/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
TORONTO, July 24, 2013 /CNW/ - Northquest Ltd. (TSX-V:NQ) ("Northquest")
is pleased to announce that it has issued an aggregate of 883,392
common shares (the "Subject Shares") pursuant to its option agreement
dated December 2, 2010, as amended, in respect of the Pistol Bay
Project, Nunavut (the "Option Agreement"). Under the terms of the
Option Agreement, Northquest was granted (i) the option to earn a 100%
interest in three mining claims together with certain portions of three
additional claims; and (ii) the supplemental option (the "Supplemental
Option") to acquire a 100% interest in four additional claims. The
Subject Shares have been issued in full satisfaction of the first
anniversary payment due in respect of the Supplemental Option. The
Subject Shares are subject to a statutory hold period expiring on
November 24, 2013.
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 RELEASE.
Forward Looking Statements - Certain information set forth in this news
release may contain forward-looking statements that involve substantial
known and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, certain of
which are beyond the control of Northquest, including, but not limited
to the impact of general economic conditions, industry conditions,
volatility of commodity prices, currency fluctuations, dependence upon
regulatory approvals, and the availability of financing. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation,
may prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements.
SOURCE: Northquest Ltd.
For further information:
Jon North, President and Chief Executive Officer