Mr. Julio Espaillat reports

GOLDQUEST: DRILL RESULTS AT ROMERO, DOMINICAN REPUBLIC; INCLUDES DEEPEST MINERALIZATION TO DATE OF 123 METRES GRADING 2.64 G/T GOLD AND 0.33% COPPER

Goldquest Mining Corp. has released assay results from three holes from the Romero gold/copper discovery, within the company's 100-per-cent-owned Las Tres Palmas trend in the Dominican Republic.

Highlights

• LTP-99: 146 metres grading 0.42 gram per tonne (g/t) gold and 0.74 per cent copper including:
  • 72 metres grading 0.51 g/t gold and 1.31 per cent copper.
• LTP-100: 123 metres grading 2.64 g/t gold and 0.33 per cent copper (the deepest mineralization to date at the property).

"Our understanding of the mineralization at Romero continues to expand in all directions and we are particularly excited about extending to approaching 500 metres from surface. Holes LTP-98, LTP-99 and LTP-100 are in the northern section of the induced polarization anomaly and our current focus is on the centre and southeastern sections of the anomaly," commented Julio Espaillat, Goldquest's chief executive officer. "We see variation in the intensity of mineralization and ratios of copper to gold which may be related to variations in porosity of the volcanic host rocks. Like all previous holes, mineralization was evident to the bottom of such holes."

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

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

LTP-98               184.0      294.0        110.0       0.59      0.24           0.59
                     220.0      270.0         50.0       1.00      0.32           1.00
                     361.1      432.8         71.7       0.53      0.16           0.53
LTP-99               124.1      164.0         39.9       0.62      0.07           0.62
                     254.3      400.8        146.5       0.42      0.74           0.42
                     258.0      330.0         72.0       0.54      1.47           0.54
LTP-100              184.0      210.0         26.0       1.13      0.30           1.13
                     240.0      256.0         16.0       0.80      0.16           0.80
                     353.3      476.0        122.7       2.64      0.33           2.50
                     398.0      442.0         44.0       6.35      0.53           5.97

The potential quantity and grade of the mineralization are currently 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. The individual assay intervals from the complete hole can be reviewed on Goldquest's website and the collar locations and hole orientations can be reviewed at the website as well.

Results reported within have tested the northern area of the induced polarization (IP) anomaly at the Romero project. Current drilling is testing the central and southeastern areas of the anomaly and the potential at depth.

North-to-south and west-to-east cross-sections showing gold and copper mineralization are available at the company's website.

Simplified geology sections showing the subhorizontal nature of the dacite/andesite host rocks can be reviewed at the company's website.

The company continues to focus on drilling at the Romero discovery zone, where assays from 10 holes have been reported to date. Drilling of five additional holes, LTP-101 through to LTP-105, has been completed and assays are pending. The company is currently drilling holes LTP-106, LTP-107 and LTP-108. The company will continue to release new drill hole results in batches as analysis is completed. Acme Labs has been instructed to release assays to the company only once the batches have been completed.

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 (CRSM) which are inserted at a rate of five per 100 samples. Within the results disclosed herein there were two samples which had results below the recommended tolerances. The samples in these batches are being reassayed and the company is awaiting the results from these samples.

Any future resource calculations will be calculated from compliant intervals, and if there is any material variation from the reported intervals on a hole-by-hole basis, then the company will report this in subsequent releases, but it is the opinion of the company that any variations are unlikely to be material.

In Goldquest's drill programs, composite intervals were chosen using a combination of geological criteria and mineralization, averaging around two metres in 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, 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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