Mr. Peter Cashin reports

QUEST MISERY LAKE DRILLING CUTS NEW MINERALIZED ZONE: RETURNS UP TO 1.72% TREO+Y OVER 27.6 M WITH COINCIDENT HIGH SCANDIUM VALUES

Quest Rare Minerals Ltd. has released drill results from the 2014 winter drill program at its Misery Lake project. The Misery Lake property consists of a single claim block comprising 170 claims covering an area of 8,334 hectares. The property is located 120 kilometres south of Quest's Strange Lake rare earth development project. The drill holes have intersected strong rare earth elements mineralization containing significant concentrations of the element scandium from a new area of mineralization, called the Boulder zone at the northeastern corner of the property.

The Misery Lake drill program commenced on March 30, 2014, and was completed on April 20, 2014. A total of seven holes were drilled for 1,437 metres. A new mineralized zone, the Boulder zone, was traced back to its bedrock source from a previously identified seven-kilometre-long, 65-degree-trending REE mineralized boulder field. The zone was intersected in three drill holes (ML14026, ML14028 and ML14029) over an east-west strike length of 200 metres and vertically to 200 m. Quest has yet to confirm the dip of the new zone but early indications are that it is subvertical to steeply south-dipping and open along strike in both directions and at depth. Mineralized core intersections of between 27.6 m and 199.69 m were returned from the drilling. Best assays returned 1.48 per cent total rare earth oxides plus yttrium over 62.8 m (drill hole ML14026), including 1.72 per cent TREO plus Y over 27.6 m. The drilling results also returned important levels of scandium oxide between 0.0235 per cent to 0.0351 per cent (235 to 351 grams/tonne Sc2O3) over the drilled intervals. Highlights of the results, which are interpreted to be apparent thickness, are shown in the table.

                                                                            
          WINTER DIAMOND DRILL RESULTS, MISERY LAKE PROJECT, QUEBEC

                                                             HREO+Y/
Hole ID     From     To Thickness  TREO+Y     LREO   HREO+Y  TREO+Y    Sc2O3
              (m)    (m)       (m)     (%)      (%)      (%)              (%)

ML14026    14.77 182.60    167.83  1.1760   1.0013   0.1747   14.86   0.0262
ML14026    14.77  42.40     27.63  1.7206   1.4686   0.2521   14.65   0.0351
ML14026    14.77  77.55     62.78  1.4779   1.2607   0.2172   14.70   0.0304
ML14028    13.22 212.91    199.69  1.0800   0.9178   0.1621   15.01   0.0235
ML14028    13.22  91.14     77.92  1.4065   1.1977   0.2088   14.85   0.0280
ML14029    13.35  93.40     80.05  1.3353   1.1362   0.1991   14.91   0.0286
ML14030   177.00 183.04      6.04  1.1442   0.9632   0.1810   15.82   0.0319

Misery Lake geology and geophysics

The Misery Lake property is dominated by a six-kilometre-diameter, circular intrusion comprising of multiple concentric rings of varying types of syenite and other minor units such as syenitic pegmatite. This intrusive complex exhibits gradational contacts with the host Mistastin batholith, which comprises predominantly rapakivi granite in the Misery Lake area.

Quest completed a high-resolution ground magnetic survey at Misery Lake in the winter of 2013, which allowed continuous data collection over the entire property. This ground magnetics survey revealed that the circular magnetic features in both the outer and inner rings are in fact each multiple rings rather than a singular rings, suggesting repetitive stages of differentiation and magmatic intrusion. This survey provided increased resolution to earlier airborne data collected from the property that allowed the identification of multiple east-west-oriented, crosscutting magnetic features that were previously unknown. Most importantly, as described below, a possible source for the REE-mineralized boulders was identified.

Exploration drilling program in 2014

In late March, 2014, Quest mobilized a crew to its Misery Lake camp to prepare for a winter drilling program. The purpose of this drilling campaign was to define possible sources of an REE-mineralized boulder train. One of the key findings from prospecting and mapping over the course of Quest's surface exploration programs has been the identification of a prominent REE-mineralized ferrosyenite boulder train. This boulder train, which has been extensively sampled over a distance of seven km, comprises predominantly angular to subrounded, small (less than 10 centimetres) to large (greater than two m) moderate-to-strongly magnetic ferrosyenite. Quest used the known ice direction and the very discrete nature of this boulder trend parallel to the glacial direction to postulate that an unusual east-west-trending and crosscutting magnetic feature may be the source of the ferrosyenite boulders and planned several holes in the 2014 drilling program to test this hypothesis. The magnetic feature is directly down ice of the boulder field.

Drilling successfully intersected well-mineralized ferrosyenite and fayalite syenite while drill testing the crosscutting magnetic feature described above. By comparing the TREO plus Y, iron oxide (Fe2O3), Sc2O3 and other metal grades from the boulders against the upper 10 m of core from ML14026, ML14028 and ML14029, it is clear that they are very similar. The textures of the boulders and core are very similar, with drill core commonly presenting higher values than the boulders.

The implications of these results are significant because they allow Quest to employ a new exploration model for the discovery of additional REE plus Y plus Sc mineralized zones in future exploration programs on the property. ML14030, which was drilled to the west on a possible continuation of the previously described magnetic feature, intersected strongly REE mineralized ferrosyenite at depth over a narrower thickness. This suggests to Quest that east-west magnetic features may represent a significant and untested target type at Misery Lake.

Qualified person

Pierre Guay, PGeo, qualified person on the Misery Lake exploration project information presented in this press release under National Instrument 43-101, is responsible for the technical contents of this press release and has approved the disclosure of the technical information contained herein. The data verification was conducted by Patrick Collins, PGeo, under the supervision of Pierre Guay, PGeo. The data verification was conducted according to Quest's guidelines, protocols and procedures manuals.

Material for analysis has been obtained from drill core of NQ size (47.6-millimetre diameter) which was cut in half using a diamond saw. Half of the core was sent to the laboratory for analysis, with the remaining half left on-site for future reference. Samples are batch transported by charter aircraft and delivered directly to the Activation Laboratories Ltd. (Actlabs) preparation laboratory in Goose Bay, Labrador. Once the samples have been prepared for analysis, they are shipped directly by commercial courier to the Actlab facilities in Ancaster, Ont., for analysis. Coarse and pulp sample rejects are stored in Goose Bay at a secure Quest storage facility. Analyses were performed by Activation Laboratory Limited of Ancaster, Ont. The core sample for the Quest project material undergoes several analyses for elements and lithogeochemistry.

Quest Rare Minerals follows a strict quality assurance/quality control which includes the use of elemental standards, duplicates and blanks. A primary objective is to achieve a 5-per-cent insertion rate of QA/QC samples (that is standards, blanks and duplicates) into the data stream. This is done on a regular preset sample number basis and a frequency of every 50 samples (that is staggered but regularly spaced duplicate, blank and standard every sample book of 50 samples) by inserting two standard samples per hundred samples, two blank samples per hundred samples and also cutting two duplicate quarter-core samples on a per-100-sample basis.

We seek Safe Harbor.