Mr. Bill Fisher reports

GOLDQUEST IDENTIFIES SIGNIFICANT GOLD MINERALIZATION IN CACHIMBO AREA: UP TO 167 G/T GOLD AT SURFACE

Goldquest Mining Corp.'s geological field crews have identified surface high-grade gold during detailed mapping and sampling of a mineralized trend in the recently regranted 100-per-cent-owned Loma El Cachimbo licence area in the Dominican Republic. Highlights include a sample returning 167 grams per tonne gold, 2.2 per cent copper and greater than 300 g/t silver, the highest-grade surface sample ever recovered from the company's Tireo belt concessions.

The trend is within the company's 50-kilometre-long Tireo formation land package, where Tireo represents the collision of the Atlantic and Caribbean geological plates, geological settings which commonly display gold deposits, such as Goldquest's Romero gold/copper discovery, which is located 20 kilometres to the north of this trend. The Cachimbo area is directly adjacent to Precipitate Gold's Ginger Ridge discovery, which highlights the potential for Tireo to host additional gold deposits.

The new high-grade samples are located in the southwestern portion of Loma El Cachimbo, an area within three kilometres of a paved road and the national power grid. Further detailed mapping and trenching are continuing to determine the extent of the mineralization.

"Over the last year, the company has extended the favourable trend to host mineral deposits to well over 20 kilometres, which has identified argillic alteration, anomalous gold and copper, and includes the multimillion ounces of gold at the Romero deposits," commented Bill Fisher, Goldquest's chairman. "The ongoing induced polarization program is scheduled to cover the new trend in the next few weeks, coupled with further rock and trench sampling, which will lead to drill site selection, targeted to be carried out in third quarter and fourth quarter 2016. Goldquest considers that the Tireo formation surrounding Romero is an emerging mining district, capable of hosting multiple deposits. We're gratified to see the number of compelling and undrilled new targets expand as we enlarge our geophysical and mapping program."

Mapping has described the mineralization as highly silicified barite with relatively low-sulphide minerals, which appears to occur along the upper contact of the same volcanic package which hosts Romero (andesite/dacites). In contrast to the Romero gold/copper deposit is an intermediate-sulphidation, epithermal system, thus opening up the potential for multiple deposit types along gold/copper-bearing volcanic formations along this major plate boundary.

Of 478 rock samples taken within this trend, which was first noted in 2007, 33 returned over one g/t gold; 162 samples have over 0.1 g/t gold. Historical sampling and drilling in the area did not identify the high-silica-barite horizon mentioned above.

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.

Rock samples are selective in nature and may not be representative. All samples were bagged, sealed and delivered directly to Acme Labs preparation facility in Maimon, Dominican Republic, where they were dried, crushed and pulped. Sample pulps were then delivered to Acme labs facilities in Vancouver, B.C. (an ISO 9001-accredited facility), for analyses. Samples were crushed to with up to 80 per cent passing two millimetres and split using a riffle splitter. An approximately 250-gram subsample split was pulverized to minus-200 mesh (74 microns). A 30-gram sample was subjected to fire assay, and rock results with gold greater than 10 parts per million were subjected to fire gravitational finish. In addition, multielement ICP-MS was performed on all samples.

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