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Quest B-Zone Winter Drilling Intersects 143.2 Metres at 1.16% TREO Including 3.08% TREO Over 13.4 Metres, Strange Lake, Quebec

TORONTO, ONTARIO--(Marketwire - 06/02/11) - Quest Rare Minerals Ltd. (TSX-V:QRM - News)(AMEX:QRM - News) is pleased to report the remaining assay results from the 2010 diamond drilling program completed on its B-Zone Rare Earth Element (REE) deposit. Final lab results for holes BZ-11-097 to BZ-11-117 have returned multiple, high-grade Total Rare Earth Oxide (TREO) intersections of between 1.10% and 4.87% over thicknesses of 1.18 m to 143.2 m. Heavy Rare Earth Oxide (HREO) represents between 35.3% and 64.9% of the TREO content intersected in the new drilling. Best intersection grades returned 1.2% TREO over 121.2 m (BZ11109), including 2.09% TREO over 26.9 m and 3.2% TREO over 13.7 m ; 1.81% TREO over 32.8 m (BZ11100) including 1.77% TREO over 13.7 m and 1.16% TREO over 143.2 m (BZ11099) including 1.50% TREO over 64.6 m and 3.08% TREO over 13.4 m. Important enrichment in zirconium (ZrO2), niobium (Nb2O5) and hafnium (HfO2) continues to characterize mineralization. The detailed drill sample analysis table is available on Quest's website homepage at www.questrareminerals.com."Our 2011 winter program has now provided Quest with the confidence that the zone of higher-grade pegmatite-style mineralization continues northward from the current limits used in the calculation of our recently published revised resource estimate of the B-Zone deposit," said Peter Cashin, Quest's President & CEO. "Our exploration efforts will now focus on bringing our Indicated Resource into a production schedule to be used in the pre-feasibility study now underway for the B-Zone. We have now defined sufficient resources to more than satisfy the minimum 25-year production model established by the Preliminary Economic Assessment report delivered last September."B-Zone Winter Drill ProgramAssays have been received for 21 diamond drill holes of the winter program representing 2,853.6 m (see Table 1). The drilling program tested the northward continuation of the B-Zone under Lac Brisson at drill centers of between 50 to 100 m. The drill results have confirmed the presence of strong pegmatite-style REE mineralization and extended the Zone for at least 275.0 m further north from the previously established limits. Drilling shows the mineralization to be a set of relatively flat dipping horizontal sheets. The mineralization has been defined to vertical depths of over 168.0 m and comprises the highest grades observed in the B-Zone deposit.The best results from the additional drillholes of the program (see Table 1 for drillhole locations) are:

 

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From To Length HREO/
Borehole (m) (m) (m) TREO% LREO% HREO% TREO %
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BZ11097 15.00 71.88 56.88 1.0232 0.5631 0.4601 44.96
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BZ11097 17.60 24.56 6.96 1.2626 0.5149 0.7478 59.23
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BZ11097 47.86 53.75 5.89 1.3110 0.6592 0.6518 49.72
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BZ11098 13.30 30.18 16.88 1.6823 0.7142 0.9681 57.55
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BZ11098 16.00 22.25 6.25 2.8199 1.2148 1.6051 56.92
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BZ11098 18.00 22.25 4.25 3.1268 1.4662 1.6607 53.11
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BZ11098 69.77 93.79 24.02 1.1877 0.6203 0.5676 47.79
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BZ11098 74.53 82.84 8.31 1.4926 0.6495 0.8432 56.49
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BZ11099 10.80 154.00 143.20 1.1640 0.6801 0.4839 41.57
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BZ11099 15.50 80.15 64.65 1.5021 0.8540 0.6480 43.14
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BZ11099 15.50 25.77 10.27 1.6853 0.8516 0.8337 49.47
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BZ11099 62.05 80.15 18.10 2.5166 1.4123 1.1044 43.88
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BZ11099 66.80 80.15 13.35 3.0781 1.7652 1.3130 42.66
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BZ11099 71.52 74.95 3.43 4.6349 2.9814 1.6535 35.67
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BZ11100 15.00 156.00 141.00 1.1322 0.5655 0.5667 50.06
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BZ11100 25.20 110.55 85.35 1.3412 0.6112 0.7300 54.43
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BZ11100 25.22 58.00 32.78 1.8140 0.6362 1.1777 64.93
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BZ11100 26.60 32.00 5.40 3.7813 0.8822 2.8992 76.67
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BZ11100 35.80 49.46 13.66 1.7712 0.6843 1.0868 61.36
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BZ11100 65.78 67.18 1.40 2.1325 1.0477 1.0843 50.84
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BZ11100 76.50 85.50 9.00 1.7791 1.1513 0.6276 35.28
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BZ11100 77.69 81.53 3.84 2.3222 1.5205 0.8016 34.52
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BZ11100 107.68 110.55 2.87 1.2652 0.4878 0.7771 61.42
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BZ11102 99.00 104.90 5.90 1.6454 0.8777 0.7680 46.68
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BZ11102 102.00 103.25 1.25 3.2310 1.5902 1.6408 50.78
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BZ11104 13.57 26.40 12.83 1.9534 0.6252 1.3283 68.00
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BZ11104 17.40 21.50 4.10 3.6694 0.9564 2.7130 73.94
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BZ11105 17.90 75.00 57.10 1.1069 0.6208 0.4862 43.92
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BZ11105 44.20 46.86 2.66 1.5682 0.8537 0.7144 45.55
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BZ11105 64.70 73.00 8.30 1.6501 0.8161 0.8341 50.55
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BZ11106 20.30 72.15 51.85 1.1341 0.5790 0.5552 48.95
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BZ11106 37.78 41.00 3.22 1.8113 0.8188 0.9925 54.80
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BZ11106 58.20 67.00 8.80 1.9321 0.8282 1.1039 57.14
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BZ11106 60.00 66.00 6.00 2.2393 0.8995 1.3398 59.83
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BZ11107 21.06 42.05 20.99 1.4306 0.7247 0.7060 49.35
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BZ11107 21.06 71.70 50.64 1.2862 0.6836 0.6027 46.86
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BZ11107 26.70 42.05 15.35 1.6011 0.8074 0.7937 49.58
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BZ11107 26.70 27.88 1.18 4.8694 2.1941 2.6748 54.93
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BZ11107 65.05 71.70 6.65 2.4287 1.2755 1.1535 47.49
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BZ11108 10.99 77.00 66.01 1.0874 0.5842 0.5032 46.27
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BZ11108 10.99 15.90 4.91 1.4102 0.6088 0.8017 56.85
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BZ11108 39.00 40.10 1.10 1.7850 0.6180 1.1670 65.38
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BZ11108 59.86 75.00 15.14 1.4897 0.7013 0.7884 52.92
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BZ11108 65.90 69.00 3.10 2.9755 1.2584 1.7167 57.70
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BZ11109 15.83 137.00 121.17 1.1999 0.6891 0.5109 42.58
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BZ11109 70.12 97.00 26.88 2.0917 0.9933 1.0985 52.52
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BZ11109 79.00 86.00 7.00 2.8862 1.3327 1.5536 53.83
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BZ11109 79.00 92.70 13.70 3.2009 1.5191 1.6818 52.54
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BZ11109 88.00 92.70 4.70 4.6932 2.3022 2.3908 50.94
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BZ11110 87.23 101.55 14.32 1.4462 0.6385 0.8078 55.86
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BZ11110 87.23 94.68 7.45 1.7548 0.7228 1.0324 58.83
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BZ11110 92.78 94.68 1.90 2.5817 0.9560 1.6261 62.99
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BZ11111 7.00 17.00 10.00 1.2174 0.4636 0.7538 61.92
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BZ11111 31.27 38.60 7.33 1.1422 0.6423 0.4997 43.75
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BZ11111 58.40 76.00 17.60 1.0978 0.6238 0.4741 43.19
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BZ11111 71.90 76.00 4.10 1.3583 0.5302 0.8284 60.99
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BZ11113 29.99 32.70 2.71 2.0876 1.2728 0.8148 39.03
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BZ11113 40.88 42.56 1.68 1.0530 0.4643 0.5880 55.84
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BZ11113 70.00 78.00 8.00 1.3794 0.8675 0.5120 37.12
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BZ11113 77.53 77.80 0.27 3.2350 1.7220 1.5120 46.74
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BZ11114 87.43 96.00 8.57 2.2295 0.9393 1.2903 57.87
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BZ11114 89.00 92.00 3.00 3.3417 1.3273 2.0147 60.29
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BZ11114 112.00 114.00 2.00 1.3710 0.8030 0.5680 41.43
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BZ11116 35.73 41.00 5.27 1.0838 0.4584 0.6250 57.67
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BZ11116 46.08 50.00 3.92 1.3162 0.5710 0.7448 56.59
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BZ11116 58.00 61.00 3.00 1.3273 0.5978 0.7296 54.96
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BZ11117 23.70 72.00 48.30 1.1770 0.8491 0.3280 27.87
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BZ11117 23.70 42.00 18.30 1.4011 1.0451 0.3562 25.42
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BZ11117 40.69 42.00 1.31 2.2360 1.6370 0.5990 26.79
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BZ11117 70.00 72.00 2.00 1.9020 1.6660 0.2370 12.46
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Where: TREO=Total Rare Earth Oxides, includes Y2O3=yttrium oxide ((i)),
La2O3=lanthanum oxide ((i)), Ce2O3=cerium oxide ((i)), Pr2O3=praseodymium
oxide ((i)), Nd2O3=neodymium oxide ((i)), Sm2O3=samarium oxide,
Eu2O3=europium oxide, Gd2O3=gadolinium oxide, Tb2O3=terbium oxide ((i)),
Dy2O3=dysprosium oxide ((i)), Ho2O3=holmium oxide, Er2O3=erbium oxide,
Tm2O3=thulium oxide ((i)), Yb2O3=ytterbium oxide, Lu2O3=lutetium oxide
((i)); LREO=light rare earth oxides, includes La2O3=lanthanum oxide,
Ce2O3=cerium oxide, Pr2O3=praseodymium oxide, Nd2O3=neodymium oxide,
Sm2O3=samarium oxide; HREO=heavy rare earth oxides, includes Y2O3=yttrium
oxide, Eu2O3=europium oxide, Gd2O3=gadolinium oxide, Tb2O3=terbium oxide,
Dy2O3=dysprosium oxide, Ho2O3=holmium oxide, Er2O3=erbium oxide,
Tm2O3=thulium oxide, Yb2O3=ytterbium oxide, Lu2O3=lutetium oxide. The
principal REO at the B-Zone are depicted by an asterisk ((i)).

The better grades of mineralization are associated with what is termed the Pegmatite Zone which is composed of a high proportion of pegmatite sheets that are intercalated with extremely altered Strange Lake peralkaline granite at the uppermost parts of the B-Zone mineralized system. The highly-altered, granite-hosted zones continue to carry elevated grades of REE in excess of 0.7% TREO over core lengths of over 314.6 m (see Press Release: December 9, 2010). These grades exceed the economic cut-off of 0.58% TREO determined for the deposit by our recent revised resource estimate for the B-Zone (see Press Release : April 13, 2011).Summer 2011 Exploration ProgramPlans for upcoming summer work on the property are well advanced and will include 35,000 m of exploration and geotechnical drilling, prospecting, geological mapping and rock sampling as well as the collection for additional bulk sample material to supplement an 18-tonne sample collected last fall. This material will be used for the planned Pilot Mill testing program to be undertaken once the metallurgical flow sheet for the B-Zone has been finalized. In addition, preliminary engineering and baseline environmental work for use in the current pre-feasibility study for the deposit will be undertaken. In order to house a significantly expanded crew at Strange Lake, construction work is underway to enlarge Quest's exploration camp to accommodate 100 employees, up from the current 55.Quality ControlMr. Peter Cashin, P. Geo., is the qualified person on the Strange Lake Project under National Instrument 43-101 and is responsible for this news release. Material for analysis has been obtained from drill core which was cut in half using a diamond saw. Half of the core was sent to the lab for analysis, with the remaining half left on-site for future reference. A strict QA/QC program is followed which includes the use of elemental standards, duplicates and blanks. Analyses were performed by Activation Laboratory Limited of Ancaster, Ontario.About Quest Rare MineralsQuest Rare Minerals Ltd. is a Canadian-based exploration company focused on the identification and discovery of new and significant Rare Earth deposit opportunities. Quest is publicly listed on the TSX Venture Exchange and NYSE Amex as "QRM" 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 exploration areas: the Strange Lake and Misery Lake areas of northeastern Quebec and the Plaster Rock area of northwestern New Brunswick. Quest's 2009 exploration led to the discovery of a significant new Rare Earth metal deposit, the B-Zone, on its Strange Lake property in northeastern Quebec. Quest recently filed a 43-101 Indicated and Inferred Resource Estimate on the B-Zone deposit and has completed a Preliminary Economic Assessment (PEA) for the deposit. In addition, Quest announced the discovery of an important new area of REE mineralization on its Misery Lake project, approximately 120 km south of Strange Lake project. Quest continues to pursue high-value project opportunities throughout North America. As a result of a marketed equity financing completed in October 2010, Quest has a strong working capital position of $50.0 million. This will be sufficient to advance Quest's plans of completing pre-feasibility and Bankable feasibility studies of the B-Zone REE deposit by 2012 and to continue exploration on its other rare earth property interests.Forward-Looking StatementsThis news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and U.S. securities legislation. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Quest Rare Minerals Ltd. ("Quest"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Quest will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Quest's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in Quest's annual information form dated March 2, 2011, and under the heading "Risk Factors" in Quest's Management's Discussion and Analysis for the quarter ended January 31, 2011, both of which are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Quest does not intend, nor does Quest undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.To view Figure 1 - Geological and Winter Diamond Drilling Compilation Map, B-Zone REE Deposit, Strange Lake Project, Quebec, please visit the following link: http://media3.marketwire.com/docs/qrm0602fig1.pdf.

 

Table 1 - Winter Diamond Drillhole Location Table, B-Zone Deposit, Strange
Lake Project, Quebec

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Depth Elevation Azimuth
HOLE-ID (m) Easting Northing (m) Dip (degrees)
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BZ11097 153.0 428110.00 6243261.00 445.25 -90.00 0.00
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BZ11098 150.0 428014.00 6243234.00 445.25 -90.00 0.00
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BZ11099 154.0 428110.00 6243261.00 445.25 -50.00 142.00
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BZ11100 156.0 428014.00 6243234.00 445.25 -50.00 142.00
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BZ11101 129.0 428082.00 6243328.00 445.25 -90.00 0.00
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BZ11102 117.0 427985.00 6243295.00 445.25 -90.00 0.00
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BZ11103 140.0 428045.00 6243393.00 445.25 -90.00 0.00
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BZ11104 159.0 428053.00 6243280.00 445.25 -90.00 0.00
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BZ11105 159.0 428195.00 6243279.00 445.25 -65.00 150.00
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BZ11106 119.0 428143.00 6243309.00 445.25 -90.00 0.00
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BZ11107 95.1 428061.00 6243242.00 445.25 -55.00 150.00
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BZ11108 168.0 428192.00 6243329.00 445.25 -90.00 0.00
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BZ11109 137.0 428156.00 6243387.00 445.25 -90.00 0.00
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BZ11110 149.0 427965.00 6243221.00 445.25 -50.00 150.00
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BZ11111 139.0 428255.00 6243321.00 445.25 -90.00 0.00
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BZ11112 117.0 428015.00 6243340.00 445.25 -90.00 0.00
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BZ11113 89.0 428217.00 6243383.00 445.25 -90.00 0.00
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BZ11114 129.0 428184.00 6243439.00 445.25 -90.00 0.00
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BZ11115 138.5 428305.00 6243311.00 445.25 -90.00 0.00
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BZ11116 107.0 428366.00 6243315.00 445.25 -90.00 0.00
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BZ11117 149.0 428278.00 6243375.00 445.25 -90.00 0.00
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