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Goldquest Mining Corp V.GQC

Alternate Symbol(s):  GDQMF

GoldQuest Mining Corp. is a Canada-based mineral exploration and development company. The Company is engaged in the identification, acquisition and exploration of mineral properties. It is focused on gold and copper in the Dominican Republic. Its projects include Romero and Tireo. The Romero project includes its Romero and Romero South deposits, which are located within the La Escandalosa exploration concession of its Tireo Property, which has an area of approximately 3,997 hectares (ha). The Tireo project (also known as the San Juan concessions) is situated in the Central Cordillera of the Dominican Republic near the San Juan provincial capital of San Juan de La Maguan. Its other projects include Las Animas and Cerro Dorado. Its Las Animas project is situated approximately 100 kilometers (kms) north-west of the capital Santo Domingo. The Las Animas project comprises of over two claims. Its Cerro Dorado project is located in the Monsenor Noel province.


TSXV:GQC - Post by User

Bullboard Posts
Comment by wwadehammeron Oct 24, 2015 7:42pm
140 Views
Post# 24224219

RE:RE:RE:RE:RE:News

RE:RE:RE:RE:RE:NewsSome further thoughts.  To date, 175,798,226 shares have been issued for $40,753,000 or 23 cents a share average.

You commented zadman about they wasted a lot of money drilling in areas other than Romero.  To me, they had to take the gamble as the share price was too low to convince a bank to make a loan.  Banks usually want a market cap of at least 50 percent of the loan amount in order to make a loan.  The company was hoping to hit another big lode and move the share price to around 50 cents which would put the market cap at around $75 million which is 50 percent of the PEA $147 million of financing needed.

Equity financing of the $147 million needed to start operations seems to be out of the question.  At 13 cents a share, they would have to issue well over a billion shares to raise the financing required.

A buyout at 23 cents (breakeven) is one possiblity, however, given that there are less than 2 million equivilent gold ounces, it would be hard to entice a major to buy it at a reasonable price.

Maybe they plan to use the $7 million received next year to start another drill program hoping to hit another Romero.  That is the only use I can see for it now.   
Bullboard Posts