Mr. Dave Massola reports

GOLDQUEST: GRANT OF STOCK OPTIONS

Goldquest Mining Corp.'s board of directors of the company has authorized the grant of an aggregate of 3,525,000 incentive stock options to directors, officers and employees of the company, at an exercise price of 36 cents per common share.

The options are exercisable for a five-year period from the date of grant and will vest as follows:

• On the date of grant;
• On the six-month anniversary from the date of the grant;
• On the one-year anniversary from the date of the grant.

The options are granted pursuant to the company's stock option plan, which was most recently approved by shareholders at the company's annual general meeting of shareholders held on June 30, 2020.

About Goldquest Mining Corp.

Goldquest is a Canadian-based mineral exploration and development company with projects in the Dominican Republic. Goldquest is traded on the TSX Venture Exchange under the symbol GQC and in Frankfurt/Berlin with symbol M1W.