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Update on Tilemsi Phosphate Project

Monday, June 8th, 2009

Great Quest Metals Ltd. reports that it has commissioned a scoping study on the potential of the Tilemsi phosphate project, in eastern Mali, West Africa, which includes further analysis of the domestic market for phosphate in Mali. This study is being prepared for the use of Malian banks in determining the feasibility of extending a loan for the project and is part of the continuing evaluation of this industrial mineral project necessitated by the volatility of industrial mineral prices and demand. The Company’s Mali office is continuing its dialogue with Malian banks on the status of the project and possible financing. Great Quest is considering a number of strategies in regard to the possible acquisition of all or part of the project.
To facilitate negotiations with the Government, the Company was required to send C$250,000 for deposit in a Malian bank. A total of C$180,000 of this amount was borrowed from two Lenders. Under the terms of the Agreement on the non-interest bearing loan, the Company is issuing 225,000 bonus shares at a deemed value of $0.04 per share, subject to TSX Venture Exchange approval.
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