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Re: News Releases - Thursday, September 25, 2008
Goldquest Reports High Grade Gold Samples From El Toro
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Trading Symbol: TSX-V: GQC Frankfurt: M1W-F
VANCOUVER, BC, SEPTEMBER 25, 2008 -- GoldQuest Mining Corp.
("GoldQuest" or the "Company") is pleased to report new sample results
from its 100% owned El Toro project located in the central Dominican
Republic. The El Toro project is excluded from the Gold Fields option
agreement.
HIGHLIGHTS
GoldQuest geologists have recently completed follow-up sampling on the
100% owned El Toro project located six kilometres northwest of the Las
Animas project in the central Dominican Republic. El Toro comprises
multiple mesothermal quartz veins defined over approximately 2.6
kilometres strike length with a northwest trend. The zone is
approximately 1,000 meters wide and comprises several individual veins
of up to 2.0 metres width, hosted in andesitic tuffs. Sampling of this
zone returned 72 out of 182 rock grab and float samples (40%) with
values greater than 1 g/t gold with a maximum value of 35.19 g/t gold.
Fourteen samples returned gold values in excess of 10 g/t gold.
The property has now been geologically mapped and sampled in detail in
preparation for trenching which will be started shortly. Exploration
drill holes will subsequently be planned on the basis of trenching.
SANTA ANA & EL TUERTO PROJECTS
GoldQuest geologists have also initiated follow-up work on both the
Santa Ana and El Tuerto properties. Both projects are also 100% owned
by GoldQuest and excluded from the joint venture with Gold Fields.
Santa Ana is a zone of mesothermal quartz veins similar to that at El
Toro located approximately six kilometres to the west. Reconnaissance
sampling completed during the initial prospecting phase returned rock
grab sample values up to 10.2 g/t Au.
El Tuerto is a significant area of anomalous stream sediment and rock
grab and float sample geochemistry over several square kilometres area
located approximately four kilometres west of Santa Ana and nine
kilometres northwest of the Las Animas project. Preliminary sampling
has given significant anomalies of copper, gold, silver and molybdenum
in stream sediment and rock grab and float samples occur over a wide
area centered on a large topographic high. Maximum values out of 53
rock grab and float samples are 6.7% Cu, 0.97 g/t Au, 32.8 g/t Ag and
0.08% Mo. Twenty-two rock grab and float samples (42%) returned values
greater than 0.1% Cu including seven samples (13%) greater than 1.0%
Cu. Mineralization is associated with quartz veins hosted by metabasic
phyllites with quartz porphyry dikes and a diorite intrusion.
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.
Dr Stewart D. Redwood, FIMMM, Consulting Geologist to the Company is
the qualified person as defined by National Instrument 43-101 and has
reviewed and approved the content of this news release. Preparation
and geochemical analyses of samples were carried out by both ALS Chemex
and Acme Analytical Laboratories Ltd. Standards and blanks are
routinely inserted into all sample batches for quality assurance and
quality control.
GoldQuest is traded on the TSX-V under the symbol GQC.V and in
Frankfurt / Berlin with symbol M1W.
For further information please contact:
Alistair Waddell
President & Chief Executive Officer
Dan Maarsman
Investor Relations -- Vancouver, Canada
Tel: +1-604-632 4333
On behalf of the Board of Directors "signed" Alistair H. Waddell
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this 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
Message sent on Thu Sep 25, 2008 at 5:13:38 PM Pacific Time
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