Business
GOLDQUEST COMMENCES DRILLING AT LAS TRES PALMAS AND COMPLETES FINANCING
GOLDQUEST COMMENCES DRILLING AT LAS TRES PALMAS AND COMPLETES FINANCING
About this update from Goldquest Mining Corp.
[{"type":"text","content":"\nGOLDQUEST COMMENCES DRILLING AT LAS TRES PALMAS AND COMPLETES FINANCING\n\n\n Apr. 27, 2010 (TheNewswire.ca) -- VANCOUVER, BC, APRIL 27, 2010 - GoldQuest Mining Corp. (OOTC:GDQMF) (TSXV:GQC) (\"GoldQuest\" or the \"Company\") is pleased to announce it has started drilling on its 100% owned Las Tres Palmas project in the western Dominican Republic and completed the previously announced financing.Las Tres Palmas ProjectGoldQuest has started a diamond drill programme on the Escandalosa area of the 100% owned Las Tres Palmas project in the Western Dominican Republic. The current programme will initially consist of nine drill holes and have been designed to infill previous drilling, to step out from previous drilling, and to test a large aeromagnetic low anomaly to determine whether it has concealed gold mineralization at depth.The known gold mineralization in the Escandelosa area is flat lying and stratiform hosted in a dacite tuff which is capped by barren limestone and andesites, and trends north east towards the magnetic low anomaly (analytical signal) in andesite outcrop. The target concept being tested is that the magnetic low, which is approximately 700 meters long by 300 meters wide, may be the outer zone of magnetite-destructive alteration overlying a buried porphyry or epithermal system. Drill results from Las Tres Palmas will be reported as soon as they are received from the laboratory.FinancingThe Company is also pleased to announce that it has completed the third and final tranche of its previously announced $2.6 million private placement transactions. For the third tranche, the Company has issued an aggregate of 7,251,000 units, at $0.125 per unit, for aggregate gross proceeds of $906,375. Each unit is comprised of one common share in the capital of the Company and one half of one share purchase warrant (a \"Warrant\"). Each whole Warrant entitles the holder to purchase one common share for a period of 24 months following the closing of the Private Placement, at an exercise price of CDN$0.20 per share. The Company has the right to call the outstanding Warrants for expiry upon 30 days notice in the event that the daily volume weighted average trading price of the Company's common shares on the TSX Venture Exchange (the \"Exchange\"), exceeds $0.35 on 10 consecutive days.In addition to aggregate cash commissions of $62,...