Mr. Bill Fisher reports

GOLDQUEST CLOSES PRIVATE PLACEMENT

Goldquest Mining Corp. has closed its previously announced private placement and has issued 14.71 million common shares in the capital of the company at a price of 20 cents per common share for gross proceeds of $2,942,000.

In connection with the private placement, the company has paid a finder's fee to Foster & Associates Financial Services Inc., Raymond James Ltd. and Cormark Securities Inc. The finder's fee consisted of a cash payment equal to 7 per cent of the aggregate proceeds from subscriptions arranged by the finders for an aggregate total of $135,940. Goldquest expects to use the net proceeds of the private placement for financing its exploration programs and for general working capital purposes.

"Completion of this modest financing with no warrants allows the company to adequately fund both the exploration program that is generating results in terms of target generation along the full 50-kilometre Tireo belt, as well as for the Romero development project, completion of both the prefeasibility study (due the second quarter of 2016) and the full feasibility study (due the fourth quarter of 2016), which form a significant part of an environmental impact study," said Bill Fisher, chairman of the board.

All securities issued pursuant to the private placement are subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of closing of the private placement. The private placement remains subject to the final approval of the TSX Venture Exchange.

We seek Safe Harbor.