VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 25, 2017) - GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX VENTURE:GQC) (FRANKFURT:M1W) (BERLIN:M1W) is pleased to announce the filing of the Company's financials for the three months ended June 30, 2017 and provide an exploitation concession update.
Q2 2017 HIGHLIGHTS
The Company has filed on SEDAR (www.sedar.com) the unaudited financial statements and management discussion and analysis for the period ended June 30, 2017. The highlights during the first half of 2017 include:
- A strong, deleverage balance sheet showing C$25.7M in treasury (as at June 30, 2017);
- A strategic 15% equity investment by Agnico Eagle (C$22,860,000);
- Key senior advisory appointments including the former Canadian Ambassador to the Dominican Republic, Mr. Georges Boisse; and,
- A new polymetallic discovery at Cachimbo in the Tireo Exploration drilling program (refer to news releases dated January 10, June 6, July 13 and August 10, 2017).
EXPLOITATION CONCESSION UPDATE
On August 25, 2017, the Ministry of Energy and Mines in the Dominican Republic posted a news release on the Ministry's website (available at https://www.mem.gob.do) stating that no new exploitation concessions will be granted over the next 90-day period as well as suspended requests for any new exploration concessions for the next six months. The press release states that this resolution does not affect existing exploitation and exploration concessions.
The Company expects that this may affect the timing of the exploitation concession it has applied for covering the Romero deposits. The Company does not expect that this resolution will affect any of GoldQuest's existing exploration concessions nor does it expect that it will in any way limit the on-going drilling and other exploration activities which are currently being carried out. GoldQuest is near the maximum allowable number of hectares for exploration concessions under Dominican Law and therefore does not have any plans to apply for further areas over the next six months.
The Company continues to work with the Ministry and its advisors towards the exploitation concession application covering the Romero deposits, and continues to provide information to the Ministry, as requested.
Exploration activities are continuing with the previously announced drilling at the Company's 2017 discovery at Cachimbo, the induced polarization program, and the soil sampling campaign along the Cachimbo mineralization trend.
UPCOMING CONFERENCES
Announces that Bill Fisher, Executive Chairman, and Patrick Michaels, Director, will be attending both the Beaver Creek Precious Metals Summit (September 18 - 20, 2017) and the Denver Gold Show (September 24 -26, 2017) to update investors on the progress being made in both exploration and development activities.
About GoldQuest
GoldQuest is a Canadian based mineral exploration company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out the exploration programs reported on in this release and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.
