GQC GoldQuest Mining Corporation

GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") announces that the board of directors has authorized the grant
of an aggregate of 2,625,000 incentive stock options (the "Options") to
directors, officers and employees of GoldQuest and a consultant performing
investor relations activities, at an exercise price of $0.50 per share. 


The Options are exercisable for a five-year period from the date of grant and
will vest as follows: 1/3rd on the 6 month anniversary from the date of the
grant; 1/3 on the first anniversary from the date of the grant and the final
1/3rd on 18 month anniversary from the date of the grant.


The Options issued to an investor relations consultant are exercisable for a
five-year period from the date of grant and will vest as follows: 1/4th on the
three month anniversary from the date of the grant; 1/4th on the six month
anniversary from the date of the grant; 1/4th on the nine month anniversary from
the date of the grant; and the remainder on the one year anniversary from the
date of the grant. 


The Options are granted pursuant to the Company's stock option plan which was
approved by shareholders at the Company's annual general meeting of shareholders
held on June 29, 2012. The Company's stock option plan and the grant of the
Options is subject to the approval of the TSX Venture Exchange. 


On behalf of the Board of Directors,

Bill Fisher, Chairman

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
(154,856,571 on a fully diluted basis).


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
investorrelations@goldquestcorp.com
www.goldquestcorp.com

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