GoldQuest

Dominican Republic’s New President Luis Abinader's Inaugural Speech Supports Investment and Job Creation

VANCOUVER, British Columbia, Aug. 19, 2020 (GLOBE NEWSWIRE) -- GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) On Sunday August 16^th Luis Abinader was inaugurated as President of the Dominican Republic for a four year term. In his inaugural speech, the President set out his vision for his administration, stating,

“We will create a favorable investment climate by guaranteeing legal security, transparency and speed in the hiring process. Furthermore, as of tomorrow, I am ordering all public institutions to accelerate their understanding and to make decisions for any investment that is paralyzed, and that involves job creation.” (translation as per the DR1 news agency)

GoldQuest’s Romero gold project has been paralyzed for several years awaiting government approval, specifically the President’s final approval, to commence formal environmental studies, which, according to independent engineers JDS, could result in life-of-mine expenditures of US$550 million and create up to 1,000 jobs in the construction phase and 343 permanent jobs during the operation phase. (see details of the JDS Pre-Feasibility Study below).

President Abinader has also announced his team including the new minister of Energy and Mines, Snr Antonio Almonte and Vice Minister of Mines, Snr Miguel Dias. Minister Almonte holds a master's degree in nuclear physics from the University of Surrey in Great Britain and a master's degree in Nuclear Engineering from the Institute of Nuclear Studies, Madrid, Spain...  In addition, he conducted courses and trainings such as infrastructure economics at Harvard University. Vice Minister Dias has degrees in Geological and Mining Engineering (DR) and Mineral Processing, University of Wales, UK 1987 and a Ph.D. from the Royal School of Mines, London, UK. He has 27 years of experience in the global mining industry, specifically in environmental affairs. He has worked in Europe, Africa and Latin America, becoming Technical Director of major engineering firm, Amec Foster Wheeler, based in the United Kingdom.

Since President Abinader’s election victory, GoldQuest’s management has already met with the Minister of Energy and Mines, the Minister of Finance and the Minister of Economy, Planning and Development, presenting our projects, and our commitment to the DR’s mining sector, and have been encouraged by their understanding of our Company’s situation, reflecting and supporting the positive statements by President Abinader.