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Press release from Marketwire

Great Quest Announces Private Placement

Friday, May 24, 2013

Great Quest Announces Private Placement

09:30 EDT Friday, May 24, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 24, 2013) - Great Quest Metals Ltd (the "Company") (TSX VENTURE:GQ)(FRANKFURT:GQM) today announced that it intends to complete a non-brokered private placement of up to 1,700,000 units at a price of $0.60 per unit for gross proceeds of around $1,000,000. Each unit will consist of one common share and one common share purchase warrant. Each common share purchase warrant will be exercisable for one common share at a price of $0.80 per share for a period of three years from the date of issue, subject to the Company's right to accelerate the expiry of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to, or exceeds $1.20 for a period of 20 consecutive trading days during the term of the warrant.

The terms and completion of the private placement are subject to TSX Venture Exchange approval. The Company may pay finder's fees in connection with the private placement. The net proceeds from the placement will be used by the Company for operations and general working capital purposes.

About Great Quest

Great 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. To date, the Company has published two resource reports with the total inferred resource now standing at 50 million tonnes at an average grade of 24.3% PΓééOΓéà (at 10% cut-off). Phosphate rock from the Tilemsi Project displayed good characteristics for effective beneficiation with assays ranging between 25% and 38% PΓééOΓéà, and low level of contaminants, especially Cadmium. The Company also holds several gold concessions in the productive Birimian gold belt, in southwestern Mali. 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 METALS LTD.

Jed Richardson - President, CEO & Director

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information:
Great Quest Metals Ltd.
Candice Font
Investor Relations
+1 604 689-2882 or Toll Free: 1 877-325-3838

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