Mr. Julio Espaillat reports

GOLDQUEST REPORTS 28.5 M GRADING 10.1 G/T GOLD (UNCUT) AT LA ESCANDALOSA FROM IN-FILL DRILLING

Goldquest Mining Corp. has released assay results from three infill drill holes at La Escandalosa on the company's 100-per-cent-owned Las Tres Palmas trend in the Dominican Republic. The holes were from the infill program at the La Escandalosa National Instrument 43-101-compliant mineral resource, which is located within the Las Tres Palmas trend 1.5 kilometres south of the Romero discovery. The company is also doing infill drilling at Romero, with the same objective as this program, to increase confidence of the data in advance of any NI 43-101 resource estimate.

The three holes were sited in consultation with the company's external qualified person (QP), B.T. Hennessey, PGeo, of Micon, designed to provide increased confidence in the continuity of the gold mineralization, and increased data density, with the three-hole program providing approximately 25-metre drill spacing in centre of the existing resource.

Highlights of these holes include:

• LTP-141 contained 28.5 metres grading 10.11 grams per tonne (g/t) gold (uncut) and 0.31 per cent copper.
• LTP-142 contained 58.1 metres grading 4.03 g/t gold (uncut) and 0.21 per cent copper.
• LTP-142 included 30.0 metres grading 7.69 g/t gold (uncut) and 0.37 per cent copper.
• LTP-139 contained 21.1 metres grading 4.58 g/t gold (uncut) and 0.24 per cent copper.

"The strong gold results are located close to surface, and remind us of the potential of La Escandalosa, particularly in the context of the adjacent Romero discovery," commented Goldquest president and chief executive officer Julio Espaillat. "The grade of both La Escandalosa and Romero gives us confidence in the potential of the complete Las Tres Palmas trend. Drilling is ongoing in the area, including the new geophysical targets on the Guama trend."

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

                                  DRILL RESULTS
                                                  Gold                            Gold
                 From        To    Interval      (g/t)   Copper                  (g/t)
Hole ID           (m)       (m)         (m)      uncut      (%)     15 g/t top cut-off

LTP-139         21.00     42.13       21.13       4.58     0.24                   4.57
LTP-141         33.55     62.00       28.45      10.11     0.31                   7.03
and             74.00     88.00       14.00       0.35     0.14                   0.35
LTP-142         41.92    100.00       58.08       4.03     0.21                   2.74
including       46.00     76.00       30.00       7.69     0.37                   5.19

The mineralization at La Escandalosa is subhorizontal. The infill holes are vertical and the mineralized intervals represent approximate true widths of the mineralized body. A 15 g/t top cut-off was applied to the gold grade which represents the 99th percentile on a cumulative frequency plot, as outlined in the NI 43-101 technical report dated Aug. 14, 2012.

The 2012 inferred mineral resources at La Escandalosa of 3.13 million tonnes at 3.14 g/t gold, using a 0.6 g/t gold cut-off, contains 316,000 ounces of gold. Subsequent to the data cut-off for modelling the resource an additional 14 holes, including the three reported herein, have been drilled in the footprint of the existing resource. The company is working with Micon to examine the impact of the additional drilling on the classification and contained metal in the resource to determine if additional drilling is required prior to an updated NI 43-101 mineral resource estimate.

The three new infill holes intersected similar grades and thickness and near-surface mineralized characteristics as the adjacent holes LTP-07, LTP-41 and LTP-69, which were previously press released and details of the intervals are included for comparison in the associated table.

                       PREVIOUSLY RELEASED DRILL RESULTS

                                         To       From    Interval         Gold
Date released            Hole ID        (m)        (m)         (m)        (g/t)

May 30, 2006              LTP-07      26.00      89.00       63.00         2.09
                       including      38.00      76.00       38.00         3.34
                       including      38.00      56.00       18.00         6.52
July 6, 2010              LTP-41      25.00      78.00       53.00         3.02
                       including      36.00      52.00       16.00         9.39
Dec. 15, 2011             LTP-69      56.00      84.00       28.00         3.57
                       including      56.00      76.00       20.00         4.87
                             and      96.00     100.00        4.00         0.98

As part of the company's quality assurance and quality control procedures (QA/QC), 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 two samples from two separate batches, which had results outside the recommended tolerances. One was for gold and the other was for copper. The gold failure is not from a mineralized interval and the company has not requested reassay of the batch. The batch with the copper failure is being reassayed.

In Goldquest's drill programs, composite intervals were chosen using a combination of geological criteria and mineralization, averaging around two metres of 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 Au 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 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 quality assurance and quality control protocols can be viewed on Goldquest's website.

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 NI 43-101 standards.

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