Mr. Julio Espaillat reports

GOLDQUEST REPORTS ASSAY RESULTS FROM THE SECOND HOLE AT ROMERO, DOMINICAN REPUBLIC; INCLUDES 159 METRES GRADING 4.5 G/T GOLD AND 1% COPPER AND 24 METRES GRADING 7.5 G/T GOLD AND 0.9% COPPER

Goldquest Mining Corp. has released the assay results of hole LTP 92, the second vertical hole into the Romero discovery, within the company's 100-per-cent-owned Las Tres Palmas trend in the Dominican Republic. The location is 25 metres to the west and four metres lower in elevation than the discovery hole LTP 90, which returned 231 metres grading 2.4 grams per tonne gold (see release of May 29, 2012). Hole LTP 92 displayed similar characteristics to hole LTP 90, with an upper gold unit from 28 metres below surface, with low copper and some zinc, followed by deeper, higher grade gold and copper horizons at depth. The highlights of hole LTP 92 were 159 metres grading 4.45 g/t gold from 212.5 metres to 372 metres, including a subinterval of 75.5 metres grading 9.01 g/t gold and 1.06 per cent copper. A higher horizon from 120 metres to 144 metres returned 24 metres grading 7.5 g/t gold and 0.86 per cent copper. The hole was continued until the portable drill rig could drill no farther and was terminated at 399 metres. Gold was present from 24 metres to the bottom of the hole, with certain horizons displaying enrichment in gold and base metals.

"Results from hole LTP 92 are a significant addition to our understanding of the Romero mineralization, and extends at depth 138 metres below the initial discovery hole," commented Julio Espaillat, Goldquest's chief executive officer. "The two drill rigs have completed holes 93, 94 and 95, and drilling of 96 and 97 is in progress. Deep drilling with portable rigs is slower than normal, but is providing us valuable insight to the geometry of the deposit."

The potential quantity and grade of the mineralization are currently conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The individual assay intervals from the complete hole can be reviewed on Goldquest's website.

The results reported have a bottom cut-off of 0.15 g/t gold. There is insufficient data to establish a specific top cut-off; however, in the table, an arbitrary top cut of 50 g/t gold has been used for the calculations, with the adjusted gold grade noted.

From             To     Interval       Au     Cu                 Au
(m)              (m)          (m)    (ppm)    (%)              (ppm)*

28.2           82.0         53.8     0.63   0.02               0.63
120.0         144.0         24.0     7.50   0.86               6.88
212.5         372.0        159.5     4.45   0.95               4.14
Including                                                        
212.5         288.0         75.5     9.01   1.06               8.35
Including                                                        
243.9         288.0         44.1    15.03   1.43               13.9
Including                                                        
320.0         346.0         26.0     0.54   2.04               0.54

Note:  Cut-off of 0.15 part per million gold
*High value cut 50 ppm

As part of the company's quality assurance and quality control procedures, most of the high-grade intervals have been reassayed and the company is awaiting these check samples. In addition, systematic reassaying of intervals is in progress, to confirm compliance of blanks and duplicates checks. Cross-sections and correlation between these and other holes will be published once assays from other holes are reported.

In Goldquest's drill programs, composite intervals were chosen using a combination of geological criteria and mineralization, averaging around two metres in core length. The drill core is cut in half with one-half of the core sample shipped to Acme Labs by Goldquest technicians. The remaining half of the core is kept at the company core shack for future assay verification, or any further investigation. Intervals below a bottom cut-off grade of 0.15 g/t Au were calculated at zero gold. All drill samples were prepared and screened by Acme Labs (Santo Domingo), metallic fire assay and multielement ICP-MS, were assayed by Acme Analytical Laboratories (Chile). Gold values are determined by standard fire assay of a 50-gram charge with an AA finish, or if over 10.0 g/t Au, were reassayed and completed with a gravimetric finish. QA/QC included the insertion and continual monitoring of numerous standards, blanks and duplicates into the sample stream, at random intervals within each batch. The comprehensive Goldquest QA/QC protocols can be viewed on Goldquest's website.

The information in this press release has been reviewed and approved by William Fisher, PGeo, a qualified person for the technical information in this press release under NI 43-101 standards, and the chairman and a director of Goldquest Mining.

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