GQC GoldQuest Mining Corporation

GoldQuest (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) is pleased to present the
initial data from an extensive IP survey and a summary of the 2012 drilling at
Las Tres Palmas project, in the Dominican Republic, which includes the Romero
and Escandalosa discoveries. The company has ordered a fourth drill rig, capable
of reaching 700 metres, which will be mobilized in January 2013 to drill new
targets. Assays from the remaining 9 holes drilled at Romero in late 2012 will
be released in January 2013.


The Company is currently undertaking an IP survey covering the complete Las Tres
Palmas trend and outlying areas in the Company's extensive land position,
including Los Comios, Romero West, and Jengibre. This survey, conducted by
Insight Geophysics, will investigate to a depth of approximately 500 metres,
which is almost twice the depth of the 2011 IP survey that identified the Romero
mineralization. Initial results of the current survey at Romero and north of La
Escandalosa have identified deeper chargeability anomalies, where higher
readings appear to correlate with sulphide mineralization
(http://goldquestcorp.com/images/romero_map_new_insight_ip_lines.jpg).


"The 2011 IP program which led to the Romero discovery identified the overall
trend, and the new, deeper penetrating IP shows strong correlation with the high
grade copper/gold intersections and provides further guidance about the geometry
of the targets," commented Julio Espaillat, GoldQuest's President and CEO.
"Drilling in the new year will continue at Romero, which remains open at depth
and along strike, and will test new targets around the Las Tres Palmas Trend."


The IP survey at Romero, which is located in the most northerly lobe to date of
the Las Tres Palmas trend, displays enhanced detail of resistivity and
chargeability anomalies, allowing the Company to refine their planned drilling
targets, and to gain a greater understanding of the mineralization style and
attitude of controls on emplacement of gold, copper and other metals (see
http://goldquestcorp.com/images/romero_200w.jpg). The East-West mineralized
trend in the northern part of the Romero chargeability anomaly, identified in
2012 by drilling, is visible in this survey, and appears to shows a strong
vertical element, strengthening at depth. The Company intends to undertake
further drilling in January to test the high chargeability occurrences with
three diamond drill rigs, closely followed by testing further refined IP targets
as they are generated.


Several IP survey lines have been completed directly north of La Escandalosa
outcropping gold occurrence, 2 kilometres south of the Romero discovery, where
the company reported a NI 43-101 compliant inferred resource of 3.1 million
tonnes grading 3.14 g/t gold (see release of Aug 20th, 2012). The first IP
survey lines show a strong chargeability anomaly and La Escandalosa mineralized
horizon dips towards this untested anomaly which is open at depth and to the
north (see http://goldquestcorp.com/images/escandalosa_IS100N-IP-UTM.jpg).
Drilling will commence here with a deep rig, slated to arrive in the Dominican
Republic in late January.


Drilling summary for 2012

The three rigs at Las Tres Palmas have halted for the Christmas break and will
resume in early January 2013. Since the announcement of the discovery at Romero
on 23rd May 2012, by LTP 90 (231 metres grading 2.4 g/t gold and 0.4 % copper),
thirty-two holes have been completed within the Romero area, which represents
approximately 20% of the Las Tres Palmas trend. Assays from twenty-three holes
have already been reported (see prior press releases of GoldQuest) and assays
from the remaining nine holes of the 2012 program will be reported in early
January 2013 (see 2012 drill summary at
http://www.goldquestcorp.com/pdf/LTP_Reported_Assay_Results.pdf, plan map
http://www.goldquestcorp.com/images/mapwithholes.jpg, and the Companies up to
date Romero UTMS table at http://goldquestcorp.com/images/Phase_VII.xlsx).


The information in this press release has been reviewed and approved by Mr.
Jeremy Niemi, P.Geo., the Director, Technical Services of GoldQuest and a
Qualified Person for the technical information in this press release under NI
43-101 standards.


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 143,980,044 shares outstanding
(154,856,568 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. Such forward-looking statements include the ability
of the company to proceed with the expected IP survey and drill programs.
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
exploitation and exploration success, differing results from re-assays or other
analytical procedures with respect to the drill results, continued availability
of capital, financing and required resources (such as human resources, equipment
and/or other capital resources) 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer
+1-829-919-8701
jespaillat@goldquestcorp.com


GoldQuest Mining Corp.
Sebastian de Kloet
Investor Relations - Toronto
+1-416-214-9151
+1-866-276-8954 (FAX)
investorrelations@goldquestcorp.com
www.goldquestcorp.com

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