Ontario - (TSX.V: MQM; OTCQB: MQMIF; FSE: E7Q.F) ('MQM' or 'Company') In the last quarter of 2022, the Company acquired 100% one of the largest undeveloped Iron ore projects in North America, in Quebec's Labrador Trough.
In February 2023, the Quebec government transferred a 100% of the claims from the vendor to MetalQuest Mining Inc. Thus, this acquisition provides our shareholders with a world-class Iron ore deposit. The purpose of this press release is to provide complete technical data on the activities conducted on the project to date and to provide a follow up plan for the development of the project.
Project Activities
Harry Barr, CEO and Chairman of MetalQuest Mining, commented: 'The Lac Otelnuk Iron Ore Project is one of the most advanced projects I have been able to acquire in my many years in the mining industry. To date, the development of this project has revealed an established multi-billion-ton resource upon which a feasibility study was completed in 2015. The project is paid for and there are no mandatory property payments, exploration expenditures, project expenditures, and/or pre-royalty payments. The project has approximately C$30 million in assessment credits and is in good standing for years to come. The only obligation of the company to the previous owner is a 2.5% royalty on production that can be bought down to 0.7%.''Our go-forward plan is to complete a Memorandum of Understanding (MOU) with the local First Nations, on whose traditional territories where the Lac Otelnuk Iron Ore Project is located. Having completed 43 deals with major mining companies, our plan utilizing our newly established Iron ore database is to find an Option/Joint Venture partner to help us further develop this world-class iron ore project.'
Highlights of the Historic Mineral Resource Estimate and 2015 Feasibility Study In 2015, a previous operator of the project (Lac Otelnuk Mining), ordered an updated Feasibility Study, dated March 25, 2015. No material changes to the geological and engineering components of this study have changed since this time; however, updated economics assumptions may alter the study's findings. Consequently, we caution that a qualified person has not done sufficient work to classify the historic resources and reserves as current. MetalQuest Mining is therefore not treating these historic mineral reserves and resources as current.
Test work performed on the project composite samples has demonstrated concentrate grades with 68.5% iron with an implemented metallurgical recovery of 27.6% weight recovery. The following tables show mineral resource, reserves, and estimates.
About MQM
METALQUEST MINING (MQM) owns a 100% of and is further looking to develop one of the largest Iron ore projects in North America. The Lac Otelnuk Iron Ore Project is located in Quebec's Labrador Trough and is approximately 165 km by air northwest of the village of Schefferville, and 1200 km northeast of Montreal by air. Given the size and scope of the Lac Otelnuk Project, management of MQM are working with a Toronto-based engineering Company familiar with the project to create a go-forward development plan. The Quebec government has recently transferred the claims into MQM's name and management is accumulating a vast amount of technical data as approximately $150 million has been expended on the project to date. Going forward, one of our primary objectives will be to work Wasayao Strategy Group, a Quebec-based First Nations consulting firm, that will work with MQM to secure a Memorandum of Understanding (MOU) with local First Nations and other stakeholders. Management is continuing to develop its in-house Iron ore database to enable the Company to secure an Option/Joint Venture partner from the Iron ore industry. The Company is diversified with a 29.2% stake in Murray Brook PEA Stage Zinc-Polymetallic Deposit, situated in the famous Bathurst Mining District, New Brunswick, Eastern Canada. Votorantim Metals Canada Inc. owns the other 70.8%. Management plans to sell its interest and use the proceeds as a non-dilutive financing to add to the Company's working capital.
Contact:
Tel: 613 659 2773.
In addition, forward-looking statements include statements in which the Company uses words such as 'continue', 'efforts', 'expect', 'believe', 'anticipate', 'confident', 'intend', 'strategy', 'plan', 'will', 'estimate', 'project', 'goal', 'target', 'prospects', 'optimistic' or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company's ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
METALQUEST MINING INC. 
