VANCOUVER, Nov. 26 /CNW/ - MetalQuest Minerals Inc. ("MetalQuest" or the "Company") announces Minera Teck Cominco S.A. de C.V. has dropped its option to earn into the San Enrique property located in Sonora, Mexico. Animas Resources Inc. ("Animas") has provided a letter of intent to exercise its option and purchase the property subject to completing the appropriate due diligence.
Minimal exploratory work was undertaken at San Enrique this year. As such, the Company is pleased to monetize the asset and introduce Animas' experienced exploration team to the project. Under the terms of the agreement, Animas will issue US $450,000 in cash and or stock on closing for a 100% interest in the property.
Over the past two years, MetalQuest has been divesting itself of its Mexican and non core Canadian assets after mixed exploration results on the properties, having sold the Santa Gertrudis property and allowing the Tantalus Mountain, British Columbia claims to lapse. Meanwhile, the Company has entered negotiations to add a Peruvian copper-gold porphyry prospect to the portfolio. Details will be limited until negotiations are complete; however, the property does boast appealing logistics, climate, grade and tonnage potential. The Company is hoping for a successful conclusion to negotiations over the next few weeks.
ABOUT METALQUEST MINERALS INC.
MetalQuest Minerals Inc. is a copper-gold exploration company, based in Vancouver, British Columbia, Canada with management possessing years of experience in resource exploration, capital markets, mergers and acquisitions, and communications. The Company is looking to establish year round exploration programs and currently owns the RHG copper-gold porphyry prospect in northwestern British Columbia, Canada, which features grab samples as high as 30.6% copper and 0.48 oz/t gold. The Company has approximately $500,000 in cash, 1,500,000 shares of Animas Resources Inc. subject to an escrow release program, and cash and or stock payments of US $500,000 on the 1st, 2nd and 3rd anniversaries of the sale of the Santa Gertrudis properties starting in July 2008. For more information, visit www.metalquest.ca.
On Behalf of the Board,
(x)Dave McMillan(x)
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.
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