VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2012) - GoldQuest Mining Corp. (TSX VENTURE:GQC.V - News)(FRANKFURT:M1W.F - News)(BERLIN:M1W.BE - News) ("GoldQuest" or "the Company") is pleased to publish a geophysical report that covers the Las Tres Palmas project in the Dominican Republic. The report, authored by geophysicist Brian J. Last, has been updated and expanded from a previous report in light of new drilling information. This report allows the geophysical data to be viewed in the context of mineralization from recent drilling.
"Brian Last has shown that the chargeability and conductivity data collected can add valuable insight into geophysical signatures surrounding the mineralization found at the Romero discovery," commented Julio Espaillat, GoldQuest's President and CEO, "Drilling is underway within a 700 m x 500 m area of interest."
The information reviewed was collected in a Quantec Induced Polarization (IP) survey carried out last year for GoldQuest (see release of 24th August 2011), and was used for the selection of sites in the last drill program along with information from geological mapping, geochemistry, and previous drill programs. Following an analysis of the information to date, the report recommends a drill program to investigate anomalies in the vicinity of LTP 90, a drill hole that returned 231 metres grading 2.4 g/t gold and 0.44% copper (see release of May 29, 2012). The report shows interpretation of the anomalies at a 283 metre depth, and shows coherent anomalies in the Las Tres Palmas structural corridor and also a chargeability anomaly in the north east of the survey, at zone 3/5 (see www.goldquestcorp.com/images/projects/escandalosa/Fig_1_LE_IP_283m_a.jpg where LTP 90 is within the northern anomaly marked "2"). The company is reviewing the recommendations, and will announce locations of future drill sites which will be based in part on previous geological information along with Dr. Last's recommendations, and partly on ongoing interpretation of results from the Company's new drill program announced on June 8th, 2012.
Brian Last also recommends further geophysical surveys which the Company will also review.
The report is posted on the company's website:
The information in this press release has been approved by Mr. William Fisher, P. Geo., a qualified person for the technical information in this press release under NI 43-101 standards and the chairman and a director of GoldQuest Mining Corp.
GoldQuest is a Vancouver based mineral exploration company with projects the Dominican Republic traded on the TSX-V under the symbol GQC.V and in Frankfurt / Berlin with the symbol M1W, with 110,583,601 shares outstanding and 126,443,601 on a fully diluted basis.
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, except as required by law.
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.
GoldQuest Mining Corp.
President & Chief Executive Officer
Sebastian de Kloet
GoldQuest Mining Corp.
Manager, Investor Relations