Northquest President and CEO Jon North remarked that, "Northquest has now tied up a 90 kilometre strike length of the Pistol Bay Trend. In the past two years, and with exploration expenditures of $ 4.9 million, Northquest has obtained economically-interesting drilling intersections at three targets in a 20 kilometre long segment of the Pistol Bay Trend. We have not even set foot on approximately 60 kilometres of the Pistol Bay Trend because the last two staking campaigns were completed in late fall or winter conditions after the end of the 2012 field season. Government summary reports and assessment files indicate that there are at least three clusters of gold occurrences in the unexplored part of the property in stratigraphic and structural settings that are analogous to the three gold zones that we have intersected in drilling. In my opinion, exploration opportunities such as this are exceedingly rare anywhere in the world and it is a great pleasure to remind our shareholders, and prospective investors, that this one is in Canada, one of the most richly endowed, safest, most mining friendly, and most stable countries in the world."
In a press release dated January 22, 2013, Northquest announced its intentions to complete an expanded and accelerated exploration program starting May 1, 2013. However, because of the difficulty in raising new capital for mineral exploration, Northquest intends to delay the commencement of drilling to late June or July depending on weather conditions.
Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource at the Pistol Bay Project to date, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Northquest is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. Northquest has 38,894,406 shares outstanding (58,841,690 shares on a fully diluted basis). For further information please visit www.northquest.biz.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These statements relate to future events or future performance and reflect the Company's expectations regarding the future growth, results of operations, business prospects and opportunities. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, metallurgical test results and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, political and country risk, and the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
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.
President and Chief Executive Officer
(416) 306-0202 or Mobile (416) 786-6348
Most Popular Stories
- Bipartisan Budget Deal Gets Key Support in House
- GM to Stop Making Autos in Australia
- Clinton to Keynote Annual Simmons Leadership Conference
- Selena Gomez, Shakira Among Top Hispanic Searches
- How to Survive a Subzero Stranding
- Budget Deal Sets Off Grumbles in Both Houses
- It's Primary Time in Texas
- N.M. Dems Say Nonprofit Helping Martinez Campaign
- How Bitcoin and Other Cryptocurrencies Work
- Deficit Shrinks, Hiring Grows as Economy Improves