GoldQuest Mining Corp. - GoldQuest in the DR

Dominican Republic GoldQuest in the DR Mining in the DR Geology of the DR Pueblo Viejo Gold Deposit Dominican Photos
Spain GoldQuest in Spain Mining in Spain Geology of Spain Spanish Photos

The company commenced exploration in Dominican Republic in May 2001 by way of a regional stream sediment survey program of the Los Ranchos and Maimon Formations of the eastern DR, and an option to earn-in to projects controlled by a Vancouver-based exploration company.

The company completed a systematic, high-density, fine-fraction (-200#) regional stream sediment program covering an area in excess of 7,000 square kilometers at an average density of 1 sediment sample per 3.8 square kilometers.

Together with an internationally recognized economic geological consultant, the company developed a new geological model for the region. This has lead to a re-interpretation of the mineralization styles and recognition of porphyry copper and gold mineralization within the belt that hosts Pueblo Viejo, one of the largest high sulphidation gold deposits in the world. In November 2006 this geological model was published in Economic Geology**.

In 2003, the company entered into a strategic exploration alliance with Gold Fields Ltd to explore new areas of the Dominican Republic. Gold Fields funded a regional generative exploration program consisting of stream sediment sampling and geological mapping.

In return for fully funding Phase One, Gold Fields acquired a 50% interest of the targets identified within the project area. In 2004 Goldfields converted their 50% stake in the project into an approximate 10% equity stake in GoldQuest with all the projects reverting back to 100% GoldQuest ownership.

In 2006 GoldQuest entered into a new agreement with Gold Fields where Gold Fields could 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.

In early 2009 GoldQuest was advised that Gold Fields had completed their earn-in after spending over $6 million and would not be continuing with the joint venture. In November 2009 GoldQuest reacquired a 100% interest in all of the former joint venture projects from Gold Fields.

**Sillitoe, R.H., Hall, D.J., Redwood, S.D., & Waddell, A.H., A New Model of Formation beneath Barren Limestone Cover for the Giant High-Sulfidation Epithermal Gold-Silver Deposit at Pueblo Viejo, Dominican Republic. Economic Geology; November 2006; v. 101; no. 7; p. 1427-1435.