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Northquest Ltd. (TSX VENTURE:NQ) ("Northquest") is pleased to announce that
further to its previously announced private placement of up to 1,428,571 units
at a price of $0.70 per unit, Northquest also proposes to issue up to 2,105,263
"flow through" units ("FT Units") at a price of $0.95 per FT Unit to raise
additional aggregate gross proceeds of up to approximately $2,000,000. Each FT
Unit will consist of one "flow through" common share of Northquest and one-half
of one share purchase warrant, each whole such share purchase warrant entitling
the holder thereof to acquire one additional common share of Northquest (which
shall not be a "flow through share") for a period of 24 months at an exercise
price of $2.25 per share. A cash commission of up to 5% of the gross proceeds
from the sale of the FT Units will be paid to eligible finders.


The private placement remains subject to the approval of the TSX Venture Exchange.

Forward Looking Statements - Certain information set forth in this news release
may contain forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forward-looking statements are subject to
numerous risks and uncertainties, certain of which are beyond the control of
Northquest, including, but not limited to the impact of general economic
conditions, industry conditions, volatility of commodity prices, currency
fluctuations, dependence upon regulatory approvals, and the availability of
financing. Readers are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements.