GoldQuest Congratulates Dominican Republic’s President-elect Mr. Luis Abinader

VANCOUVER, British Columbia, July 07, 2020 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) On Sunday July 5^th the people of the Dominican Republic elected Mr. Luis Abinader as the next President.  The Company understands that Mr. Abinader received a clear majority of the votes cast and will assume power on August 16^th of this year.  Mr. Abinader is the leader of the Modern Revolutionary Party, which marks the end of 16 years with the Presidency held by the Dominican Liberation Party.  He graduated from the Instituto Tecnológico de Santo Domingo with a degree in economics, studied Corporate Finance and Financial Engineering at Harvard University, and Advanced Management at Dartmouth College, New Hampshire.  He followed with postgraduate studies in Project Management at Hult International Business School, Cambridge, Massachusetts.

“GoldQuest congratulates Mr. Abinader on his victory and looks forward to working with both the President and his government in advancing the Romero gold/copper Project as well as the exploration concessions held by the Company,” commented David Massola, CEO of GoldQuest. “We have demonstrated the substantial economical benefits to the Dominican economy both at the local and federal levels while acting in both a socially and environmentally responsible manner.  The Minister of Mines and Energy approved the Romero Project in January 2018, and the Company awaits a Certificate from the Presidential Palace to endorse the Minister’s decision.  Once we obtain the Romero Exploitation license, we will be in a position to begin to realize these benefits for the Company, country and community.”

The independently produced Pre-Feasibility Study for the Romero Project (“PFS”) dated November 10, 2016 (see the Company’s press release of September 27, 2016) provides that at a gold price of US$1,300 and copper price of US$2.50 the project returns a Net Present Value (NPV5%) of US$203 million after tax and an Internal Rate of Return (IRR) of 28%.  The study was carried out at a gold price of US$1,300 per ounce of gold, and US$2.50 per pound of copper.  For reference, today’s prices are US$1,784 per ounce of gold (37% higher than PFS price) and copper of US$2.79 per pound (12% higher than the PFS price), thus the Company expects returns  to be higher at current gold prices.