Great Quest Renews Exploration Permits for 97.3% Owned Tilemsi and Tarkint Est Concessions for 7-Year Term
April 16 2020 - 9:00AM
Great Quest Fertilizer Ltd (TSXV:GQ) (“Great Quest” or “the
Company”) is pleased to announce that it has successfully renewed
two key exploration permits for the Tilemsi Phosphate Project,
corresponding to the Tilemsi and Tarkint Est concessions on
November 19, 2019 and February 12, 2020 respectively. The
permits were renewed for an initial 3-year term with no proposed
change to the permitted area. The licences grant the Company the
option to renew for two additional 2-year terms to continue
exploration and development at the site for up to 7 years inclusive
of extensions.
ABOUT THE TILEMSI PHOSPHATE PROJECT
The Tilemsi phosphate project consists of three
concessions: Tilemsi (417 km²), Tarkint Est (587 km²), and Aderfoul
(202 km²), totalling 1,206 square kilometres in the Tilemsi
province of northeastern Mali. The project is 97.3% owned by the
Company, with the balance held by local Malian businesspersons.
The flagship asset is located along the east side of the
Tilemsi Valley, in eastern Mali, approximately 85 kilometres
northeast of the town of Bourem, situated on the Niger River.
The reissuance of environmental and exploration
permits at Tilemsi and Tarkint follow examination by an
inter-ministerial commission. The permit renewal will enable Great
Quest to pursue applications for mining permits aimed at starting
production of its high-grade direct application phosphate
fertilizer planned for use in domestic agriculture.
The Company has delineated an inferred resource
of 50 million tonnes grading 24.8% P2O5 for the Tilemsi
Phosphate Project. Great Quest has developed a direct application
formulation that blends the phosphate with nitrogen and potash to
create a sought after single granule fertilizer solution for the
region. The Company has completed 4 years of agronomic trials
demonstrating that the proposed domestic fertilizer is a comparable
replacement for high cost chemical imports.
“The administration of Mali is aware of our
efforts and past expenditures in-country. By reissuing our permit,
the government is signaling its support of our uniquely impactful
work of adding value to Tilemsi phosphates through local production
of high-quality fertilizers at a lower cost,” said Mama Tapo,
Director of Malian Subsidiary, Great Quest Mali SA.
COB PROCESS
Great Quest continues to work through the COB
process as outlined by the TSX Venture. Upon completion of the
audit, shareholders will vote on the transaction. Approval of the
transaction and the change of business by shareholders will allow
the acquisition of Ivoirienne de Noix de Cajou to close and the
shares of Great Quest to resume trading.
About Great Quest
Great Quest Fertilizer Ltd. is a Canadian
agribusiness 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 FERTILIZER LTD.
“Jed Richardson” President, Chief Executive
Officer and Director
For more information: Please call Jed Richardson
at 1-877-325-3838 or email info@greatquest.com
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.
Disclaimer for Forward-Looking
Information
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CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE
COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS
SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE
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LAWS.
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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 press release.
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