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OTC Symbol Change to MQMIF Additional Claims added to Lac Otelnuk Project in Quebec Early Warning Report
February 1, 2023, Vancouver, BC, Canada – MetalQuest Mining Inc. (formerly El Nino Ventures Inc.) (“MQM” or the “Company”) (TSXV: MQM; OTCQB: ELNOF; FSE: E7Q.F). The Company is pleased to announce that FINRA has approved the change of the Company’s stock symbol trading from ELNOF to MQMIF. Effective February 2, 2023, the Company’s common shares will begin trading on the OTC Pink Markets under its new symbol MQMIF. The Company’s common shares will continue to trade on the TSX Venture Exchange under the symbol MQM and on the Frankfurt Stock Exchange under the symbol E7Q.
The Company also announces that, further to its news release of November 16, 2022 and November 22, 2022, the Company has acquired a 100% interest in an additional 113 claims from the Vendor (743584 Ontario Inc.) for a total of 306 claims within the Lac Otelnuk Iron Ore Project by paying for the 2022 assessment and associated expenses. All 306 claims are subject to a 2.5% royalty with an option to buy-down 1.75% of the royalty as outlined in the November 22, 2022 announcement.
In addition, Harry Barr, Chairman and CEO of the Company announces the filing of an early warning report. On January 30 and January 31, 2023, Barr acquired 32,000 common shares of the Issuer at an average price of $0.083 per share. Since the last report filed, Mr. Barr also acquired an additional 1,042,110 common shares in the capital of the Company at an average price of $0.125 and had 4,200,000 warrants and options expire decreasing his post-conversion ownership by 6.78%. Prior to Mr. Barr’s transactions, he was deemed to have control over 6,746,742 common shares, of which 1,381,170 common shares are held by New Age Metals Inc., and 4,600,000 stock options and warrants entitling Mr. Barr to purchase an additional 4,600,000 common shares in the capital of the Company representing approximately 36% of the Company’s current issued and outstanding shares on a post-conversion beneficial ownership basis. Mr. Barr now holds 7,820,852 common shares, of which 1,734,240 common shares are held by New Age Metals Inc., and 60,000 stock options entitling Mr. Barr to purchase an additional 60,000 common shares in the capital of the Company representing approximately 29.22% of the Company’s issued and outstanding shares on a post-conversion beneficial ownership basis. The full report may be obtained from SEDAR or by contacting the Company.
About Lac Otelnuk Project
The Project is located in Nunavik, Province of Quebec, in the central portion of the Labrador Trough iron range. The property is situated approximately 155km in a straight-line northwest of Schefferville and 255KM South of Kuujjuaq. Schefferville is located approximately 1200km northeast of Montreal.
The Project has previous expenditures of approximately $150 million, including 43-101 resource calculations completed in 2013 and a Feasibility Study completed on it in March of 2015. Management is completing its due diligence and working with several technical groups to form a go-forward plan. The Company plans to press release further details on the Project and its development plan within the next 30 – 60 days.
About MetalQuest Mining Inc.
MetalQuest Mining Inc. is a mineral exploration company, who for the last 13 years working with Votorantim Metals Canada Inc. (“Votorantim”), has focused on Exploration for Zinc, Lead, Copper and Silver, and gold in New Brunswick, Canada.
Management is currently reviewing its options in regards to its 29.1% minority interest in our Murray Brook joint venture with Votorantim. One of the company’s strategic plans is to sell its interest in the Murray Brook Zn-Pb Project. ELN did receive a 0.67% net smelter return (“NSR”) royalty on the Murray Brook Project as part of its previous agreement with Puma Exploration (“Puma”). However, Puma was unable to complete the option it had to purchase Murray Brook.
The road accessible Murray Brook Deposit represents one of the largest undeveloped VMS polymetallic projects in the world-renown Bathurst Mining Camp, New Brunswick.
On behalf of the Board of Directors
“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.