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In 2003, the company entered into a strategic alliance with Gold Fields Ltd to explore the under explored western Dominican Republic. Gold Fields funded 100% of Phase One of the project that comprised of a regional stream sediment exploration program to the value of US$250,000.
GoldQuest geologists completed a systematic, high-density, fine-fraction (-200#) regional stream sediment program covering an area in excess of 4,500 square kilometers at an average density of 1 sediment sample per 3.4 square kilometers.
In return for fully funding Phase One, Gold Fields acquired 50% of the targets identified within the project area. In 2004 Goldfields converted their 50% stake of the project into a 9.25% equity stake in GoldQuest with all the projects reverting back to 100% GoldQuest ownership.
In January 2006 GoldQuest entered into a new agreement with Gold Fields where Gold Fields can earn a 60% interest in select GoldQuest projects by spending US$5M over three years with a minimum expenditure of US$1M in the first year.
Numerous gold-copper-zinc targets have been identified the details of which can be found on the individual project pages.
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