Quest International Resources Corp.: Joint Venture in Africa, Exclusive Mineral Rights Granted.RENO, NEVADA--(BUSINESS WIRE)--Sept. 24, 1997--QUEST INT'L (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : QIX., NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : QIXXF.) Seven Star Minerals and Quest International Resources Corporation have entered into a Joint Venture agreement wherein they will be granted the exclusive mineral rights to five specific geographical regions in the Republic of Djibouti Noun 1. Republic of Djibouti - a country in northeastern Africa on the Somali peninsula; formerly under French control but became independent in 1997 Afars and Issas, Djibouti , located in the Horn of Africa Horn of Africa, peninsula, NE Africa, opposite the S Arabia Peninsula. Also known as the Somali Peninsula, it encompasses Somalia and E Ethiopia and is the easternmost extension of the continent, separating the Gulf of Aden from the Indian Ocean. at the entrance to the Red Sea. The five regions were the only areas designated as prime mineral targets by the United States Geological Survey The United States Geological Survey (USGS) is a scientific agency of the United States government. The scientists of the USGS study the landscape of the United States, its natural resources, and the natural hazards that threaten it. (USGS USGS United States Geological Survey (US Department of the Interior) ) which, in a 1992 study, stated that the "region has potential for containing economically recoverable amounts of precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. ". In 1995, after taking additional samples from Djibouti, the USGS concluded that "Djibouti (and probably its neighbors) have anomalous concentrations of gold, silver and base metals (copper, lead and zinc). Young volcanic-hosted hydro-thermal mineral deposits like these are the dominant gold deposit types in Nevada and are easily mined and processed with low capital investment. These gold anomalies would have immediately led to private sector exploration if they had been found in the United States." Seven Star has entered into an agreement with the government of Djibouti, in an associated letter of protocol covering the period through May 1998, granting Seven Star exclusive mineral rights to five areas within the country. Seven Star and Quest expect to convert the protocol agreement into a mining concession by the last quarter 1997, thereby granting Seven Star and Quest exclusive mineral rights to the five regions targeted by the USGS. "We are extremely proud to be involved in a project of this importance and magnitude," stated Donald L. Gustafson, president of Quest. "The opportunity in Djibouti represents an entirely new frontier. It is an area of known mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. where no mining or exploration has previously taken place." Patrick Riley, president of Seven Star Minerals, explained that "Djibouti sits on a favorable geologic trend at the confluence of three continental plates and is surrounded by gold producing areas. Gold has been found in 800 locations in Saudi Arabia and the number of mining exploration companies operating in Ethiopia alone has increased from one in 1994 to more than a dozen today. Ethiopia's Lega Dembi mine produces almost three tons of gold annually." Quest International Resources, traded on the TSE and NASDAQ exchanges, is an exploration and development company with holdings in the United States, Canada and Honduras. Seven Star Minerals is a privately held mineral resource development and consulting company. Lennard D. Glogauer, Vice President Corporate Communication and Investor Relations -0- The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and NASDAQ have neither approved nor disapproved of the contents of this press release. CONTACT: Quest International Resources Corporation Lennard D. Glogauer, 702/823-2400 or 1-800-663-8947 (Toll Free) 702/823-2420 (FAX) http://www.questintl-resources.com E-mail: questmgt@ix.netcom.com |
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