August 29th, 2023 - TheNewswire - Rockport, Ontario – (TSXV:MQM); (OTC:MQMIF); (FSE:E7Q.F) (“MQM” or “Company”) Has engaged Watts, Griffis and McOuat Ltd. (“WGM”) to conduct infrastructures report on the Lac Otelnuk Iron Ore Project centered on 68°21’W and 56°00’N in the Province of Quebec (See attached map). The recommended rail line links to give the Project access to tide water, interconnect potential mining beneficiaries, and international markets. WGM has been involved with the Lac Otelnuk Project as one of the authors of the historical 2015 Feasibility Study. The aim is to produce a conceptual report detailing up to three rail lines connecting the project to potential port sites.

Proposed Conceptual Report for Rail Links, Lac Otelnuk Iron Ore Project

The report will identify a very high-level estimated range of cost  for each rail line and, if required, port extension.  Further, WGM will on a best-efforts basis attempt to identify all mining companies and their contact information that would benefit from new or expanded rail capacity with the purpose being to collectively work at achieving improved infrastructures to the region. WGM’s study will be based on geomorphology, topography, hydrography, and land occupational (physical access) only. There is extensive engineering, environmental, community consultation, and permitting required to actually plan and build a rail line which is beyond the scope of the study. WGM’s work will be used primarily to promote Lac Otelnuk, consult with stakeholders in the rail lines, and seek to get rail access to support Lac Otelnuk. WGM is slated to complete the proposed report in the coming weeks.

For a general review of the Project please see May 16th Press Release titled ‘MetalQuest Mining Lac Otelnuk Iron Ore Project Overview’.

Click Image To View Full Size

Map of Labrador Through and Centered Otelnuk Mine Site with Historical Rail Lines in Quebec and Newfoundland Provinces.

Harry Barr, CEO and Chairman of MetalQuest Mining, commented: “We are at the early stages of developing one of North Americas largest Iron Ore Projects. It is important for us to understand the proposed transportation of product and optimise routes to ensure we are at lowest possible costs. Better understanding the proposed rail lines will allow us to approach the First Nations who are affected by the Lac Otelnuk Project and illustrate where exactly the project will affect traditional territories. The Company continues to solicit third party iron ore companies, private equity financiers and end-users with the objective of obtaining a joint venture to continue the development of this world class project.”

Qualified Person

The scientific and technical disclosure of the Otelnuk Iron Ore Project for this “News Release” is based on the investigation of this prospect since 2007. The efforts carried by successive Qualified Geologists and Engineers are the foundation of the report’s proposed conceptual proposals.

Mr. Adou Katche, P. Geo, is a geologist and Qualified Person (as defined under NI 43-101), has read and approved the technical information contained in this press release.  Mr. Katche is a senior geologist associate of Watts, Griffis, and McOuat Ltd.; practising member of l’ Ordre des Geologues du Quebec  (License number : 01545) as well as  Professional Geoscientists Ontario (PGO) and (License number : 2677). He mentioned that the data source revealed two major technical reports to be aware of and consulted: (1) TECHNICAL REPORT AND UPDATED MINERAL RESOURCE ESTIMATE FOR THE LAC OTELNUK IRON PROPERTY, LABRADOR TROUGH, NORTHEASTERN QUÉBEC FOR LAC OTELNUK MINING LTD. prepared by Richard W. Risto, M.Sc., P.Geo., Michael Kociumbas, P.Geo., G. Ross MacFarlane, P.Eng., Normand D’Anjou, Eng., M.Sc., Effective Date: October 31, 2013 Toronto, Canada. In the account of WGM, there are no Mineral Reserves defined for the Property in 2013. (2) Lac Otelnuk Project Feasibility Study - NI 43-101 Technical Report FINAL REPORT  for Lac Otelnuk Mining Ltd.  Prepared by R. W. Risto, M.Sc., P. Geo.; M. W. Kociumbas, P. Geo.; R. Martinez, Ing.; J. Lord, Ing.; E. Giroux, Ing. M.Sc.;M. Côté, Ing.; S. Buccitelli, Ing.; J. Cassoff, Ing.; André Bollard, Ing. Effective Date : March 25`h, 2015 and Issue Date : April 23rd,  2015.

About MQM

METALQUEST MINING (MQM) owns a 100% of Otelnuk 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 with 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 ~28.2% stake in Murray Brook PEA Stage Zinc-Polymetallic Deposit, situated in the famous Bathurst Mining District, New Brunswick, Eastern Canada. Votorantim Metals Canada Inc (VM). owns the other 71.8%. Management plans to sell its interest and use the proceeds as a non-dilutive financing to add to the Company’s working capital. Canadian Copper has successfully executed the definitive purchase agreement to acquire VM Canada’s entire 71.8% interest in the Murray Brook Joint Venture.

Investors are invited to visit the MetalQuest Mining website at www.metalquestmining.com    where they can review the company and its corporate activities. Any questions or comments can be directed to Harry Barr at Hbarr@mqmining.com or Farid Mammadov at faridm@mqmining.com or call 613 659 2773.

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“Harry Barr”

Harry G. Barr

Chairman and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. 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.