GQC GoldQuest Mining Corporation

GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce that its Q4 drilling program has
concluded at its flagship 100 percent owned La Escandalosa gold project, located
in the western part of Dominican Republic.


Julio Espaillat, Chief Executive Officer stated, "We are happy to have completed
this drill program in the 4th quarter and end the year positively and move
forward into 2012."


10 holes were drilled for a total of 1,070 meters. Samples from the altered and
mineralized section intercepted from holes LPT-067, LTP-068, and LTP-069 were
prepared at the ACME lab in Maimon and are at the laboratory in Chile: assays
are pending. Samples from diamond drill holes LTP-070, LTP-071, LTP-072 and
LTP-073 are at the preparation laboratory in Maimon and the final samples from
diamond drill hole LTP-074, LTP-075, and LTP-076 will be in Maimon today. All of
the holes intercepted a different degree of alteration and mineralization,
typical of La Escandalosa Sur mineralization described and reported in our
previous NI-43-101 technical report dated November 9, 2010.


Furthermore, we would like to announce the retirement of Board Member Roger
Davey and thank him for his hard work over the last seven years. Going forward
we are pleased that he has agreed to continue working with the company as an
independent consultant when needed.


GoldQuest is continuing with mapping, geochemical and magnetic surveys of its
exploration properties. The company realizes the value in a continued
exploration program to develop targets that warrant drilling and complement
further development of current discoveries. Detail mapping and sampling over the
new induced polarization anomalies detected during the recent ground geophysical
program at the northwestern part of the La Escandalosa grid is in progress. The
Company anticipates that these exploration workings will generate new drill
targets to be included in a drill program currently scheduled to begin early
next year.


The board would also like to make clear that the proposed financial and
potential consolidation of shares, announced in a press release dated September
19, 2011, were related to a potential transaction with Takara Resources. In a
subsequent press release dated November 11th, 2011, the Company reported that
the proposed merger with Takara had been terminated.


About GoldQuest

GoldQuest is a Vancouver based mineral exploration company with projects in
Spain and the Dominican Republic traded on the TSX-V under the symbol GQC.V and
in Frankfurt / Berlin with symbol M1W, with 103,508,601 shares outstanding
(112,066,851 on a fully diluted basis). The recent trading range has been C$0.07
to C$0.14. 


The qualified person who has approved the technical information in this press
release is Mr. William Fisher, P. Geo., the chairman and a director of GoldQuest
Mining Corp.


On behalf of the Board of Directors,

Julio Espaillat, President & Chief Executive Officer

Forward-looking statements:

This news release contains certain statements that may be deemed
"forward-looking statements". 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 market prices, exploitation and exploration
success, continued availability of capital and financing 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.

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