VANCOUVER, British Columbia, 19 August 2020 (GLOBE NEWSWIRE) – GoldQuest Mining Corp. (TSXV: GQC, “GoldQuest” or the “Company”) On Sunday, August 16, Luis Abinader took over as President of the Dominican Republic for four -year term. In his inaugural address, the president defined his vision for his administration, declaring:
“We will create a favorable climate for investment by ensuring legal certainty, transparency and speed in the procurement process. In addition, from tomorrow, I order all public establishments to empower and make decisions for any investment that is paralyzed, and that arrives at the creation of tasks (translation according to the DR1 news agency)
GoldQuest’s Romero gold allowance has been paralyzed for several years pending government approval, in particular the final approval of the president, to initiate formal environmental studies, which, according to independent JDS engineers, can result in $550 million in mine life prices and create 1,000 structural jobs. and 343 permanent jobs in the operational phase. (see the main points of the JDS prefeasibility review below).
President Abinader also announced to his team the addition of the new Minister of Energy and Mines, Mr. Antonio Almonte and the Deputy Minister of Mines, Mr. Miguel Dias. Minister Almonte holds a master’s degree in nuclear physics from the University of Surrey in Great Britain and a master’s degree in nuclear engineering from the Institute of Nuclear Studies in Madrid, SpainArray. In addition, he has taught courses and courses such as infrastructure economics at Harvard University. Deputy Minister Dias holds a degree in Geological and Mining Engineering (RD) and Mineral Processing, University of Wales, United Kingdom 1987 and a PhD. Royal School of Mines, London, United Kingdom. He has 27 years of experience in the global mining industry, i.e. in environmental matters. He has worked in Europe, Africa and Latin America, being technical director of the giant engineering company Amec Foster Wheeler, founded in the United Kingdom.
Since President Abinader’s election victory, GoldQuest’s control has already met with the Minister of Energy and Mines, the Minister of Finance and the Minister of Economy, Planning and Development, describing our plans and commitment to the mining sector of the Dominican Republic, and we have been encouraged through their the stage of our society. An agreement that reflects and supports President Abinader’s positive statements.
“On behalf of GoldQuest Mining Corporation, I would like to congratulate the president on his inauguration and his variety of Minister of Energy and Mines and Deputy Minister of Mines with a deep knowledge of the industry,” said GoldQuest CEO David Massola, “at a time of deep fear about, among other things, the DR tourism sector, and that lately 38% of domestic exports come from gold mining (source : DR1.com) the importance of a dynamic mining sector in a country with base prospects metals are not lost to the new administration, and GoldQuest is willing to participate in a resurgence of guilty mining. We are well funded to advance our discovery, the multimillion-dollar Romero gold progression and restart our exploration in the surrounding district.
The Romero Project Prefeasibility Study (“PFS”), prepared independently, dated November 10, 2016 (see Corporate Press Release of September 27, 2016) provides that for a gold value of US$1,300, the value of cop consistent with US$2.50 and silver worth US$17 consisting of the allocation roughs down a net cost of provision (VAN 5%) US$203 million after tax and an internal rate of return (TIR) of 28%. The test was conducted with a gold value of US$1300 equivalent to one ounce of gold, US$2.50 equivalent to one pound of cop and US$17 equivalent to one ounce of silver. For reference, existing values are US$2,000 consistent with ounce gold (54% more than PFS value), cop consistent with us $2.97 consistent with pound (19% more than SPF value) and silver at $28.14 (66% higher than the PFS value), the company expects returns to be compatible with the value of existing gold.
The Company is funded with C$16.4 million in reported money at the end of the first quarter of 2020.
About GoldQuest:
GoldQuest is a Canadian mining exploration and progression company with projects in the Dominican Republic. GoldQuest is traded on the TSX V under the symbol GQC and in Frankfurt / Berlin with the symbol M1W. The Company is well funded to develop exploration systems and advance the progression of its discovery of gold/copper Romero, also in the Tireo Formation in the Dominican Republic.
Neither TSX Venture Exchange nor its regulatory service provider (as explained in TSX Venture Exchange policies) assumes the duty of the relevance or accuracy of this press release.
The data contained in this press release reviewed and approved through William Fisher, P. Geo., President of GoldQuest and a qualified user for the technical data contained in this press release in accordance with NI 43-101 standards.
Forward-looking statements:
The statements contained in this press release that are not old facts are forward-looking data that relates to known and unknown dangers and insecurities. The forward-looking statements contained in this press release include, but are not limited to, statements relating to Mr. Abinader’s election and the timing of Mr. Abinader’s acquisition, the prospective progression and production of Romero’s assignment of the company, the economy of the Dominican Republic. , the benefits of the progression and production of Romero’s allocation in the Dominican Republic’s economy. Fix the VAN and TIR included in the PFS, long-term tax bills and company exploration expenses in the Dominican Republic, company merits Mineral Properties, systems and long-term studies, corporate exploration plans and systems for its mining properties, adding timing of such plans and systems. In some cases, forward-looking statements would possibly be known through the use of words such as “plans,” “expects,” “has shown,” “expects, or “does not anticipate,” “expected,” “prospective.” , “”probability”, “”budget”, “planned” “,” estimates “,” forecasts”,” at least “,” expects “, ” anticipates “or” does not anticipate “or” believes “or variants of those words and words or imply that certain actions, occasions or effects “possibly” “could”, “could”, “should,” “could,” or “will be carried out,” “they will be done”, “they will be” or “will be achieved”.
Neither TSX Venture Exchange nor its regulatory service provider (as explained in TSX Venture Exchange policies) assumes the duty of the relevance or accuracy of this press release.
CONTACT INFORMATION
GoldQuest Corp.
Dave Massola
CEO – Toronto
1-416-583-5606