Mr. Peter Cashin reports

QUEST ANNOUNCES CLOSING OF PROSPECTUS OFFERING

Quest Rare Minerals Ltd. has held the closing of its previously announced prospectus offering at which Quest issued 11,025,485 units at a price of 27 cents per unit, for gross proceeds to Quest of approximately $3-million. Each unit comprises one common share and one common share purchase warrant of Quest. Each warrant entitles its holder to purchase one additional Quest common share at a price of 40 cents for 36 months from the closing date of the offering.

The net proceeds from the offering will be used by Quest primarily toward a feasibility study on its Strange Lake rare earth project in northeastern Quebec, and for working capital.

The warrants issued by Quest will trade on the Toronto Stock Exchange under the stock symbol QRM.WT. Quest's common shares are listed on the Toronto Stock Exchange and New York Stock Exchange.

The offering was completed through a syndicate of agents co-led by GMP Securities LP and Desjardins Securities Inc. and including Maison Placements Canada Inc. and Jones, Gable & Company Ltd.

We seek Safe Harbor.