Mr. Bill Fisher reports

GOLDQUEST MAKES IMPORTANT NEW GOLD-RICH POLYMETALLIC DISCOVERY IN TIREO BELT GRADING 14 G/T GOLD, 74 G/T SILVER, 12% ZINC AND 1% COPPER OVER 5 METRES

Goldquest Mining Corp. has made a polymetallic discovery named Cachimbo from the latest four-hole batch of drill results of its continuing minimum 40-hole, 10,000-metre 2016/2017 drill program on its 100-per-cent-owned Tireo concessions in the Dominican Republic.

The company made this discovery on the third target of the 20 targets being tested in this campaign. Drill hole No. TIR-16-09 intersected a new volcanogenic massive sulphide (VMS) zone which returned high grades of precious and base metals -- notably gold and zinc -- on three horizons. This new discovery is located 20.5 kilometres south of Goldquest's multimillion-ounce Romero gold/copper project.

"This discovery once again validates our rigorous exploration approach in the previously unexplored large Tireo belt land package," commented Bill Fisher, Goldquest's executive chairman. "The discovery of high-grade zinc is especially fortuitous since zinc prices have risen 75 per cent during the last year. With this discovery on merely the third target of 20 such targets, we are optimistic as to the potential of the district, as VMS mineralization often occurs in clusters. Along with the Romero project in full permitting mode, Goldquest is well funded and positioned to be one of the most active mineral exploration and development companies of 2017 as we explore the emerging Tireo belt which has the potential to become a mining district."

About the Cachimbo discovery

The Cachimbo discovery is confirmed as VMS mineralization. VMS orebodies host some of the largest and richest mines in the world including Kidd Creek in Canada and Rio Tinto in Spain. The high level of precious metals intersected in Cachimbo is particularly encouraging. The discovery hole is collared 80 metres from at-surface sampling that returned 167 grams per tonne (5.4 ounces per ton) of gold. The new mineralization is open in both directions along strike.

Importantly, the Cachimbo discovery hole displays a 60-metre mineralized package from 51 m depth to 111 m depth with multiple significant horizons. The upper horizon returned 4.6 metres grading 4.5 g/t gold and 73 g/t silver with minor base metals from 56.4 m depth and the main VMS horizon was discovered below with a 4.9-metre interval grading 13.8 g/t gold 74 g/t silver, 11.8 per cent zinc and 1.1 per cent copper and 0.7 per cent lead within a wider horizon of 15 metres grading 5.3 g/t gold, 31 g/t silver 4.2 per cent zinc and 0.4 per cent copper and 0.3 per cent lead from 70 m depth.

The continuing drilling program is on hole 14 in this campaign targeting a separate zone approximately eight kilometres to the north of hole TIR-16-09. Further drilling at Cachimbo is anticipated to take place systematically once the company has tested the remaining 17 exploration targets along the belt.

Areas where drilling identifies significant mineralization, such as Cachimbo, or high potential for mineralization will be considered for follow-up drilling.

                       TIREO DRILLING INTERSECTIONS
  
Hole        From (m)  To (m)  Length (m)  Au (g/t)  Ag (g/t)  Cu (%)   Zn (%)

TIR-16-07      164.0   174.9        10.9      0.35      1.78    0.01     0.08
TIR-16-08                                              no significant results
TIR-16-09       51.2   60.96        9.76      2.54     39.97    0.07     0.52
Including      56.39   60.96        4.57      4.50     72.60    0.52     3.51
And             70.0   85.24       15.24      5.27     30.62    0.42     4.21
Including      73.15   78.04        4.89     13.75     73.73    1.12    11.78
And            99.06  111.03       11.97      0.56     11.86    0.02     0.33
TIR-16-11       4.57      50       45.43      0.45      6.02    0.02     0.12

* Interval grades are calculated using uncapped assays. Gold values 
did not exceed 20.7 g/t. Intervals may not represent true widths. 
There is insufficient drilling to determine the orientation of the 
mineralized bodies at this time.

The company will release the results of the remaining drill results in batches as the assay results become available.

                                  MINERAL RESOURCE ESTIMATE FOR ROMERO PROJECT
  
Category                   Zone      Tonnes Au (g/t)  Cu (%)  Zn (%)  Ag  (g/t)  AuEq (g/t)  Au ounces AuEq ounces

Indicated                Romero  18,390,000     2.57    0.65    0.31        4.2        3.43  1,520,000   2,028,000
                   Romero South   1,840,000     3.69    0.25    0.18        1.6        4.01    218,000     237,000
Total indicated
mineral resources                20,230,000      2.6    0.61    0.30        4.0        3.48  1,738,000   2,265,000
Inferred                 Romero   2,120,000     1.80    0.39    0.36        3.2        2.32    123,000     158,000
                   Romero South     900,000     2.57    0.20    0.21        2.1        2.84     74,000      82,000
Total inferred
mineral resources                 3,020,000     2.03    0.33    0.32        2.9        2.47    197,000     240,000

Notes
(1) Effective data for the mineral resource is Sept. 27, 2016.
(2) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of 
mineral resources may be materially affected by environmental, permitting, legal, title, taxation, 
socio-political, marketing or other relevant issues.
(3) The quantity and grade of reported inferred resources in the estimation are uncertain in nature and there has 
been insufficient exploration to define these inferred resources as an indicated or measured mineral resource 
and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral 
resource category.
(4) Gold-equivalent metal prices used were $1,400 per ounce Au, $20 per ounce silver and $2.50 per pound copper 
and recoveries of 78.1 per cent for gold, 94.6 per cent for copper and 58.6 per cent for silver. 
(5) Columns may not calculate precisely due to rounding errors.


                         MINERAL RESERVE ESTIMATE FOR ROMERO PROJECT
Mine            
reserves                                                                        
(Cut-off $70       Tonnes           Au               Ag            Cu           AuEq (1) 
NSR) (2)                     (g/t)     (oz)   (g/t)     (oz)   (%)  (m lb)  (g/t)       (oz)  
                                                                                
Total probable  7,031,000     3.72  840,000    4.33  980,000  0.88     136    4.9  1,117,000

Notes
The probable mineral reserves are the economically minable portions of the indicated 
mineral resource.
(1) Gold-equivalent metal prices: $1,300 per ounce Au, $20 per ounce Ag and $2.50 per 
pound Cu.
(2) Cut-off net smelter return metal prices: Cu $2.50 per pound, Au $1,250 per ounce, Ag $17
per ounce. Recovery: Cu -- 96.8 per cent, Au -- 71.7 per cent, Ag -- 54.4 per cent. Payable: 
Cu -- 96.5 per cent, Au -- 90.0 per cent, Ag -- 95.0 per cent. TCRC: $257.83 per dry metric 
tonne, Cu concentrate 20 per cent.

Quality assurance/quality control

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 that had results above the recommended tolerances for zinc. Both of the samples were in a batch from hole TIR-16-08 which had no significant results. 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 (Vancouver); metallic fire assay and multielement ICP-MS (inductively coupled plasma mass-spectrometry) were assayed by ACME Analytical Laboratories (Vancouver). Gold values are determined by standard fire assay with an atomic absorption finish, or, if over 10.0 g/t Au, were reassayed and completed with a gravimetric finish. Copper and zinc values exceeding 0.2 per cent were reassayed with a four-acid digestion and AAS (atomic absorption spectroscopy) finish. When zinc values exceeded 10 per cent a classic titration was carried out for zinc. 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, vice-president, exploration, of Goldquest and a qualified person for the technical information in this press release under NI 43-101 standards.

We seek Safe Harbor.