VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/07/13 — Great Quest Metals Ltd. (the „Company“) (TSX VENTURE: GQ) is pleased to report it has filed on SEDAR the previously announced Preliminary Economic Assessment („PEA“) for its Tilemsi phosphate project. The study has been prepared in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects („NI 43-101“). For further details, readers are advised to refer to the full PEA report available on SEDAR () and the Company-s press release dated December 18, 2012.
PEA Objectives
The PEA is a scoping-level study on the development of the Tilemsi phosphate resource into a West African integrated phosphate fertilizer project. It is based on an initial inferred mineral resource of 50 million tonnes, grading at 24.3% P2O5, as reported on October 23, 2012. The study considers the mining of the Tilemsi phosphate deposit located in northeastern Mali, the construction of phosphate beneficiation and granulation plants and their associated infrastructure. Test work was completed to prove saleable products such as high grade phosphate raw material for NPK blending facilities and medium grade for low-cost direct application fertilizer. In addition, the study looked at the construction of four NPK blending plants in West Africa (see map below).
PEA Highlights
To view the map accompanying this press release, click on the following link:
Mine Design Considerations
Mining has been scheduled to commence at approximately 200,000 tonnes per annum („tpa“), increasing by 100,000 tonnes annually, to reach 500,000 tpa by Year 4. Production will increase in Year 8 to a steady rate of 1 million tpa, which will continue until Year 20. Mining will commence in the Tin Hina area and will operate for 13 years. It will continue in the Tarkint Est pits until Year 20.
Logistics
Market Study
The Company cautions that the PEA is preliminary in nature, as it includes „Inferred Mineral Resources“ which are considered too speculative geologically, to have the economic considerations applied to them that would enable them to be categorized as „Mineral Reserves“. There is no certainty that the PEA will be realized, as Mineral Resources do not demonstrate economic viability.
Mali Situation
As the situation in Mali and in the city of Gao, in particular, continues to progress towards normalization, Great Quest will communicate in a future press release how it plans to resume activity at its Tilemsi Phosphate Project.
Qualified Person
The technical information in this press release has been reviewed and approved by Jed Diner, MSc. P.Geol., a Qualified Person as defined by NI 43-101. Mr. Diner completed his MSc. in Applied Earth Science at Stanford University in 1983 and works internationally on mineral exploration and resource development projects. He has consulted on other phosphate projects in Uzbekistan, Peru and Angola.
About Great Quest
Great Quest Metals Ltd. is a Canadian mineral exploration company with assets in Mali, West Africa. The Company is focused on developing the Tilemsi Phosphate Project, encompassing 1,206 km2 in northeastern Mali. The Company also holds several gold concessions in the productive Birimian gold belt, in southwestern Mali. Great Quest is listed on the TSX Venture Exchange under the symbol GQ, and the Frankfurt Stock Exchange under the symbol GQM.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
Joel Jeangrand – President, CEO & Director
The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties could cause actual results to vary materially from the targeted results. We seek safe harbor.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts: Great Quest Metals Ltd. Candice Font Investor Relations +1 604-689-2882 or Toll Free: 1 877-325-3838
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