GQC GoldQuest Mining Corporation

GoldQuest Mining Corp (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) is pleased to
announce that its non-brokered private placement announced on January 24, 2012
of 5,500,000 units has been over-subscribed and the Company has increased the
private placement to 6,600,000 units for gross proceeds of $660,000. Each unit
consists of one common share of GoldQuest Mining Corp and one full share
purchase warrant. Each whole warrant will entitle the holder to acquire one
additional common share of GoldQuest at an exercise price of $0.15 per share for
a period of 24 months from the date of issuance. No finders' fees are
applicable.


The Company intends to use the proceeds from the private placement in support of
its previously announced commencement of a 3,000 meter drilling program
consisting of fifteen diamond drill holes on its 100% owned La Escandalosa
Concession, in the San Juan province of the Dominican Republic, as well as
general corporate expenses. 


Julio Espaillat, GoldQuest's President and CEO commented, "I am pleased that we
have the support of the market to step out and continue to explore our newest
targets based on extensive IP and Magnetic work. Judging by the anomaly where we
defined our initial NI 43-101 resource at La Escandalosa, we are excited to
drill areas with identical geological structures."


Closing of the Offering is subject to final approval of the TSX Venture
Exchange. The securities issued in connection with the Offering are subject to a
four month hold period that expires on July 2, 2012. Insiders participated in
the Offering for total gross proceeds of $70,000. 


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 the symbol M1W, with 103,508,601 shares outstanding
and 113,576,851 on a fully diluted basis. 


The information in this press release has been approved by Mr. William Fisher,
P. Geo., a qualified person for the technical information in this press release
under NI 43-101 standards and 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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