Business
GOLDQUEST ANNOUNCES FAVOURABLE LEGAL RULING IN SPAIN
GOLDQUEST ANNOUNCES FAVOURABLE LEGAL RULING IN SPAIN
About this update from Goldquest Mining Corp.
[{"type":"text","content":"\nGOLDQUEST ANNOUNCES FAVOURABLE LEGAL RULING IN SPAIN\n\n\n Apr. 20, 2010 (TheNewswire.ca) -- VANCOUVER, BC, APRIL 20, 2010 - GoldQuest Mining Corp. (OOTC:GDQMF) (TSXV:GQC) (\"GoldQuest\" or the \"Company\") is pleased to announce that an administrative court in Leon, Spain, has dismissed the appeal of a losing bidder in the tender process under which the investigation permit for the Toral property was ultimately awarded to a subsidiary of GoldQuest. The Company owns a 100% interest in the Toral project located in northwest Spain.In 2006, one of the losing bidders in the tender process that awarded the Toral Investigation Permit instituted an administrative appeal of that award, against the Territorial Service of Industry, Commerce and Tourism of the Autonomous Community of Castile and León in Spain. On December 19, 2006, the Territorial Service of Industry, Commerce and Tourism had by Resolution, dismissed that losing bidder's initial appeal of the award. The administrative court's ruling has dismissed the losing bidder's appeal of that Resolution although the Company understands the administrative court's ruling can be appealed within fifteen days.Alistair Waddell, President and Chief Executive Officer of GoldQuest, commented, \"We are pleased to learn of the ruling in favour of the Junta Castile and León and we now look forward to advancing the Toral project and the exploration programme in Spain.\"About the Toral ProjectGoldQuest, through a wholly owned Spanish subsidiary owns a 100% interest in the Toral project located approximately 400 km northwest of Madrid, near the regional city of Ponferrada. The Toral project area was originally investigated by Peñarroya-España and associates from 1975 to 1985 which included over 42,000 metres of diamond drilling. These drill holes reportedly delineated a tabular zone of continuous, sub-vertical, coarse-grained lead-zinc-silver sulphide mineralization that averages 3.7 metres wide with a reported 1,100 metres strike length and a vertical height exceeding 400 metres. Based on the previous drilling, the historical estimate of Toral was estimated at 5.4 million tonnes grading 9 % Zn, 6 % Pb and 45 g/t Ag. The zone of sulphide mineralization is reportedly open along strike to the northwest towards a known lead deposit as well as along strike to the southeast and down...