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 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.