GQC GoldQuest Mining Corporation

GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") announced today that it will carry out a C$500,000 drill
program at its Escandalosa Gold Project, Dominican Republic. In addition, the
Company intends to complete a non-brokered private placement, the proceeds from
which the Company intends to use to help fund the drill program.


Drill Program

"The drill program will test the anomalies found to the north and south of the
La Escandalosa deposit, defined by High Chargeability, Low Resistivity, Low
Magnetic signatures in the Company's recent pre-drilling geophysical program,"
commented Julio Espaillat, GoldQuest's CEO. "We are seeking to extend the gold
mineralization seen at the NI 43-101 compliant resource at La Escandalosa Sur
and the Hondo Valle mineralization along the 3.4 kilometer trend where the
resource only covers 400 metres strike length."


As announced in the Company's press release dated January 11, 2012, GoldQuest
has recently completed a 10 hole drill program at La Escandalosa Sur, focusing
on proposed open pit design parameters at the NI 43-101 Compliant Inferred
Mineral Resource of 4.86 million tonnes grading 2.60 g/t gold (at 0.3 g/t gold
cut off), as disclosed in a technical report filed on SEDAR on November 16,
2010.


The drill rig is still on site at La Escandalosa, and the intended program is
designed to consist of between 1,500 and 2,000 metres of drilling, with targets
based on the new geophysics and detailed mapping and sampling completed in the
Company's recent pre-drilling geophysical program. The sites will focus on Zone
A, as described in the Company's press release of January 19, 2012. Final
planning of the drill locations is in progress.


The Private Placement

To fund the planned drill program, the Company intends to complete a
non-brokered private placement (the "Private Placement") of up to 5,500,000
units (each, a "Unit") at a price of C$0.10 per Unit for aggregate gross
proceeds of up to C$550,000. Each Unit will consist of one common share of the
Company and one warrant (each whole warrant, a "Warrant"). Each Warrant will be
exercisable for one common share of the Company for a period of 24 months from
the closing date at an exercise price of C$0.15. The Company intends to use 100%
of the cash proceeds from the Private Placement to fund the La Escandalosa drill
program.


Closing of the Private Placement is subject to certain conditions, including the
receipt of conditional approval of the TSX Venture Exchange. All securities
issued under the Private Placement will be subject to a four-month hold period
under Canadian securities laws and will be "restricted securities" under U.S.
securities laws. The Private Placement is expected to close on or about February
17, 2012.


The securities issued under the Private Placement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, or under any state
securities laws and may not be offered or sold in the United States, absent
registration or an applicable exemption from the registration requirements. This
news release does not constitute an offer to sell or the solicitation of an
offer to buy nor will there be any sale of the securities in any state in which
such offer, solicitation or sale would be unlawful.


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 and
in Frankfurt / Berlin with symbol M1W, with 103,508,601 shares outstanding. The
recent trading range has been C$0.07 to C$0.14, with today's 10 day Volume
Weighted Average Price (VWAP) of $0.97.


The qualified person for 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

Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and financial
performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other similar
expressions. All statements, other than statements of historical fact, included
herein including, without limitation, statements about the completion of the
Private Placement and the drill program, are forward looking statements. By
their nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results, performance
or achievements, or other future events, to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the following
risks: the need for additional financing; operational risks associated with
mineral exploration; fluctuations in commodity price and title matters or other
reports and filings with the TSX Venture Exchange and applicable Canadian
securities regulators. Forward-looking statements are made based on management's
beliefs, estimates and opinions on the date that statements are made and the
Company undertakes no obligation to update forward-looking statements if these
beliefs, estimates and opinions or other circumstances should change, except as
required by applicable securities laws. Investors are cautioned against
attributing undue certainty to forward-looking statements.

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