MetalQuest Minerals Completes Asset Divestiture

    Appoints Chief Financial Officer, Vice President Corporate Communications

    tsx.v: MQ, Frankfurt: T9N

    VANCOUVER, March 6 /CNW/ - MetalQuest Minerals Inc. ("MetalQuest" or the
"Company") has completed the Company's asset monetization strategy whereby
three Mexican properties (the Santa Gertrudis, San Enrique and Greta assets)
have been sold to Animas Resources Inc. ("Animas"). The San Enrique and Greta
property sales have now closed, following the previously announced closing of
the Santa Gertrudis sale (July 11, 2007). In consideration of the Santa
Gertrudis sale, the Company received a US $650,000 cash contribution on
closing in July 2007, was issued a total 1,500,000 shares in Animas subject to
escrow release every 6 months (of which 375,000 shares are currently free
trading), and awaits three additional payments of US $500,000 equivalent in
cash or stock to be issued in each of July 2008, 2009, and 2010. In
consideration of the San Enrique and Greta property sales, the Company will
receive US $450,000 equivalent in stock, priced on the 30 day average trading
price of Animas as of the closing date (CAD $1.44).
    President, CEO, and Director Dave McMillan adds he is pleased the
monetization of these assets is finally complete. "Animas has built a strong
team with real exploration and development potential and the Company is
positioned to benefit from their success and provide new opportunity for
shareholders. Having restructured, MetalQuest has approximately 25 million
shares outstanding, 34 million fully diluted, approximately $500,000 cash in
the treasury and the aforementioned financial assets which will allow us to
continue our evaluation of potential merger, acquisition, and exploration
opportunities in both British Columbia and Peru. The RHG property also remains
in good standing with drilling considered for summer 2008."
    The Company appoints Mr. Marc Tran B.Comm, B.A. as Chief Financial
Officer, and Mr. Chad McMillan B.A. as Vice President Corporate
Communications. Mr. Harold Forzley, C.A., formerly Chief Financial Officer is
now Corporate Secretary and remains a Director of the Company.
    Mr. Tran graduated from the University of Calgary with a Bachelor of
Commerce in finance and a Bachelor of Arts with a focus on energy and natural
resource economics. Past work includes corporate finance and accounting for
oil and gas companies including BP Amoco, PricewaterhouseCoopers and ARC
Energy Trust. Mr. Tran has also been working as CFO of several Toronto Venture
Exchange reporting issuers, and is currently completing his CGA (Certified
General Accountants) program.
    Mr. McMillan graduated from Simon Fraser University with a Bachelor of
Arts in Communications and brings several years of experience in
communications, sales & marketing, management, capital markets, and the
resource exploration industry, having worked with such companies as Yorkton
Securities Inc., Pro Line Sports Ltd., and Club Med Inc. He is currently
President of private consulting company Animus Ventures Inc., having provided
consulting services to various resource exploration and development companies
for the past several years. McMillan currently serves as Vice President of
Pacific Cascade Minerals Inc. and as Corporate Secretary of Remington
Resources Inc.
    The Company is also allocating 2,900,000 options for Directors, Officers
and Consultants of the Company at a price of $0.13 per unit for a period of
two years, subject to TSX Venture Exchange approval.
    For more information, visit

    On Behalf of the Board,

    (*) Dave McMillan (*)

    Dave McMillan
    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, Vice President, Corporate
Communications, (604) 685-5851 or Toll Free: (888) 685-5851, Fax: (604)
685-7349,,; Corporate Office: Suite
520 - 700, West Pender St, Vancouver, BC, CANADA, V6C 1G8

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