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Press release from Marketwire

Great Quest Metals Signs Memorandum of Understanding with IFDC for Market and Technical Studies on Tilemsi Phosphate

Monday, July 09, 2012

Great Quest Metals Signs Memorandum of Understanding with IFDC for Market and Technical Studies on Tilemsi Phosphate09:30 EDT Monday, July 09, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2012) - Joel Jeangrand, President & CEO of Great Quest Metals Ltd. ("Great Quest" or the "Company") (TSX VENTURE:GQ)(FRANKFURT:GQM), is pleased to announce that a memorandum of understanding ("MOU") was signed retaining the International Fertilizer Development Center ("IFDC") to conduct specific market and technical studies for its Tilemsi Phosphate Project. IFDC has extensive knowledge of the fertilizer value chain and various market dynamics in West Africa. The market study will evaluate the current market for phosphate both as direct application fertilizer and as a component for blended NPK fertilizer. In addition, IFDC will provide ongoing technical assistance for such matters as fertilizer production and the use of suitable technologies. IFDC has also agreed to provide research and conduct pilot plant scale testing programs on the Company's future product strategy. "IFDC works to improve agricultural productivity globally, particularly in West Africa. As such, we are optimistic that IFDC will bring a wealth of knowledge and experience to the work that Great Quest is doing on the Tilemsi Phosphate Project. Engaging IFDC will give us a strategic head start in developing a business and marketing plan for our proposed phosphate products," commented Joel Jeangrand, CEO of the Company.Amit H. Roy, President and CEO of IFDC, added, "We are glad to see Great Quest assessing future investment strategies for the Tilemsi phosphate deposit, which we studied and recommended for agronomic use as a local phosphate source back in the 90s. At the time, economic considerations (e.g. production and required infrastructure costs) constrained development. However, with today's higher fertilizer and international transport prices, West African countries with significant phosphate rock resources may wish to revisit options for use of indigenous phosphate rock resources as a phosphate fertilizer. We hope that the signature of this MOU will help reach those objectives for the benefit of the farmers." About IFDC IFDC is a public international organization focusing on increasing and sustaining food security and agricultural productivity in over 100 developing countries through the development and transfer of effective and environmentally sound crop nutrient technology and agribusiness expertise. IFDC provides a broad range of services in technical assistance, research, training and problem-solving related to agricultural sustainability. Headquartered in Alabama, United States, it has more than 700 international staff working in more than 30 countries worldwide.ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.Joel Jeangrand, President & CEOGreat Quest Metals Ltd. is a Canadian mineral exploration company with assets in Mali, West Africa. The Company is focused on developing the Tilemsi Phosphate Project, encompassing 1,206 km² in eastern Mali. The Company also holds several gold concessions in the productive Birimian gold belt in western Mali. Great Quest is listed on TSX Venture Exchange (GQ), and the Frankfurt Stock Exchange (GQM).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.12g3-2(b) Exemption #82-3116Standard & Poor's ListedFOR FURTHER INFORMATION PLEASE CONTACT: George ButterworthGreat Quest Metals Ltd.Investor Relations604-689-2882 or Toll Free: 877-325-3838604-684-5854 (FAX)info@greatquest.comwww.greatquest.comNeither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.