GoldQuest Mining: Injunction Against the Company in the Dominican Republic Has No Effect on Activities
TSX VENTURE: GQC
VANCOUVER, British Columbia, April 16, 2018 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC) (FRANKFURT:M1W) (BERLIN:M1W) ("GoldQuest" or the "Company") reports that it has received the written decision of the Penal Chamber of the First Instance Court of the Judicial District of San Juan de la Maguana (the “Court”) in response to a Constitutional Injunction “Remedy” filed by a local Dominican group against GoldQuest Dominicana SRL, the Company’s wholly owned subsidiary. Upon review of the written decision, Luis Pellerano of Pellerano & Herrera, the Company's legal counsel in the Dominican Republic, stated “The judgment simply restates the existing legal requirements under present Mining Law 146 and hence has no effect on the operations of the Company or its plans going forward. The judgment only requires the Company to obtain the required permits to move into the exploitation phase, which was already the case.”
The injunction is limited to the Exploitation Permit Application for the Romero Concession (“Romero”) and does not relate to the Company’s exploration licenses.
At Romero, the Company effectively ceased operations in November 2015 at the time of its application for a mining exploitation concession, as under Mining Law 146 (the “Mining Law”) no work can be carried out on Romero until an Exploitation License has been granted by the Ministry of Energy and Mines. Further detailed studies on Romero will only be carried out by the Company once Terms-of-Reference for a thorough Environmental and Social Impact Assessment (“ESIA”) have been issued by the Ministry of Environment and Natural Resources, a process that can only begin with the issuance of the Exploitation License. No substantial development activities can begin until the Company has completed the ESIA, and subsequently received an Environmental License to operate an industrial operation.
“On 22nd January 2018, the Minister of Energy and Mines announced that the Company had fully complied with every requirement for an Exploitation License under the Mining Law. The Minister sent this application to the Office of the President for ratification, which the Company eagerly awaits,” commented Bill Fisher, Gold Quest’s CEO. “All activities by GoldQuest will be carried out under the Mining Law, maintaining international standards and safeguards.”
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.
Statements contained in this news release that are not historical facts are forward-looking information that involves known and unknown risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements with respect to the decision of the Court, the interpretation of the decision, the impact of the decision on the Company and its activities and plans, the Company's plans and expectations with respect to the decision and its mineral properties, including the timing of such plans, receipt of the Exploitation License and Terms-of-Reference for an ESIA and the timing thereof, and the activities of the Company in the future. In certain cases, forward-looking statements can be identified by the use of words such as "plans", “seeking”, "has proven", "expects" or "does not expect", "is expected", "potential", "likelihood", "appears", "budget", "scheduled", "estimates", "forecasts", "at least", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to uncertainties regarding the Court decision; the interpretation of the Court decision; and the implications of the decision on the Company and its activities and plans; uncertainties related to receipt of the Exploitation License and ESIA; the Company's ability to continue as a going concern; risks inherent in mineral exploration; risks related to operations in foreign countries; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward-looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. Forward-looking statements are based on assumptions that the Company believes to be reasonable, including expectations regarding the interpretation and implications of the decision of the Court; the receipt of the Exploitation License and ESIA; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained and that there will be no significant disruptions affecting the Company or its properties.
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.
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