GoldQuest Files Q2 2017 Financials; Provides Exploitation Concession Update
GoldQuest Files Q2 2017 Financials; Provides Exploitation
Concession Update
Vancouver, BC, Canada – August 25, 2017 -- GoldQuest Mining Corp. ("GoldQuest" or the "Company")
(TSX.V: GQC) is pleased to announce the filing of the Company's financials for the three months ended
June 30, 2017 and provide an exploitation concession update.
Q2 2017 HIGHLIGHTS
The Company has filed on SEDAR ( www.sedar.com) the unaudited financial statements and
management discussion and analysis for the period ended June 30, 2017. The highlights during the first
half of 2017 include:
• A strong, deleverage balance sheet showing C$25.7M in treasury (as at June 30, 2017);
• A strategic 15% equity investment by Agnico Eagle (C$22,860,000);
• Key senior advisory appointments including the former Canadian Ambassador to the Dominican
Republic, Mr. Georges Boisse; and,
• A new polymetallic discovery at Cachimbo in the Tireo Exploration drilling program (refer to
news releases dated January 10, June 6, July 13 and August 10, 2017).
EXPLOITATION CONCESSION UPDATE
On August 25, 2017, the Ministry of Energy and Mines in the Dominican Republic posted a news release
on the Ministry’s website (available at https://www.mem.gob.do) stating that no new exploitation
concessions will be granted over the next 90-day period as well as suspended requests for any new
exploration concessions for the next six months. The press release states that this resolution does not
affect existing exploitation and exploration concessions.
The Company expects that this may affect the timing of the exploitation concession it has applied for
covering the Romero deposits. The Company does not expect that this resolution will affect any of
GoldQuest’s existing exploration concessions nor does it expect that it will in any way limit the on-going
drilling and other exploration activities which are currently being carried out. GoldQuest is near the
maximum allowable number of hectares for exploration concessions under Dominican Law and
therefore does not have any plans to apply for further areas over the next six months.
The Company continues to work with the Ministry and its advisors towards the exploitation concession
application covering the Romero deposits, and continues to provide information to the Ministry, as
requested.
Exploration activities are continuing with the previously announced drilling at the Company’s 2017
discovery at Cachimbo, the induced polarization program, and the soil sampling campaign along the
Cachimbo mineralization trend.
UPCOMING CONFERENCES
Announces that Bill Fisher, Executive Chairman, and Patrick Michaels, Director, will be attending both
the Beaver Creek Precious Metals Summit (September 18 - 20, 2017) and the Denver Gold Show
(September 24 -26, 2017) to update investors on the progress being made in both exploration and
development activities.
About GoldQuest
GoldQuest is a Canadian based mineral exploration company with projects in the Dominican Republic.
GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The
Company is well funded to carry out the exploration programs reported on in this release and to
advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of
the Dominican Republic.
Forward‐looking statements:
Statements contained in this news release that are not historical facts are forward‐looking information
that involves known and unknown risks and uncertainties. Forward‐looking statements in this news
release include, but are not limited to, statements with respect to the Dominican government’s
resolution on postponement of new mining concessions and the impact on the Company, the results of
the drill program and the interpretation of the results of the drill program, further drilling, the timing of
drilling and assay results, and the Company's plans and exploration programs for its mineral properties,
including the timing of such plans and programs. In certain cases, forward‐looking statements can be
identified by the use of words such as "plans", "has proven", "expects" or "does not expect", "is
expected", "potential", "likelihood", "appears", "budget", "scheduled", "estimates", "forecasts", "at
least", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and
phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or
"will be taken", "occur" or "be achieved".
Forward‐looking statements involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by the forward‐looking
statements. Such risks and other factors include, among others, risks related to uncertainties inherent in
drill results and the estimation of mineral resources; commodity prices; changes in general economic
conditions; market sentiment; currency exchange rates; the Company's ability to continue as a going
concern; the Company's ability to raise funds through equity financings; risks inherent in mineral
exploration; risks related to operations in foreign countries including future amendments to the mining
laws and regulations; future prices of metals; failure of equipment or processes to operate as
anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining
governmental approvals; government regulation of mining operations; environmental risks; title
disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation.
Although the Company has attempted to identify important factors that could affect the Company and
may cause actual actions, events or results to differ materially from those described in forward‐looking
statements, there may be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward‐looking statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, do not place undue reliance on forward‐looking statements. All statements are
made as of the date of this news release and the Company is under no obligation to update or alter any
forward‐looking statements except as required under applicable securities laws. Forward‐looking
statements are based on assumptions that the Company believes to be reasonable, including
expectations regarding mineral exploration and development costs; expected trends in mineral prices
and currency exchange rates; the accuracy of the Company's current mineral resource estimates; that
the Company's activities will be in accordance with the Company's public statements and stated goals;
that there will be no material adverse change affecting the Company or its properties; that all required
approvals will be obtained and that there will be no significant disruptions affecting the Company or its
properties.
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 news
release.
CONTACT INFORMATION
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer
+1‐829‐919‐8701
GoldQuest Mining Corp.
Bill Fisher
Executive Chairman - Toronto
+1‐647‐271‐4505
Red Cloud
Chad Williams
Corporate Communications
1-877-919-5979