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Great Quest Metals Ltd.: Grant of Stock Options, Update on the Kenieba Area

2008-04-08 08:29:00

Great Quest Metals Ltd.: Grant of Stock Options, Update on the Kenieba Area

VANCOUVER, BRITISH COLUMBIA–( EMWNews – April 8, 2008) – Willis W. Osborne, President of Great Quest Metals Ltd. (TSX VENTURE:GQ)(FRANKFURT:GQM), wishes to report the grant of 700,000 stock options to directors, officers and consultants of the Company. Each stock option entitles the holder to purchase one common share of the Company’s capital stock at $0.25 for a term of five years. The stock options granted today are in accordance with the Company’s stock option plan, and are subject to regulatory approval.

In other matters, Great Quest currently holds the Kenieba concession where an NI 43-101 compliant, inferred mineral resource in the Djambaye 2 gold zone was recently (January 28, 2008) upgraded by Carl Verley (P. Geo.) to 324,000 ounces of gold. This equates to 2,574,000 tonnes of 3.92 grams per tonne gold or 10.08 tonnes of gold.

The outlook in the Kenieba area has been considerably enhanced with the announcement (March 25, 2008) by Nevsun Resources Ltd. that Avion Resource Corp. has agreed to pay Nevsun $20 million plus a 1% net smelter return royalty on future production subject to regulatory approval and financing by Avion for the Tabakoto mine, the Segala property and other exploration projects. Great Quest’s Kenieba concession is south of and adjacent to these concessions and 6 kilometres south of the Tabakoto mine.

Nevsun suspended operations on the Tabakoto mine and put all of its holdings in Mali up for sale in September, 2007. According to Avion President and CEO, Rene Bharti, in a March 25, 2008 announcement, “This acquisition represents an exciting opportunity for Avion to acquire what it considers to be prospective gold properties and, if warranted, accelerate the projects’ timeline to production without the burden of a large capital expenditure requirement.”

Carl Verley, the Qualified Person pursuant to NI 43-101, has reviewed the contents of this news release.

ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.

Willis W. Osborne, President

12g3-2(b) Exemption #82-3116

Standard & Poor’s Listed

The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from the targeted results.

The TSX Venture Exchange has neither approved nor disapproved the information enclosed in this release.

For more information, please contact

Great Quest Metals Ltd.
George Butterworth
Investor Relations
(604) 689-2882 or Toll Free: 1-877-325-3838
(604) 684-5854 (FAX)
Email: [email protected]
Website: www.greatquest.com

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Freelance Writer, Journalist and Father of 5

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