VANCOUVER and TORONTO – GoldQuest Mining Corp. has closed its non-brokered private placement of 38.1 million common shares with Agnico Eagle Mines. The common shares were priced at $0.60 each, raising $22.86 million. Agnico now holds approximately 15% of GoldQuest and will nominate one director to the GoldQuest board.
GoldQuest completed a prefeasibility study for its cornerstone project, the Romero gold property in the Dominican Republic, in November 2016. The project is in the permitting stage for a 2,800-t/d underground gold-copper mine and mill. The maiden probable reserve for the deposit is 1.0 million tonnes grading 3.72 g/t gold, 0.88% copper, and 4.33 g/t silver containing a gold equivalent of 1.1 million oz. Resources include 20.2 million indicated tonnes grading 2.67 g/t gold and 0.61% copper, plus 3.0 million inferred tonnes grading 2.03 g/t gold and 0.33% copper.
GoldQuest’s Romero gold-copper project and base camp in Hondo Valle, Dominican Republic.
The Romero deposit was discovered in 2012 in a previously unexplored area. This appears to be a new style of deposit with >200-metre intervals gold and copper mineralization. The discovery hole returned 231 metres grading 2.4 g/t gold including 160.3 metres grading 2.9 g/t gold and 0.62% copper. Another notable early hole returned 235 metres grading 7.9 g/t gold uncut and 1.4% copper.
Additional information about the Romero project is posted at www.GoldQuestCorp.com.