Mr. Julio Espaillat reports

GOLDQUEST FILES Q2 2017 FINANCIALS; PROVIDES EXPLOITATION CONCESSION UPDATE

Goldquest Mining Corp. has filed the company's financials for the three months ended June 30, 2017, and has provided an exploitation concession update.

Second quarter 2017 highlights

The company has filed on SEDAR the unaudited financial statements and management's discussion and analysis for the period ended June 30, 2017. The highlights during the first half of 2017 include:

• A strong, deleverage balance sheet showing $25.7-million in treasury (as at June 30, 2017);
• A strategic 15-per-cent equity investment by Agnico Eagle ($22.86-million);
• Key senior advisory appointments, including the former Canadian ambassador to the Dominican Republic, Georges Boisse;
• A new polymetallic discovery at Cachimbo in the Tireo exploration drilling program (refer to news releases dated Jan. 10, June 6, July 13 and Aug. 10, 2017).

Exploitation concession update

On Aug. 25, 2017, the Ministry of Energy and Mines in the Dominican Republic posted a news release on the ministry's website stating that no new exploitation concessions will be granted over the next 90-day period, and it suspended requests for any new exploration concessions for the next six months. The press release states that this resolution does not affect existing exploitation and exploration concessions.

The company expects that this may affect the timing of the exploitation concession it has applied for covering the Romero deposits. The company does not expect that this resolution will affect any of Goldquest's existing exploration concessions, nor does it expect that it will in any way limit the continuing drilling and other exploration activities, which are currently being carried out. Goldquest is near the maximum allowable number of hectares for exploration concessions under Dominican law and therefore does not have any plans to apply for further areas over the next six months.

The company continues to work with the ministry and its advisers toward the exploitation concession application covering the Romero deposits and continues to provide information to the ministry, as requested.

Exploration activities are continuing with the previously announced drilling at the company's 2017 discovery at Cachimbo, the induced polarization program and the soil sampling campaign along the Cachimbo mineralization trend.

Coming conferences

The company announces that Bill Fisher, executive chairman, and Patrick Michaels, director, will be attending both the Beaver Creek Precious Metals Summit (Sept. 18 to Sept. 20, 2017) and the Denver Gold Show (Sept. 24 to Sept. 26, 2017) to update investors on the progress being made in both exploration and development activities.

About Goldquest Mining Corp.

Goldquest is a Canadian-based mineral exploration company with projects in the Dominican Republic. Goldquest is traded on the Toronto Stock Exchange under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The company is well financed to carry out the exploration programs reported on in this release and to advance the development of its Romero gold/copper discovery, also located in the Tireo formation of the Dominican Republic.

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