Mr. Harry Barr reports

NEW AGE METALS ANNOUNCES HOLDINGS IN METALQUEST MINING

New Age Metals Inc. has filed an early warning report today advising of holdings in Metalquest Mining Inc. The company has exercised 2,653,714 share purchase warrants and, as a result, has acquired 2,653,714 common shares of Metalquest at a price of 10 cents per share for total consideration of $265,371.40. This transaction, together with the increase in Metalquest's issued and outstanding securities since the last report filed by the company, has decreased New Age's ownership by 4.66 per cent.

Prior to the transaction, New Age was deemed to have control over 4,387,954 common shares and 2,653,714 warrants entitling the New Age to purchase an additional 2,653,714 common shares representing 19.05 per cent of Metalquest's then issued and outstanding common shares on a postconversion beneficial ownership basis. New Age now holds 7,041,668 common shares of Metalquest representing 14.39 per cent of Metalquest's current issued and outstanding common shares on a postconversion beneficial ownership basis.

The securities were acquired for investment purposes. New Age has a long-term view of the investment and may, in the future, acquire and/or dispose of securities through the open market, through private transactions as circumstances or market conditions may warrant.

We seek Safe Harbor.