++price++, page-23

re: no one is selling!!!!!!! once this completed, it should jump higher again - it's been 3 weeks since - so can be due anytime now

"negotiate formal and binding agreement, to progress AusQuest’s recently

identified Nameless iron ore exploration project,"

The Board of AusQuest Limited (ASX: AQD) (“AusQuest” or “the Company”) is pleased to

announce that it has signed a Letter of Intent (LOI) with Hamersley Iron Pty Limited, a

member of the Rio Tinto Group (“Rio Tinto”), setting out the basis on which the companies

intend to negotiate a formal and binding agreement, to progress AusQuest’s recently

identified Nameless iron ore exploration project, located 5 kilometres from the town of Tom

Price in the Pilbara region of WA.

The Nameless Prospect is part of AusQuest’s portfolio of iron- and nickel-prospective

tenements in the Pilbara region of WA and encompasses a potentially substantial pisolitic iron

ore target identified by AusQuest earlier this year, located in close proximity to Rio Tinto’s

existing mining operations in the Tom Price area.