Mr. Bill Fisher reports

GOLDQUEST PROVIDES EXPLORATION UPDATE ON TIREO PROJECT, DOMINICAN REPUBLIC

Goldquest Mining Corp. has provided an update on the continuing exploration program on its 100-per-cent-owned Tireo project in the Dominican Republic. Recent ground induced polarization (IP) geophysics and mapping work have focused on the southern portion of the gold belt in preparation for an upcoming 10,000-metre exploration drilling program.

Drilling on IP chargeability high anomalies led to the discovery of the Romero deposit and thus is a key exploration tool in the region. As a result, Goldquest has applied a systematic exploration program targeting prospective geological trends with mapping and ground geophysics, including IP, resistivity and magnetics.

To date, the IP program has confirmed five new chargeability high trends, all coincident with favourable alteration and geochemistry in outcropping rocks. These trends include a continuous 17-kilometre anomaly which extends south from the Romero deposit in the central portion of the belt as well as four new subparallel anomalies in the southern portion of the gold belt.

"Over the past 18 months we have built up a substantial inventory of exploration targets in the Tireo gold belt. With groundwork in advance of drilling now nearing completion, we eagerly anticipate commencing drilling in August," commented Bill Fisher, Goldquest's chairman. "Discovering the Romero deposit has uniquely positioned our team to carry out a comprehensive and detailed exploration program. The program has led to identification of numerous targets which will be ranked and systematically tested in our upcoming drilling program as we seek a new discovery in the belt."

In other news, the company's annual general meeting will be held at 10 a.m. on June 16 at Blakes, Cassels & Graydon LLP at 199 Bay St., Suite 4000, in Toronto, Ont. The chief executive officer and senior management will be present to update shareholders of the company's developments, including the exploration outlined in this release, and on progress of the prefeasiblity study, which is expected to be completed at the end of the summer.

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

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