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GoldQuest acquires 60% interest in Dominican exploration portfolio from Gold Fields

Posted on: Fri, 20 Nov 2009 13:07:00 EST

Symbols: GDQMF

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Nov 20, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
GDQMF | Quote | Chart | News | PowerRating -- GoldQuest Mining Corp., a US-based mineral exploration company, has acquired 60% interest in exploration portfolio located at Dominican Republic from Gold Fields Dominican Republic BVI Limited.

Gold Fields is a Dominican Republic-based gold mining company.

As a result of this transaction, GoldQuest now holds a 100% interest in Gold Fields' Dominican portfolio.

Update on August 14, 2009):

GoldQuest has received approval from the TSX Venture Exchange to acquire 60% interest in exploration portfolio from Gold Fields.

Announcement (August 5, 2009):

GoldQuest has entered into an agreement to acquire 60% interest in exploration portfolio located at Dominican Republic from Gold Fields.

Under the terms of the agreement, GoldQuest will issue 8.6 million shares of its common stock to Gold Fields and grant a 1.25% royalty interest to Gold Fields in exchange for its 60% undivided interest in the projects.

Deal Type    Acquisition
Sub-Category Asset Purchase
Deal Status  Completed: 2009-11-18

Deal Participants

Target (Company)   Gold Fields Dominican Republic BVI Limited - Gold Mines - Dominican Republic
Acquirer (Company) GoldQuest Mining Corp.
Vendor (Company)   Gold Fields Dominican Republic BVI Limited

Deal Rationale

The acquisition will provide GoldQuest the opportunity to enhance the exploration portfolio and advance several projects to drill stage.

% Acquisition 60%

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