GoldQuest: Drilling Results at Las Tres Palmas, Dominican Republic. Commences First Drilling at Guama Anomaly

GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce assay results from three drill holes
from the Romero mineralization, one from La Escandalosa and one in a previously
undrilled area between Romero and La Escandalosa. All holes are located within
the Company's 100% owned Las Tres Palmas trend in the Dominican Republic. The
first hole is underway at the Guama anomaly, 2 kms west of Las Tres Palmas,
where surface sampling included results up to 34% copper, overlying a strong
chargeability anomaly. 

Drilling Highlights include (Romero Drilling):



--  LTP 132: 130 metres grading 1.22 g/t gold & 0.24% copper (1.61 g/t gold
    equivalent) 
    --  Incl. 17 metres grading 6.21 g/t gold & 0.90% copper (7.68 g/t gold
        equivalent) 
--  LTP 137: 123 metres grading 0.92 g/t gold & 0.24% copper (1.31 g/t gold
    equivalent) 
    --  Incl. 65 metres grading 1.30 g/t gold & 0.31% copper (1.81 g/t gold
        equivalent) 



Hole LTP-132 is an inclined hole drilled to test the Romero South IP anomaly
(insert link see press release February 22, 2013). The intersection is over 400
meters south-east of the Romero discovery hole LTP-90. The majority of the IP
anomaly remains untested and the mineralization is open. Hole LTP-137 is an
inclined hole collared approximately 150 meters north of existing drilling at
Romero and demonstrates that the mineralization remains open to the north-west. 


In addition, hole LTP-136 tested the southernmost portion of the initial Romero
anomaly and holes LTP-133 and LTP-135 were drilled into IP anomalies North of
Escandalosa and South of Romero. The drilling reported herein can be viewed on
online in a plan map. 


LTP 135 is located 800 metres south of the centre of the Romero mineralization
and 700 metres north of Escandalosa. It is the first deep hole in this part of
Las Tres Palmas "IP" chargeability geophysical trend. It was terminated in
strong mineralization by poor drilling conditions within a fault breccia at a
depth of 445 metres, where the lowest 6.8 metres of the hole returned 4.62 g/t
gold, including the final 2.1 metre assay interval grading 10.6 g/t gold. 


"The Romero mineralized footprint continues to expand, and our understanding of
the system is increasing with the ongoing drill program," commented Julio
Espaillat, GoldQuest's Chief Executive Officer. "Further drilling at Las Tres
Palmas trend's two known gold centres at Romero and Escandalosa is being planned
in consultation with the independent engineers, Micon International. We are
particularly enthused about commencement of a drilling program at Guama, a
previously undrilled area with significant copper surface mineralization." 


The results from the new holes are summarized in the table below:



----------------------------------------------------------------------------
                                                                    Gold_g/t
                                   Interval   Gold_g/t            50 g/t top
Hole_ID      From (m)     To (m)        (m)      Uncut   Copper_%    cut-off
----------------------------------------------------------------------------
LTP-132        136.00     266.00     130.00       1.22       0.24       1.22
          ------------------------------------------------------------------
                                       Including                            
          ------------------------------------------------------------------
               185.03     202.04      17.01       6.21       0.90       6.21
----------------------------------------------------------------------------
LTP-133        281.43     318.00      36.57       0.38       0.12       0.38
----------------------------------------------------------------------------
LTP-135        442.80     449.58       6.78       4.62       0.01       4.62
----------------------------------------------------------------------------
LTP-136        526.00     538.00      12.00       0.63       0.07       0.63
----------------------------------------------------------------------------
LTP-137        250.87     310.22      59.35       0.53       0.06       0.53
          ------------------------------------------------------------------
                                          And                               
          ------------------------------------------------------------------
               380.00     502.72     122.72       0.92       0.24       0.92
          ------------------------------------------------------------------
                                       Including                            
          ------------------------------------------------------------------
               400.83     466.00      65.17       1.30       0.31       1.30
          ------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------



(i)Note: All the results and sub intervals summarized in the table above have a
bottom cut-off of 0.15 g/t of gold. An arbitrary top cut of 50 g/t gold was used
until sufficient data is available to define an appropriate top cut for the
project. The intervals may not represent true mineralization widths and the
exact orientation of the mineralization at this stage of the drilling is not yet
known, although the host volcanic lithologies are sub-horizontal in orientation.



The individual two metre assay intervals from all holes drilled on the Las Tres
Palmas trend are available online (see Las Tres Palmas Assays), in addition the
collar location, hole azimuth and dips for Las Tres Palmas holes are also
available (see UTMS Table). 


Drill rigs are now being mobilized to the Company's new Induced Polarization
("IP") geophysical discovery at Guama to test mineralization approximately three
kilometers west of the Romero Discovery. The Guama IP trend is over three
kilometres in length and up to two kilometres in width, and remains open to the
north and south (see exploration map). The trend includes three high
chargeability occurrences within a broad chargeability high. The central zone
was previously reported on March 27th, 2013 and will be drilled first with a
minimum of 6 holes. The northern target is open to the north, is coincident with
float samples up to 34% native copper, and seems to display a circular form,
with a less chargeable, higher magnetic central area, surrounded by a higher
chargeability ring anomaly. 


The Company will continue to release new drill hole results in batches as their
analysis is completed. The potential quantity and grade is conceptual in nature,
there has been insufficient exploration to define a mineral resource and it is
uncertain if further exploration will result in the target being delineated as a
mineral resource. 


As part of the Company's Quality Assurance and Quality Control procedures
(QA/QC), most of the high grade intervals are re-assayed and the Company is
awaiting these check samples. In addition, systematic re-assaying of intervals
is in progress, to confirm compliance of blanks and duplicates checks. The
Company also reviews results from Certified Standard Reference materials (CRSM
or Standards), which are inserted at a rate of 5 per 100 samples. Within the
results disclosed herein there were no samples that had results outside the
recommended tolerance. The company did observe large variations of the gold and
copper grades in two core duplicate samples taken from drill hole LTP-137. The
duplicates were taken in an area of high gold and copper mineralization and
higher variation is expected in higher grades. In both cases the original
samples which were used for this release had lower gold grades. As a check the
company will re-assay the coarse rejects and pulps. 


In GoldQuest's drill programs, composite intervals were chosen using a
combination of geological criteria and mineralization, averaging around 2 metres
core length. The drill core is cut in half with one half of the core sample
shipped to ACME Labs by GoldQuest technicians. The remaining half of the core is
kept at the company core shack for future assay verification, or any other
further investigation. Assays within intervals below the 0.005 g/t detection
limit for Au were given a zero value. All drill samples were prepared and
screened by ACME Labs (Santo Domingo); metallic fire assay and multi-element
ICP-MS were assayed by ACME Analytical Laboratories (Chile). Gold values are
determined by standard fire assay with an AA finish, or, if over 10.0 g/t Au,
were re-assayed and completed with a gravimetric finish. QA/QC included the
insertion and continual monitoring of numerous standards, blanks and duplicates
into the sample stream, at random intervals within each batch. The comprehensive
GoldQuest Quality Assurance and Quality Control protocols can be viewed on
GoldQuest's Website (see Corporate Governance). 


The information in this press release has been reviewed and approved by Mr.
Jeremy Niemi, P.Geo., the Director, Technical Services of GoldQuest and a
Qualified Person for the technical information in this press release under NI
43-101 standards. 


About GoldQuest 

GoldQuest is a Canadian based mineral exploration company with projects in the
Dominican Republic traded on the TSX-V under the symbol GQC.V and in
Frankfurt/Berlin with symbol M1W, with 143,980,044 shares outstanding
(157,481,568 on a fully diluted basis). 


Forward-looking statements: 

This news release contains certain statements that may be deemed
"forward-looking statements", including statements regarding the Company's
expectations and plans for its mineral projects, including its drilling programs
and the IP program. All statements in this release, other than statements of
historical fact, that address events or developments that GoldQuest expects to
occur, are forward-looking statements. 


Forward-looking statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although GoldQuest believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual
results may differ materially from those in forward-looking statements. Factors
that could cause the actual results to differ materially from those in
forward-looking statements include exploitation and exploration success,
differing results from re-assays or other analytical procedures with respect to
the drill results, continued availability of capital, financing and required
resources (such as human resources, equipment and/or other capital resources)
and general economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance and actual
results or developments may differ materially from those projected in the
forward-looking statements. Forward-looking statements are based on the beliefs,
estimates and opinions of GoldQuest's management on the date the statements are
made. GoldQuest undertakes no obligation to update these forward-looking
statements in the event that management's beliefs, estimates or opinions, or
other factors, should change, except as required by law. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer
+1-829-919-8701
jespaillat@goldquestcorp.com


GoldQuest Mining Corp.
Sebastian de Kloet
Corporate Communications - Toronto
+1-416-214-9151
investorrelations@goldquestcorp.com
www.goldquestcorp.com
GoldQuest Mining (TSXV:GQC)
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