GQC GoldQuest Mining Corporation

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION,
DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN
OR INTO THE UNITED STATES.


GoldQuest Mining Corp. (the "Company") (TSX
VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) today announced the closing of the
bought deal private placement previously announced on July 31, 2012. Dundee
Securities Ltd. (the "Lead Underwriter"), on behalf of a syndicate of
Underwriters including Stifel Nicolaus Canada Inc., Clarus Securities Inc., GMP
Securities L.P., and Raymond James Ltd. (the "Underwriters"), sold 12,000,000
common shares (the "Shares") at a price per Share of $1.25 for total gross
proceeds of $15,000,000 (the "Offering"). As part of the Offering, the
Underwriters exercised their option (the "Option") to purchase an additional
4,000,000 Shares of the Offering.


In connection with the Offering, the Underwriters received a cash commission
equal to 6.0% of the gross proceeds raised under the Offering (inclusive of the
Option) and that number of non-transferable broker warrants ("Broker Warrants")
as is equal to 6.0% of the number of Offered Securities sold (inclusive of the
Option). Each Broker Warrant will be exercisable into one Share of the Company,
for a period of 24 months from the Closing Date at a price of $1.25 per Share.


The securities issued pursuant to the Offering are subject to a hold period
expiring on December 22, 2012.


The net proceeds will be used to advance the exploration and development of the
Company's gold assets in the Dominican Republic and for general corporate
purposes.


The securities offered have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state
securities laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, United States persons absent registration or any
applicable exemption from the registration requirements of the U.S. Securities
Act and applicable U.S. state securities laws. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy securities in
the United States, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.


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 139,975,267 shares outstanding
(153,048,601 on a fully diluted basis).


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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