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Re: News Release - Wednesday, December 24, 2008
Goldquest And Gold Fields To Restructure Dominican Exploration
Agreement
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VANCOUVER, BC, DECEMBER 24, 2008 - GoldQuest Mining Corp. ("GoldQuest"
or the "Company") would like to announce that the Company has been
given notice by Gold Fields Dominican Republic BVI Limited ("Gold
Fields") that it has earned its 60% interest in select GoldQuest
exploration projects by completing the required US$5,000,000 of
expenditures. GoldQuest is in the process of verifying the expenditure
figures provided to it by Gold Fields. Gold Fields also informs the
Company that it is reviewing its future expenditures and intends to
explore further options in regards to its interest in the Dominican
Joint Venture beyond January 2009.
As a major shareholder of GoldQuest, Gold Fields is working with the
Company to identify the best way to further advance these projects.
One option being considered is to allow GoldQuest to acquire back up to
a 100% interest in the projects and advance the new discoveries found
by the Gold Fields funded programme. Negotiations between Gold Fields
and the Company are ongoing.
The GoldQuest Board believes that this portfolio along with a
comprehensive database of stream sediment samples, rock samples, soil
samples and drill data has value over and beyond those funds expended
by Gold Fields and may seek third party alternatives to fund future
work.
About GoldQuest
GoldQuest is a Vancouver based Exploration company focused on the
Dominican Republic. Through regional grass-roots generative
exploration and new geological models the Company has built a portfolio
of new gold and copper discoveries including it's 100% owned Las Animas
Au-Ag-Cu-Zn project excluded from the Gold Fields Joint Venture.
On behalf of the Board of Directors,
"signed"
Alistair H. Waddell
For further information please contact:
Alistair Waddell
President & Chief Executive Officer
Dan Maarsman
Investor Relations - Vancouver, Canada
Tel: +1-604-632 4333
www.goldquestcorp.com
investorrelations@goldquestcorp.com
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.
Forward-looking statements:
This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical fact, that address events or developments
that GoldQuest expects to occur, are forward looking statements.
Forward looking statements are statements that are not historical facts
and are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although GoldQuest
believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees
of future performance and actual results may differ materially from
those in forward looking statements. Factors that could cause the
actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration success,
continued availability of capital and financing and general economic,
market or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements. Forward looking statements are based on the
beliefs, estimates and opinions of GoldQuest's management on the date
the statements are made. GoldQuest undertakes no obligation to update
these forward-looking statements in the event that management's
beliefs, estimates or opinions, or other factors, should change.
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Copyright (c) 2008 GOLDQUEST MINING CORP. (GQC) All rights reserved.
For more information visit our website at http://www.goldquestcorp.com/
or send mailto:investorrelations@goldquestcorp.com
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Goldquest Mining Corp.
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EXPLORATION STAGE |
CODE : GQC.V |
ISIN : CA38144C1005 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Goldquest Mining is a gold exploration company based in Canada. Goldquest Mining holds various exploration projects in Dominican Republic. Its main exploration properties are CERRO DORADO, PIEDRA IMÁN, JENGIBRE, LOS COMIOS, LAS TRES PALMAS / SAN JUAN, EL TORO, LOMA VIEJO PEDRO, SANTA ANA, LAS ANIMAS and LA ESCALANDOSA in Dominican Republic and TORAL in Spain. Goldquest Mining is listed in Canada and in Germany. Its market capitalisation is CA$ 53.9 millions as of today (US$ 39.7 millions, € 35.8 millions). Its stock quote reached its lowest recent point on May 18, 2012 at CA$ 0.04, and its highest recent level on August 24, 2012 at CA$ 2.03. Goldquest Mining has 215 730 000 shares outstanding. |