TORONTO, June 6, 2012 /CNW/ - Northquest Ltd. (TSX.V-NQ) (FWB-N3Q) ("Northquest" or "the Company") announces that it has submitted an application for an exploration permit in the Union of Myanmar, formerly known as Burma.
The permit application is for an 180 square kilometre area in central Myanmar. The permit application covers a very prospective area of documented gold occurrences and unexplored exploration targets which have similar features to known gold occurrences.
The mining industry of Myanmar, particularly with respect to gold, has great potential and certain gold exploration targets have not been systematically explored. Northquest has established good communication with the Ministry of Mines and has obtained general guidelines for exploration permit applications. The current application was submitted according to the guidelines and is currently under consideration and processing.
Jon North, President and CEO of Northquest Ltd. said that "this initiative in Myanmar, or Burma as it was formerly known, is the culmination of over two years of research targeting gold exploration targets in Indochina and the southwest Pacific. Approximately two years ago, we concluded that the geology of Burma has many similarities to epithermal gold districts of the Pacific Rim, and the islands of the southwest Pacific, and that there were numerous, untested gold targets, however, at the time we could not do business in the country because of a variety of Canadian Government sanctions. We were very pleased when Canadian Foreign Minister John Baird announced April 24, 2012 that the Canadian Government had eased the sanctions regime against Burma, and we quickly moved to submit an application for our top target".
Northquest is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. Northquest has 25,315,823 shares outstanding (38,345,035 on a fully diluted basis). For further information please visit www.northquest.biz.
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 length of time which the permit application may take, the likelihood of successful of the permit application, the final terms and boundaries which may be imposed in connection with the grant of any permit applied for, the impact of general economic conditions, industry and political conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. 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.
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
For further information:
Dr. Jon North
President and Chief Executive Officer
Tel. (416) 306-0202
Tel. (416) 306-0486