MetalQuest Mining (MQM-V) Update
April 20, '23 - NR
Due to some recent changes with Metalquest Mining Inc., management has presented shareholders with a corporate update.
Harry Barr, chairman and chief executive officer of Metalquest Mining, commented: "I am pleased to present a corporate update. The directors and management of MQM have been searching for a major acquisition so the company can move forward to develop a new project for our shareholders. We are extremely pleased with the 100-per-cent acquisition of the Lac Otelnuk iron ore project. Lac Otelnuk is one of North America's largest undeveloped iron ore projects in Quebec's Labrador Trough. Over the coming weeks, working with a veteran Toronto-based engineering company, we plan to disseminate by press release the project's complete history and development story to date along with outlining our go-forward plan. The following bullet points are related to our new acquisition and our restructuring plan:"
El Nino Ventures Inc. changed its name to Metalquest Mining Inc. in December, 2022.
The company consolidated on a 1:2.5 basis and currently has 26,914,788 common shares issued and outstanding.
In the last quarter of 2022, the company acquired 100 per cent one of the largest undeveloped Iron ore projects in North America in Quebec's Labrador Trough. In February, 2023, the Quebec government transferred the claims from the vendor to Metalquest Mining.
In February, 2023, the company upgraded its listing in the United States to the OTCQB Venture Market under the trading symbol MQMIF.
In early April, 2023, the company launched a new website.
The company has initiated several digital, on-line, marketing programs and initiated a series of 15-second ads with BNN Bloomberg to update the company's shareholders and the investing public, as to the company's new objectives.
The company is currently working to sell its 28.2-per-cent interest in an advanced stage Murray Brook zinc-polymetallic project in the Bathurst mining camp, New Brunswick.
About Metalquest Mining Inc.
Metalquest Mining owns a 100 per cent of and is further looking to develop one of the largest iron ore projects in North America. The Lac Otelnuk iron ore project is located in Quebec's Labrador Trough and is approximately 165 kilometres by air northwest of the village of Schefferville, and 1,200 kilometres northeast of Montreal by air. Given the size and scope of the Lac Otelnuk project, management of Metalquest are working with a Toronto-based engineering company familiar with the project to create a go-forward development plan. The Quebec government has recently transferred the claims into Metalquest's name, and management is accumulating a vast amount of technical data as approximately $150-million has been expended on the project to date.
Going forward, one of the company's primary objectives will be to hire a Quebec-based first nations consulting firm that will work with Metalquest Mining to secure an memorandum of understanding (MOU) with local first nations and other stakeholders. Management is continuing to develop its in-house iron ore database to enable the company to secure an option/joint venture partner from the iron ore industry. The company is diversified with an approximate 29.2-per-cent stake in Murray Brook PEA stage zinc-polymetallic deposit, situated in the famous Bathurst mining district, New Brunswick, Eastern Canada. Votorantim Metals Canada Inc. owns the other 70.8 per cent. Management plans to sell its interest and use the proceeds as a non-dilutive financing to add to the company's working capital.
Investors are invited to visit the MetalQuest Mining website at www.metalquestmining.com where they can review the company and its corporate activities. Any questions or comments can be directed to Harry Barr at Hbarr@mqmining.com or Farid Mammadov at faridm@mqmining.com or call 613 659 2773.
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On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO |
