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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/22/13 -- GoldQuest Mining Corp. (TSX VENTURE: GQC)(FRANKFURT: M1W)(BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to announce assay results from three additional holes in the Romero gold/copper discovery zone on the Company's 100% owned Las Tres Palmas trend in the Dominican Republic.
Drilling highlights include:
-- LTP-123 contained 68 metres grading 1.76 g/t gold and 0.29% copper (2.23 g/t gold equivalent(i)) within a mineralized zone of 138 metres grading 1.00 g/t gold and 0.20% copper (1.33 g/t gold equivalent)-- LTP-124 contained 48 metres grading 1.21 g/t gold and 1.02% copper (2.88 g/t gold equivalent)
These are the last results from the phase of drilling targeting the shallow Induced Polarization ("IP") interpretation that discovered the Romero Mineralization. Future drilling will be guided by new, ongoing deep geophysical data. New data collected this year has identified two distinct east-west trending target zones at Romero. Drilling to date has focused on the Romero North zone where highlights include LTP-94 which returned 235 metres grading 7.9 g/t gold and 1.4% copper (10.2 g/t gold equivalent). Romero South, a newly identified trend, is essentially untested and returned a stronger and shallower chargeability anomaly than Romero North.
"We are pleased by the continued positive drilling results and the confirmation of our targeting approach," commented Julio Espaillat, GoldQuest's Chief Executive Officer. "Our geological modeling will assist us in seeking additional mineralization both at Romero and along the entire Las Tres Palmas trend."
The results from the new holes are summarized in the table below:
--------------------------------------------------------------------------- From To Interval Au Cu AuEqHole (m) (m) (m) (g/t) (%) (g/t)(i)---------------------------------------------------------------------------LTP - 122 195.24 294.00 98.76 0.41 0.12 0.61---------------------------------------------------------------------------LTP - 123 134.00 272.00 138.00 1.00 0.20 1.33---------------------------------------------------------------------------Including 172.00 240.00 68.00 1.76 0.29 2.23---------------------------------------------------------------------------and 338.00 424.00 86.00 0.28 0.09 0.43---------------------------------------------------------------------------LTP - 124 144.00 158.00 14.00 1.14 0.11 1.32---------------------------------------------------------------------------and 254.00 302.00 48.00 1.21 1.02 2.88---------------------------------------------------------------------------(i) Note: All the results and sub intervals summarized in the table abovehave a bottom cut-off of 0.15 g/t of gold. A top cut of 50 g/t gold is used,however no samples in this release exceeded 50 g/t. The intervals may notrepresent true mineralization widths and the exact orientation of themineralization at this stage of the drilling is not yet known, although thehost volcanic lithologies are sub-horizontal in orientation. Gold equivalentvalues calculated using a 3-year trailing average price of $1616 US/ouncefor gold and $3.85 US/pound of copper as of January 15, 2013. No adjustmenthas been made for metallurgical recovery, as these remain uncertain at thistime. Gold Equivalent formula:AuEq g/t = ((Cu% x 22.0462 x 3.85)/(1616/31.1035)).
