TORONTO, ONTARIO--(Marketwire - Nov. 10, 2008) - Quest Uranium Corporation ("Quest") (TSX VENTURE:QUC) announces that it has held a first closing of a private placement by issuing 1,400,000 "flow-through" common shares to Mavrix of Toronto, Ontario at a price of $0.125 per share, for proceeds to Quest of $175,000.
Quest will use the proceeds from the private placement for exploration on its properties in eastern Canada. No commissions were paid by Quest in connection with the issuance of the "flow-through" shares to Mavrix.
The sale of the 1,400,000 "flow-through" shares represents the first tranche of a private placement of up to 5,400,000 "flow-through" shares, for maximum gross proceeds to Quest of $675,000. Quest expects that a final closing of the private placement will take place on or about November 21, 2008 and that certain directors and officers of Quest will be among the subscribers.
Under applicable securities legislation and the policies of the TSX Venture Exchange, the shares issued at the first closing of the private placement are subject to a hold period expiring on March 8, 2009.
As a result of the first closing, there are 22,756,891 common shares of Quest issued and outstanding.
About Quest Uranium
Quest Uranium Corporation is a Canadian-based, pure-uranium exploration company focused on the identification and discovery of new world-class uranium deposit opportunities. The company is publically-listed on the TSX Venture Exchange as "QUC" and is led by a highly-respected management and technical team with a proven mine-finding track record. Quest is currently advancing several high-potential projects in Canada's premier uranium exploration areas: the George River Belt of northeastern Quebec, the Kenora area of northwestern Ontario and the Plaster Rock area of northwestern New Brunswick. Quest also has a clear route to 50% ownership of a large uranium property in the James Bay area, Quebec under option from Midland Exploration Inc. Quest recently optioned its Nanuk and Stewart Lake properties in the George River area to Nebu Resources Inc., whereby Nebu is committed to spending $1 million in exploration on the properties in 2008 and $3.0 million over the next three years. Quest continues to identify new, high-potential project opportunities throughout North America.
This press release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".
FOR FURTHER INFORMATION PLEASE CONTACT:
Quest Uranium Corporation
Peter J. Cashin
President & CEO
(416) 916-0777 or 1-887-916-0777
(416) 916-0779 (FAX)