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Quest Rare
Minerals Ltd. (TSX VENTURE:QRM)(NYSE Amex:QRM) is pleased to announce that
George Potter has been appointed to Quest's Board of Directors.
"We are delighted that George Potter has joined our Board of
Directors," said Peter Cashin, Quest's
President and Chief Executive Officer. "George's extensive
mine-development experience, acquired with leading companies in the mining
sector, will be a significant asset to Quest. His experience will contribute
significantly to Quest's plans to move our Strange Lake rare-earth project
forward towards production."
George Potter is a senior mining executive who brings more than 36 years of
international experience in project development and operations to Quest's Board.
Mr. Potter has had significant exposure to multi-element projects in various
parts of the world, including Canada, the United States, Chile, Argentina,
Peru, Australia, the Dominican Republic, Ghana, Tanzania, Guinea, South
Africa and Zimbabwe.
Most recently, Mr. Potter served as Senior Vice-President Capital Projects of
Barrick Gold Corporation, where he played a
leadership role in the construction of the Veladero,
Lagunas Norte, Cowal, Tulawaka
and Buzwagi projects. He was also involved in the
Placer Dome acquisition and was responsible for the development of the Barrick project pipeline, that
included early-stage projects such as Pueblo Viejo, Pascua Lama, Cero Casale, Donlin Creek, Reko Diq and Kabanga. Prior to joining Barrick
Gold, Mr. Potter was Managing Director Capital Projects of AngloGold Ashanti,
where he was involved in a number of development projects from 1993 to 2004,
including Siguiri, Geita,
Bibiani and Obuasi. His
experience also includes projects with Barlow Rand (1983 to 1993) and Rio
Tinto (1975 to 1983).
Quest's Board of Directors now consists of seven directors, of whom four are
independent under applicable securities law.
Quest also announces that it has granted stock options in respect of 150,000
common shares to Mr. Potter. The options were granted under Quest's 2007
Stock Option Plan. The exercise price of the options is $2.24 per share,
representing the closing price of Quest's common shares on the TSX Venture
Exchange on Wednesday, October 5, 2011. The options expire in ten years.
Quest is also pleased to announce that it has appointed Mehdi Azodi as Director, Investor & Corporate Affairs. Mr. Azodi has more than ten years of experience working in
the brokerage, asset management and investor-relations fields in Toronto. He
will be Quest's primary contact for all matters relating to communications
and marketing activities. Mr. Azodi will also be
responsible for all corporate affairs and investor relations while developing
various corporate-growth mandates for Quest.
"We welcome Mehdi to the Quest executive team and look forward in his
contribution in elevating Quest's corporate profile in the financial markets,
and in helping Quest to navigate through the current challenging financial
markets," said Mr. Cashin.
The appointments of George Potter and Mehdi Azodi
are subject to the approval of the TSX Venture Exchange.
About Quest Rare Minerals
Quest Rare Minerals Ltd. is a Canadian-based exploration company focused on
the identification and discovery of new and significant Rare Earth deposit
opportunities. Quest is publicly listed on the TSX Venture Exchange and NYSE
Amex as "QRM" and is led by a highly-respected management and
technical team with a proven mine finding track record. Quest is currently
advancing several high-potential projects in Canada's premier exploration
areas: the Strange Lake and Misery Lake areas of northeastern Quebec and the
Plaster Rock area of northwestern New Brunswick. Quest's 2009 exploration led
to the discovery of a significant new Rare Earth metal deposit, the B-Zone,
on its Strange Lake property in northeastern Quebec. Quest recently filed a
43-101 Indicated and Inferred Resource Estimate on the B-Zone deposit and has
completed a Preliminary Economic Assessment (PEA) for the deposit. In addition,
Quest announced the discovery of an important new area of REE mineralization
on its Misery Lake project, approximately 120 km south of Strange Lake
project. Quest continues to pursue high-value project opportunities
throughout North America. As a result of a recently-completed marketed equity
financing, Quest has a strong working capital position of $54.7 million. This
will be sufficient to advance Quest's plans of completing pre-feasibility and
bankable feasibility studies of the B-Zone REE deposit by 2012 and to
continue exploration on its other rare earth property interests.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" or "forward-looking
statements" within the meaning of applicable Canadian and U.S.
securities legislation. Forward-looking information and statements may
include, among others, statements regarding the future plans, costs,
objectives or performance of Quest Rare Minerals Ltd. ("Quest"), or
the assumptions underlying any of the foregoing. In this news release, words
such as "may", "would", "could",
"will", "likely", "believe",
"expect", "anticipate", "intend",
"plan", "estimate" and similar words and the negative
form thereof are used to identify forward-looking statements. Forward-looking
statements should not be read as guarantees of future performance or results,
and will not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance can be
given that any events anticipated by the forward-looking information will
transpire or occur, or if any of them do so, what benefits that Quest will
derive. Forward-looking statements and information are based on information
available at the time and/or management's good-faith belief with respect to
future events and are subject to known or unknown risks, uncertainties,
assumptions and other unpredictable factors, many of which are beyond Quest's
control. These risks, uncertainties and assumptions include, but are not
limited to, those described under "Risk Factors" in Quest's annual
information form dated March 2, 2011, and under the heading "Risk
Factors" in Quest's Management's Discussion and Analysis for the quarter
ended July 31, 2011, both of which are available on SEDAR at www.sedar.com and on
EDGAR at www.sec.gov, and could cause actual events or results to differ
materially from those projected in any forward-looking statements. Quest does
not intend, nor does Quest undertake any obligation, to update or revise any
forward-looking information or statements contained in this news release to
reflect subsequent information, events or circumstances or otherwise, except
if required by applicable laws.
Neither 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 release.
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