GoldQuest: DR Minister of Mines approves Exploitation Permit for the Romero Project

GoldQuest Mining  (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) (“GoldQuest” or the “Company”) is pleased to report that in a press conference today in Santo Domingo that Minister Isa Conde, the Minister of Energy and Mines (“MEM”) of the Dominican Republic, has completed his review of GoldQuest’s Exploitation Permit Application for the Company’s 100% owned Romero Project, approved the Application, and sent it to the President of the Republic for ratification.
The Minister expressed his full support for the project to go ahead. Exploitation Permits in the Dominican Republic are for 75 years, with a Tax Stability Agreement that freezes the tax treatment for the project for a minimum of 25 years protected under the current Mining Law.
Bill Fisher, GoldQuest’s CEO, said:

“We would like to thank Minister Isa Conde for giving his full support to the outstanding Romero gold/copper project. We have reached agreement with the Ministry as to the details of sharing the project’s benefits in a Win- Win formula under the existing law, where the Project’s Net Present Value and Internal Rate of Return remain aligned with previous guidance.
The Company is well funded with over $20 million in treasury and, once we receive the formal Exploitation License, we will rapidly advance towards a production decision at Romero, with the first items being the Full Feasibility Study, outlining project financing, and the Environmental Impact Study, coupled with an accelerated exploration program.”

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