VANCOUVER, Nov. 26 /CNW/ - MetalQuest Minerals Inc. ("MetalQuest" or the
"Company") announces Minera Teck Cominco S.A. de C.V. has dropped its option
to earn into the San Enrique property located in Sonora, Mexico. Animas
Resources Inc. ("Animas") has provided a letter of intent to exercise its
option and purchase the property subject to completing the appropriate due
Minimal exploratory work was undertaken at San Enrique this year. As
such, the Company is pleased to monetize the asset and introduce Animas'
experienced exploration team to the project. Under the terms of the agreement,
Animas will issue US $450,000 in cash and or stock on closing for a 100%
interest in the property.
Over the past two years, MetalQuest has been divesting itself of its
Mexican and non core Canadian assets after mixed exploration results on the
properties, having sold the Santa Gertrudis property and allowing the Tantalus
Mountain, British Columbia claims to lapse. Meanwhile, the Company has entered
negotiations to add a Peruvian copper-gold porphyry prospect to the portfolio.
Details will be limited until negotiations are complete; however, the property
does boast appealing logistics, climate, grade and tonnage potential. The
Company is hoping for a successful conclusion to negotiations over the next
ABOUT METALQUEST MINERALS INC.
MetalQuest Minerals Inc. is a copper-gold exploration company, based in
Vancouver, British Columbia, Canada with management possessing years of
experience in resource exploration, capital markets, mergers and acquisitions,
and communications. The Company is looking to establish year round exploration
programs and currently owns the RHG copper-gold porphyry prospect in
northwestern British Columbia, Canada, which features grab samples as high as
30.6% copper and 0.48 oz/t gold. The Company has approximately $500,000 in
cash, 1,500,000 shares of Animas Resources Inc. subject to an escrow release
program, and cash and or stock payments of US $500,000 on the 1st, 2nd and 3rd
anniversaries of the sale of the Santa Gertrudis properties starting in July
2008. For more information, visit www.metalquest.ca.
On Behalf of the Board,
President & C.E.O.
MetalQuest Minerals Inc.
This communication to shareholders and the public contains certain
forward-looking statements. Actual results may differ materially from those
indicated by such statements. All statements, other than statements of
historical fact, included herein, including, without limitations statements
regarding future production, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Chad McMillan, (604) 685-5851, or Toll Free:
(888) 685-5851, Fax: (604) 685-7349, firstname.lastname@example.org,
http://www.metalquest.ca; Corporate Office: Suite 520 - 700 West Pender St.,
Vancouver, BC, CANADA, V6C 1G8