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GREAT QUEST METALS LTD ("GQ-V;GQMLF-L") SHIEGA RESOURCES CORP ("SHG-V;SGARF-L") - Acquisition; Sapphire Study;
Willis W. Osborne, President of Great Quest Metals Ltd., is pleased to announce the acquisition of the 88 square kilometre Winza concession, located in southwestern Mali, West Africa. The initial payment on signing is $500 On January 15, 2000, a payment of $2,000 is required. Once the 10 year Convention d'Etablissement is granted by the Government of Mali, the Company must pay the owner $125.000 over a period of 3.5 years to earn 95% in the concession. The Convention is expected for at least a year. Any production from the property is subject to a 1% net smelter royalty Great Quest now holds options on concessions covering 286 square kilometres in southwestern Mali,and on 366 square kilometres in Mali.
A regional soil sampling program was completed in 1989 with soil samples 200 metres apart on lines 1,000 metres apart. Readings of 108, 280, 440 and 920 parts per billion gold from separate soil samples were produced. Fifteen additional samples gave readings between 20 and 100 ppb gold.
This month a study will start on 9 surface samples from the Taseko Property in BC to determine the content and quality of sapphires. The samples will be screened and upgraded using heavy liquid separation. High intensity magnetic separation will be used to produce a non-magnetic corundum concentrate. The corundum concentrate will be examined with a microscope and the grains will be sort based on their colour and transparency. A scanning electron microscope and/or microprobe may be used to confirm identification and determine whether the grains are gem quality sapphires.
The agreement between Great Quest and Shiega Resources Corporation on two concessions of 198 and 245 square kilometres in the Filimana area in Mali has been re-negotiated. The agreement gives Great Quest the right to re-negotiate agreements on the two concessions and to replace Shiega. Under terms of the new agreement, Great Quest must issue 100,000 shares of Great Quest to Shiega at the successful completion of negotiation of a new agreement with each owner subject to Vancouver Stock Exchange approval. The Company has so far reached agreement on the Baoule River concession. For each concession in which an agreement is negotiated with the owner, there is a 1% net smelter royalty on production up to US$1,000.000 payable to Shiega. TEL: (604)689-2882 Willis W. Osborne, President FAX: (604) 684-5854 TOLL FREE: 888-228-6633 Internet: www.greatquest.com Email: info@greatquest
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