VANCOUVER, BC--(Marketwired - August 12, 2014) - Great Quest Fertilizer Ltd (TSX VENTURE: GQ) (FRANKFURT: GQM) ("the Company") is pleased to report the sale, subject to Exchange approval if and as required, of its Taseko exploration property in British Columbia, Canada, to Amarc Resources Ltd (TSX VENTURE: AHR). Great Quest will receive $400,000 in exchange for the property and will retain a 2% royalty that is purchasable for $2M at commencement of commercial production.
The Taseko property was a legacy project within the Company's portfolio, that was under exploration by way of option agreement by Granite Creek Gold (TSX VENTURE: GCX). Granite Creek has elected to forego its option to continue work, and Great Quest has simultaneously sold the non-core project. A finder's fee of 5% of the sale price is payable to Granite Creek.
Commenting, Jed Richardson, President and CEO, "We thank Amarc and Granite Creek for their attention in expediting this matter. The disposition of this BC project is in keeping with the Company's focus on fertilizer in Africa and will contribute towards funding the environmental work for its phosphate production facility in Mali and scoping level engineering work for the proposed potash production facility in Botswana."
About Great Quest
Great Quest Fertilizer Ltd. is a Canadian mineral exploration company focused on the development of African agricultural mineral projects for local production of farm ready fertilizers. The Company's flagship asset is the Tilemsi Phosphate Project, encompassing 1,206 km² in northeastern Mali, containing high quality phosphate resources amenable to use as direct application fertilizer. Great Quest is listed on the TSX Venture Exchange under the symbol GQ, and the Frankfurt Stock Exchange under the symbol GQM.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
"Jed Richardson"
President, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties could cause actual results to vary materially from the targeted results. We seek safe harbor.