Mr. Julio Espaillat reports

GOLDQUEST: ROMERO PRE-FEASIBILITY STUDY ADVANCING ON SCHEDULE

Goldquest Mining Corp. is providing an update on the prefeasibility study under way on its 100-per-cent-owned Romero project in the Dominican Republic (DR). The company selected Met-Chem Canada Inc. of Montreal to be the lead consultant, and the study continues to be on schedule for completion in Q2 2016. Goldquest is fully financed to complete the PFS. Goldquest discovered the Romero mineralization in 2012 and, in mid-2015, published a revised preliminary economic assessment, which returned aftertax economics of net present value (6 per cent) of $219-million (U.S.), internal rate of return of 34 per cent and all-in sustaining costs of $572/ounce gold-equivalent, with a payback of 2.7 years (see news release of April 29, 2015).

Following the lead consultant's site visit in December, 2015, the program is moving forward rapidly and efficiently. A multidisciplinary team of consultants and contractors contributing to the PFS include: Micon International Ltd. (mineral resources), Golder Associates Ltd. of Toronto, Ont. (underground geotechnical design), ALS Global of Kamloops, B.C. (metallurgical processing), DoCalSa of Santo Domingo, DR (infrastructure and roads design), and Empresa de Transmison Electrica Dominicana (ETED) of Santo Domingo, DR (electrical integration with the grid).

"Met-Chem's experience in the DR, coupled with engagement of marquee engineers and consultants both in the DR and internationally, mean that the initial phases of the PFS are going smoothly," commented Julio Espaillat, president and chief executive officer. "Comprehensive trade-off studies are in progress, and optimal site layouts and operating parameters are being developed."

Goldquest will periodically provide updates on the progress of the PFS as well as the continuing exploration program covering the company's Tireo formation project, that includes concessions and applications over a 50-kilometre distance surrounding the core Romero project.

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

We seek Safe Harbor.