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Northquest Ltd. ("Northquest") (TSX VENTURE:NQ) is pleased to announce that it
has closed its previously announced non-brokered private placement (the "Private
Placement") pursuant to which it issued an aggregate of (i) 2,089,998 units
("Units") at a price of $0.70 per Unit to raise aggregate gross proceeds of
approximately $1,463,000; and (ii) 2,105,263 "flow through" units ("FT Units")
at a price of $0.95 per FT Unit to raise additional aggregate gross proceeds of
approximately $2,000,000. Each Unit consists of one 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 for a period of 24 months at an exercise price of $1.00 per share.
Each FT Unit consists 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. Insiders of Northquest subscribed for
an aggregate of 214,285 Units in the Private Placement. All of the FT Units
issued in connection with the Private Placement were purchased by funds
controlled by the MineralFields Group.


"We are very pleased to be commencing its relationship with MineralFields
Group", said Jon North, President and Chief Executive Officer of Northquest.
"This is an important milestone in the growth of Northquest and we look forward
to working with MineralFields Group as we develop our mineral property
interests."


A finder's fee equal to 5% of the gross proceeds from the sale of the FT Units
was paid in connection with the sale of the FT Units, and a finder's fee was
also paid to an eligible finder in an amount equal to 6% of the gross proceeds
raised from the sale of the Units by such finder. In addition, an aggregate of
71,828 broker warrants were issued to an eligible finder, each entitling it to
acquire one common share of Northquest at a price of $0.70 per share for a
period of 24 months.


All securities issued in connection with the Private Placement are subject to a
statutory hold period expiring on April 23, 2011. The Private Placement remains
subject to the approval of the TSX Venture Exchange.


About MineralFields, Pathway and First Canadian Securities (R)

MineralFields Group (a division of Pathway Asset Management), based in Toronto,
Montreal, Vancouver and Calgary, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada as well as hard-dollar resource
limited partnerships to investors throughout the world. Pathway Asset Management
also specializes in the manufacturing and distribution of structured products
and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class
mutual fund series). Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities (R) (a division of Limited
Market Dealer Inc.) is active in leading resource financings (both flow-through
and hard dollar PIPE financings) on competitive, effective and service-friendly
terms, and offers investment banking, mergers and acquisitions, and mining
industry consulting, services to resource companies. MineralFields and Pathway
have financed several hundred mining and oil and gas exploration companies to
date through First Canadian Securities (R).


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.