Mr. Julio Espaillat reports

GOLDQUEST: ANNOUNCES RESULTS FROM INDUCED POLARIZATION (IP) SURVEY; FOURTH "DEEP" DRILL RIG ADDED

Goldquest Mining Corp. has released the initial data from an extensive induced polarization survey and a summary of the 2012 drilling at Las Tres Palmas project, in the Dominican Republic, which includes the Romero and Escandalosa discoveries. The company has ordered a fourth drill rig, capable of reaching 700 metres, which will be mobilized in January, 2013, to drill new targets. Assays from the remaining nine holes drilled at Romero in late 2012 will be released in January, 2013.

The company is currently undertaking an IP survey covering the complete Las Tres Palmas trend and outlying areas in the company's extensive land position, including Los Comios, Romero West and Jengibre. This survey, conducted by Insight Geophysics, will investigate to a depth of approximately 500 metres, which is almost twice the depth of the 2011 IP survey that identified the Romero mineralization. Initial results of the current survey at Romero and north of La Escandalosa have identified deeper chargeability anomalies, where higher readings appear to correlate with sulphide mineralization.

"The 2011 IP program which led to the Romero discovery identified the overall trend, and the new, deeper-penetrating IP shows strong correlation with the high-grade copper/gold intersections and provides further guidance about the geometry of the targets," commented Julio Espaillat, Goldquest's president and chief executive officer. "Drilling in the new year will continue at Romero, which remains open at depth and along strike, and will test new targets around the Las Tres Palmas trend."

The IP survey at Romero, which is located in the most northerly lobe to date of the Las Tres Palmas trend, displays enhanced detail of resistivity and chargeability anomalies, allowing the company to refine their planned drilling targets, and to gain a greater understanding of the mineralization style and attitude of controls on emplacement of gold, copper and other metals. The east-west mineralized trend in the northern part of the Romero chargeability anomaly, identified in 2012 by drilling, is visible in this survey, and appears to shows a strong vertical element, strengthening at depth. The company intends to undertake further drilling in January to test the high-chargeability occurrences with three diamond drill rigs, closely followed by testing further refined IP targets as they are generated.

Several IP survey lines have been completed directly north of La Escandalosa outcropping gold occurrence, two kilometres south of the Romero discovery, where the company reported a National Instrument 43-101-compliant inferred resource of 3.1 million tonnes grading 3.14 grams per tonne gold (see release of Aug. 20, 2012). The first IP survey lines show a strong chargeability anomaly and La Escandalosa mineralized horizon dips toward this untested anomaly which is open at depth and to the north. Drilling will commence here with a deep rig, slated to arrive in the Dominican Republic in late January.

Drilling summary for 2012

The three rigs at Las Tres Palmas have halted for the Christmas break and will resume in early January, 2013. Since the announcement of the discovery at Romero on May 23, 2012, by LTP 90 (231 metres grading 2.4 grams per tonne gold and 0.4 per cent copper), 32 holes have been completed within the Romero area, which represents approximately 20 per cent of the Las Tres Palmas trend. Assays from 23 holes have already been reported (see prior press releases of Goldquest) and assays from the remaining nine holes of the 2012 program will be reported in early January, 2013 (see 2012 drill summary at on the company'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 National Instrument 43-101 standards.

We seek Safe Harbor.