GQC GoldQuest Mining Corporation

GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX
VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) is pleased to announce that it has
completed the sale of its Toral and Lago polymetallic exploration properties in
North West Spain to Portex Minerals Inc. ("Portex") (CNSX:PAX). Goldquest now
owns 35% of Portex and is their largest shareholder. 


Portex holds Toral, and also the Lagoa Salgada in Portugal, both of which have
recently completed NI 43-101 resource calculations (see table below),
positioning Portex as a significant base metals exploration and development
company in SW Europe. GoldQuest believes that this approach to its Spanish base
metal portfolio is in the best interests of its shareholders as Portex will
develop its first class assets at no cash cost to GoldQuest. 


Portex Shareholders approved the deal at the annual and special meeting of the
shareholders held on March 22, 2012, and has issued 15,151,273 common shares to
GoldQuest in consideration for the purchase of the entities which own the
exploration licenses for the Toral and Lago properties. Portex and GoldQuest
have entered into a shareholder's agreement with respect to the GoldQuest
shares.


"We are pleased that Portex will continue to develop their Spanish and
Portuguese projects, and we believe that greater value will accrue to
GoldQuest's shareholders through this strategic investment in a dedicated,
European base metal company," said GoldQuest CEO, Julio Espaillat. "Goldquest's
primary focus remains in the gold sector, particularly in the Dominican
Republic."




Table 1. Inventory of Assets in Portex Minerals Inc.                    
------------------------------------------------------------------------
NI 43-101                                                               
 Compliant                                                              
 Resource                       Tonnes        Cu      Pb      Ag      Zn
------------------------------------------------------------------------
Toral(i)      - Indicated      4.04 Mt     0.11%    5.3%  41 g/t    6.5%
              - Inferred       4.67 Mt     0.13%    4.4%  32 g/t    5.4%
Lagoa         - Indicated      2.94 Mt     0.34%    2.9%  55 g/t    3.4%
 Salgada(ii)  - Inferred       1.56 Mt     0.35%    2.5%  51 g/t    1.8%

(i) at a 7 % PbZnEQ cut-off (See GoldQuest Release March 2nd 2011)
          
(ii) at a 3.5 % ZnEQ cut-off (See Portex News Release January 3th 2012)     



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 110,108,601 shares outstanding
and 126,776,851 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. Paul Daigle, P. Geo. of Tetra Tech is the Qualified Person responsible for
the referenced disclosure in the Technical Report entitled "Lagoa Salgada
Project, Portugal-Resource Estimate Update", dated January 9, 2012, available on
www.sedar.com, in conformance with NI 43-101 standards.


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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