Mr. Julio Espaillat reports

GOLDQUEST: DRILLING RESULTS AT LAS TRES PALMAS, DOMINICAN REPUBLIC. COMMENCES FIRST DRILLING AT GUAMA ANOMALY

Goldquest Mining Corp. has released assay results from three drill holes from the Romero mineralization, one from La Escandalosa, and one in a previously undrilled area between Romero and La Escandalosa. All holes are located within the company's 100-per-cent-owned Las Tres Palmas trend in the Dominican Republic. The first hole is under way at the Guama anomaly, two kilometres west of Las Tres Palmas, where surface sampling included results up to 34 per cent copper, overlying a strong chargeability anomaly.

Drilling highlights (Romero) include:

• LTP 132: 130 metres grading 1.22 grams per tonne (g/t) gold and 0.24 per cent copper (1.61 g/t gold equivalent);
• Including 17 metres grading 6.21 g/t gold and 0.9 per cent copper (7.68 g/t gold equivalent);
• LTP 137: 123 metres grading 0.92 g/t gold and 0.24 per cent copper (1.31 g/t gold equivalent);
• Including 65 metres grading 1.3 g/t gold and 0.31 per cent copper (1.81 g/t gold equivalent).

Hole LTP-132 is an inclined hole drilled to test the Romero South IP anomaly (see press release dated Feb. 22, 2013). The intersection is over 400 metres southeast of the Romero discovery hole LTP-90. The majority of the IP anomaly remains untested and the mineralization is open. Hole LTP-137 is an inclined hole collared approximately 150 metres north of existing drilling at Romero and demonstrates that the mineralization remains open to the northwest.

In addition, hole LTP-136 tested the southernmost portion of the initial Romero anomaly, and holes LTP-133 and LTP-135 were drilled into IP anomalies north of Escandalosa and south of Romero. The drilling reported herein can be viewed on-line in a plan map.

LTP 135 is located 800 metres south of the centre of the Romero mineralization and 700 metres north of Escandalosa. It is the first deep hole in this part of Las Tres Palmas IP chargeability geophysical trend. It was terminated in strong mineralization by poor drilling conditions within a fault breccia at a depth of 445 metres, where the lowest 6.8 metres of the hole returned 4.62 g/t gold, including the final 2.1-metre assay interval grading 10.6 g/t gold.

"The Romero mineralized footprint continues to expand, and our understanding of the system is increasing with the ongoing drill program," commented Julio Espaillat, Goldquest's chief executive officer. "Further drilling at Las Tres Palmas trend's two known gold centres at Romero and Escandalosa is being planned in consultation with the independent engineers Micon International. We are particularly enthused about commencement of a drilling program at Guama, a previously undrilled area with significant copper surface mineralization."

The results from the new holes are summarized in the relevant table.

                            DRILL RESULTS
                                                                  Gold (g/t)
                                   Interval Gold (g/t)            50 g/t top
Hole ID      From (m)     To (m)        (m)      uncut Copper (%)    cut-off

LTP-132        136.00     266.00     130.00       1.22       0.24       1.22
incl.          185.03     202.04      17.01       6.21       0.90       6.21
LTP-133        281.43     318.00      36.57       0.38       0.12       0.38
LTP-135        442.80     449.58       6.78       4.62       0.01       4.62
LTP-136        526.00     538.00      12.00       0.63       0.07       0.63
LTP-137        250.87     310.22      59.35       0.53       0.06       0.53
and            380.00     502.72     122.72       0.92       0.24       0.92
incl.          400.83     466.00      65.17       1.30       0.31       1.30

Notes:

(i) All the results and subintervals summarized in the table above have a 
bottom cut-off of 0.15 g/t gold. An arbitrary top cut of 50 g/t gold was 
used until sufficient data are available to define an appropriate top cut 
for the project. The intervals may not represent true mineralization widths 
and the exact orientation of the mineralization at this stage of the drilling 
is not yet known, although the host volcanic lithologies are subhorizontal 
in orientation. 

The individual two-metre assay intervals from all holes drilled on the Las Tres Palmas trend are available on-line (see Las Tres Palmas assays); the collar location, hole azimuth and dips for Las Tres Palmas holes are also available.

Drill rigs are now being mobilized to the company's new induced polarization (IP) geophysical discovery at Guama to test mineralization approximately three kilometres west of the Romero discovery. The Guama IP trend is over three kilometres in length and up to two kilometres in width, and remains open to the north and south. The trend includes three high-chargeability occurrences within a broad chargeability high. The central zone was previously reported on March 27, 2013, and will be drilled first with a minimum of six holes. The northern target is open to the north, is coincident with float samples up to 34 per cent native copper and seems to display a circular form, with a less-chargeable, higher-magnetic central area, surrounded by a higher-chargeability ring anomaly.

The company will continue to release new drill hole results in batches as their analyses are completed. The potential quantity and grade are 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.

As part of the company's quality-assurance and quality-control (QA/QC) procedures, most of the high-grade intervals are 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. The company also reviews results from certified standard reference materials, which are inserted at a rate of five per 100 samples. Within the results disclosed herein, there were no samples that had results outside the recommended tolerance. The company did observe large variations of the gold and copper grades in two core duplicate samples taken from drill hole LTP-137. The duplicates were taken in an area of high gold and copper mineralization, and higher variation is expected in higher grades. In both cases, the original samples that were used for this release had lower gold grades. As a check, the company will reassay the coarse rejects and pulps.

In Goldquest's drill programs, composite intervals were chosen using a combination of geological criteria and mineralization, averaging around two metres 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 other further investigation. Assays within intervals below the 0.005 g/t detection limit for gold were given a zero value. 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 with an atomic absorption finish, or, if over 10 g/t gold, 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 (see corporate governance).

The information in this press release has been reviewed and approved by Jeremy Niemi, PGeo, the director, technical services, of Goldquest and a qualified person for the technical information in this press release under National Instrument 43-101 standards.

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