", "potential", "appears", "budget", "scheduled",
"estimates", "forecasts", "at least", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or state
that certain actions, events or results "will", "may", "could", "would",
"should" or "might" "be taken", "occur" or "be achieved".
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such risks
and other factors include, among others, risks related to uncertainties inherent
in the estimation of mineral resources; commodity prices; changes in general
economic conditions; market sentiment; currency exchange rates; the Company's
ability to continue as a going concern; the Company's ability to raise funds
through equity financings; risks inherent in mineral exploration; risks related
to operations in foreign countries; future prices of metals; failure of
equipment or processes to operate as anticipated; accidents, labor disputes and
other risks of the mining industry; delays in obtaining governmental approvals;
government regulation of mining operations; environmental risks; title disputes
or claims; limitations on insurance coverage and the timing and possible outcome
of litigation. Although the Company has attempted to identify important factors
that could affect the Company and may cause actual actions, events or results to
differ materially from those described in forward-looking statements, there may
be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, do not place
undue reliance on forward-looking statements. All statements are made as of the
date of this news release and the Company is under no obligation to update or
alter any forward-looking statements except as required under applicable
securities laws.
Forward-looking statements are based on assumptions that the Company believes to
be reasonable, including expectations regarding mineral exploration and
development costs; expected trends in mineral prices and currency exchange
rates; the accuracy of the Company's current mineral resource estimates; that
the Company's activities will be in accordance with the Company's public
statements and stated goals; that there will be no material adverse change
affecting the Company or its properties; that all required approvals will be
obtained and that there will be no significant disruptions affecting the Company
or its properties.
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 news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer
+1-829-919-8701
jespaillat@goldquestcorp.com
GoldQuest Mining Corp.
Office of the Chairman - Toronto
+1-416-583-5606
wfisher@goldquestcorp.com
www.goldquestcorp.com
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