ASC Alleges Illegal Sales of Gold-Quest International Securities

    CALGARY, May 20 /CNW/ - The Alberta Securities Commission (ASC) has
issued an Amended Notice of Hearing alleging that Nevada-based Gold-Quest
International Corp., David Michael Greene, John Jenkins, Michael McGee and
Delroy Atwood engaged in illegal sales of Gold-Quest International securities
to Alberta residents.
    The Amended Notice of Hearing includes Greene, Jenkins, McGee and Atwood
(all Gold-Quest International officers) following ASC staff allegations that
the four men were actively involved in the solicitation and sale of Gold-Quest
International securities in Alberta.
    ASC staff allege that during 2007 and 2008, Gold-Quest International
raised over $2 million from more than 400 Alberta residents. ASC staff also
allege that Gold-Quest International guaranteed investors an 87.5 per cent
return on their investments after one year, claiming it could achieve such
high returns through trading in foreign currencies.
    Gold-Quest International is currently subject to a March 2008 ASC Interim
Cease Trade Order that prohibits the company from trading in any securities
and denies it the use of all Alberta securities law exemptions. The interim
order will remain in effect until a hearing into this matter is concluded and
a decision rendered.
    An appearance to determine a date for hearing is set for July 9, 2009 at
9 a.m. in the ASC Hearing Room, 6th Floor, 300 - 5 Avenue S.W., Calgary,
    A copy of the Amended Notice of Hearing is available on the ASC website

    The ASC is the regulatory agency responsible for administering the
province's securities laws. It is entrusted to foster a fair and efficient
capital market in Alberta and to protect investors. As a member of the
Canadian Securities Administrators, the ASC works to improve, coordinate and
harmonize the regulation of Canada's capital markets.

For further information:

For further information: For Media Inquiries: Mark Dickey, Senior
Communications Advisor, (403) 297-4481; For Investor Inquiries: ASC Public
Inquiries, Toll Free 1-877-355-4488

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