MetalQuest Mining Engages WGM to Produce a Report of Rail Lines Project’s Conception Plan Connecting the Lac Otelnuk Project and Labrador Trough Quebec
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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MetalQuest Mining Engages WGM to Produce a Report of Rail
Lines Project’s Conception Plan Connecting the Lac Otelnuk
Project and Labrador Trough Quebec
August 29th, 2023, Rockport, Ontario – (TSX.V: MQM; OTCQB: MQMIF; FSE: E7Q.F )
(“MQM” or “Company”) Has engaged Watts, Griffis and McOuat Ltd. (“WGM”) to conduct
infrastructures report on the Lac Otelnuk Iron Ore Project centered on 68°21’W and 56°00’N
in the Province of Quebec (See attached map) . The recommended rail line links to give the
Project access to tide water , interconnect potential mining beneficiaries, and international
markets. WGM has been involved with the Lac Otelnuk Project as one of the authors of the
historical 2015 Feasibility Study. The aim is to produce a conceptual report detailing up to three
rail lines connecting the project to potential port sites.
Proposed Conceptual Report for Rail Links, Lac Otelnuk Iron Ore Project
The report will identify a very high-level estimated range of cost for each rail line and, if required,
port extension. Further, WGM will on a best-efforts basis attempt to identify all mining companies
and their contact information that would benefit from new or expanded rail capacity with the
purpose being to collectiv ely work at achieving improved infrastructures to the region. WGM’s
study will be based on geomorphology, topography, hydrography, and land occupational (physical
access) only. There is extensive engineering, environmental, community consultation, and
permitting required to actually plan and build a rail line which is beyond the scope of the study.
WGM’s work will be used primarily to promote Lac Otelnuk, consult with stakeholders in the rail
lines, and seek to get rail access to support Lac Otelnuk. WGM is slated to complete the proposed
report in the coming weeks.
For a general review of the Project please see May 16 th Press Release titled ‘MetalQuest Mining
Lac Otelnuk Iron Ore Project Overview’.
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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Map of Labrador Through and Centered Otelnuk Mine Site with Historical Rail Lines in Quebec
and Newfoundland Provinces.
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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Harry Barr, CEO and Chairman of MetalQuest Mining, commented: “We are at the early stages of
developing one of North Americas largest Iron Ore Project s. It is important for us to understand
the proposed transportation of product and optimise routes to ensure we are at lowest possible
costs. Better understanding the proposed rail lines will allow us to approach the First Nations who
are affected by the Lac Otelnuk Project and illustrate where exactly the project will affect
traditional territories. The Company continues to solicit third party iron ore companies, private
equity financiers and end -users with the objective of obtaining a joint venture to continue the
development of this world class project.”
Qualified Person
The scientific and technical disclosure of the Otelnuk Iron Ore Project for this “News Release” is based on
the investigation of this prospect since 2007. The efforts carried by successive Qualified Geologists and
Engineers are the foundation of the report’s proposed conceptual proposals.
Mr. Adou Katche, P. Geo, is a geologist and Qualified Person (as defined under NI 43 -101), has read and
approved the technical information contained in this press relea se. Mr. Katche is a senior geologist
associate of Wat ts, Griffis, and McOuat Ltd.; practising member of l’ Ordre des Geologues du Quebec
(License number : 01545) as well as Professional Geoscientists Ontario (PGO) and ( License number :
2677). He mentioned that the data source revealed two major technical reports to be aware of and consulted:
(1) TECHNICAL REPORT AND UPDATED MINERAL RESOURCE ESTIMATE FOR THE LAC
OTELNUK IRON PROPERTY, LABRADOR TROUGH, NORTHEASTERN QUÉBEC FOR LAC
OTELNUK MINING LTD. prepared by Richard W. Risto, M.Sc., P.Geo., Michael Kociumbas, P.Geo., G.
Ross MacFarlane, P.Eng., Normand D’Anjou, Eng., M.Sc., Effective Date: October 31, 2013 Toronto,
Canada. In the account of WGM, there are no Mineral Reserves defined for the Property in 2013. (2) Lac
Otelnuk Project Feasibility Study - NI 43-101 Technical Report FINAL REPORT for Lac Otelnuk Mining
Ltd. Prepared by R. W. Risto, M.Sc., P. Geo.; M. W. Kociumbas, P. Geo.; R. Martinez, Ing.; J. Lord, Ing.;
E. Giroux, Ing. M.Sc.;M. Côté, Ing.; S. Buccitelli, Ing.; J. Cassoff, Ing.; André Bollard, Ing. Effective Date
: March 25`h, 2015 and Issue Date : April 23rd, 2015.
About MQM
METALQUEST MINING (MQM) owns a 100% of Otelnuk and is further looking to develop one
of the largest Iron ore projects in North America. The Lac Otelnuk Iron Ore Project is located in
Quebec’s Labrador Trough and is approximately 165 km by air northwest of the village of
Schefferville, and 1200 km northeast of Montreal by air. Given the size and scope of the Lac
Otelnuk Project, management of MQM are working with a Toronto -based engineering Company
familiar with the project to create a go -forward development plan. The Quebec government has
recently transferred the claims into MQM’s name and management is accumulating a vast amount
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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of technical data as approximately $150 million has been expended on the project to date. Going
forward, one of our primary objectives will be to work with Wasayao Strategy Group, a Quebec-
based First Nations consulting firm , that will wor k with MQM to secure a Memorandum of
Understanding (MOU) with local First Nations and other stakeholders. Management is continuing
to develop its in-house Iron ore database to enable the Company to secure an Option/Joint Venture
partner from the Iron ore i ndustry. The Company is diversified with a ~2 8.2% stake in Murray
Brook PEA Stage Zinc-Polymetallic Deposit, situated in the famous Bathurst Mining District, New
Brunswick, Eastern Canada. Votorantim Metals Canada Inc (VM). owns the other 7 1.8%.
Management plans to sell its interest and use the proceeds as a non-dilutive financing to add to the
Company’s working capital. Canadian Copper has successfully executed the definitive purchase
agreement to acquire VM Canada’s entire 71.8% interest in the Murray Brook Joint Venture.
Investors are invited to visit the MetalQuest Mining website at www.metalquestmining.com
where they can review the company and its corporate activities. Any questions or comments can
be directed to Harry Barr at [email protected] or Farid Mammadov at
[email protected] or call 613 659 2773.
Opt-in List
If you have not done so already, we encourage you to sign up on our website
(www.mqmining.com) to receive our updated news. On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO
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 release. Cautionary Note Regarding Forw ard Looking Statements: This release contains
forward-looking statements that involve risks and uncertainties. These statements may differ
materially from actual future events or results and are based on current expectations or beliefs.
For this purpose, statements of historical fact may be deemed to be forward-looking statements.
In addition, forward -looking statements include statements in which the Company uses words
such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”,
“plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar
expressions. These statements by their nature involve risks and uncertainties, and actual results
may differ materially depending on a variety of imp ortant factors, including, among others, the
Company’s ability and continuation of efforts to timely and completely make available adequate
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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current public information, additional or different regulatory and legal requirements and
restrictions that may be i mposed, and other factors as may be discussed in the documents filed
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important risk factors that could cause actual results to differ from those contained in the
forward-looking statements. The Company does not undertake any obligation to review or
confirm analysts’ expectations or estimates or to release publicly any revisions to any forward -
looking statements to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. Investors should not place undue reliance on forward-looking
statements.