GoldQuest Expands Dominican Las Animas Project

VANCOUVER, BRITISH COLUMBIA, Jul 22 (MARKET WIRE) --
GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX VENTURE:
GQC)(FRANKFURT: M1W) is pleased to provide a further update on the
current phase of drilling and exploration on its 100% owned Las Animas
project.

HIGHLIGHTS

- Drill hole LA-35 returned 10.08 meters grading 2.29 g/t Au, 3.76 % Cu,
3.62 % Zn and 51.84 g/t Ag extending the massive sulphide mineralization
at depth and to the east;

- Drill hole LA-36 returned 4.79 meters grading 2.50 g/t Au, 2.77 % Cu,
5.45 % Zn, and 49.63 g/t Ag extending the massive sulphide mineralization
at depth and to the west;

- Drill hole LA-38 extends mineralization 153 meters vertically below
LA-26, which now suggests continuous mineralization 516 meters from
surface;

- Trench sampling on the Las Guazumitas target returned 9.10 metres
grading 4.33 g/t Au from a zone of gossanous schists;

- Boulder float samples of baritic gossan from the Las Guazumitas zone
returned values up to 21.40 g/t Au;

- Two new claim applications have been made in the district covering
discovered zones of sericite altered rhyolites similar to that at Las
Animas.

Commenting Alistair Waddell, President & C.E.O. said "These new results
continue to expand the principal massive sulphide body at Las Animas with
good continuity along strike and at depth. The ongoing work on the new
Guazumitas zone continues to provide encouraging surface numbers with the
trench sampling producing some good continuous results. We look forward
to drill testing the Guazumitas target and following up on the recently
claimed areas".

The drilling at Las Animas is ongoing with the rig currently testing the
recently discovered Guazumitas target 950 meters to the southeast of the
main Las Animas zone. Results of the recently completed drilling are as
follows.

Hole LA-35

The hole was drilled from the footwall felsic volcanics directly east of
LA-26 at an angle of -69 degrees and an azimuth of 360 degrees to a total
depth of 331.93 meters. The hole intercepted the typical sequence of
felsic volcanics before intercepting massive sulphide between 321.85 to
331.93 meters. The drill interval returned 10.08 meters grading 2.29 g/t
Au, 3.76 % Cu, 3.62 % Zn and 51.84 g/t Ag. Due to technical drilling
problems related to the drill contractor the hole was unfortunately lost
while still in the massive sulphide so the total true thickness of the
mineralized body at this level is unknown. This intercept has confirmed
the presence of massive sulphide at depth 30 meters east of hole LA-26
and 37.40 meters vertically below LA-31.

Hole LA-36

This hole was drilled directly east of LA-26 at an angle of -70 degrees
and an azimuth of 360 degrees to a total depth of 229.61 meters. This
hole reached the desired depth and intercepted the anticipated geological
sequence. The hole which was drilled from the footwall volcanics
intercepted massive sulphide between 255.57 and 260.36 meters before
entering the hangingwall sedimentary sequence. The massive sulphide drill
intercept returned 4.79 meters grading 2.50 g/t Au, 2.77 % Cu, 5.45 % Zn,
and 49.63 g/t Ag. This intercept has confirmed the presence of massive
sulphide at depth 40 meters west of hole LA-26 and 26.40 meters
vertically below hole LA-27.

Hole LA-38

LA-38 was drilled directly south of LA-26 at an angle of -65 degrees and
an azimuth of 360 degrees. This is the deepest hole completed on the
property to date and was drilled to test for massive sulphide directly
below the previously reported hole LA-26 which returned a drill intercept
of 67.77 meters grading 3.38% Cu, 3.98% Zn, 1.49 g/t Au and 26.52 g/t Ag.
LA-38 intercepted 631.20 meters of sericitic rhyolites before crossing a
drill interval of 0.71 meters of semi-massive sulphide interpreted to be
the down-dip extension of the massive sulphide body intercepted in hole
LA-26. This interpretation is significant since it extends the zone 153
meters vertically below LA-26, which now suggests continuous
mineralization 516 meters from surface. Sample results from this hole are
pending from the laboratory.

Holes LA-34 and LA-37 were lost due to technical drilling problems
related to our drill contractor. Hole LA 36 is a repeat of failed LA-34
and LA-38 is a repeat of LA-37.

Las Guazumitas Zone

The drill is currently testing the recently discovered Las Guazumitas
zone located 950 meters to the southeast of the main Las Animas zone. The
local geology is challenging to interpret as there is only a minor
outcrop visible in the creeks or as boulder float but where it outcrops
is similar to that at the main Las Animas zone.

The soil sample grid at Las Guazumitas has recently been expanded which
now extends the principal gold in soil anomaly for approximately 900
meters crossing the critical sediment - volcanic contact which is the
location of the massive sulphide on the main Las Animas target. The
Guazumitas target also has corresponding anomalies in other elements
including Ag (Max 1.97 ppm), Cu (Max 161 ppm), Zn, (Max 204 ppm), As (Max
254 ppm), Ba (Max 967 ppm), Hg (Max 349 ppm), Pb (Max 1092 ppm) and Sb
(Max 14.55 ppm). Several drill holes of approximately 120-150 meters each
are planned to test the geochemical anomaly. Three holes will be
completed in a linear fence across the center of the zone to increase
geological information as well as explore for bodies of massive sulphide.

Rock float samples taken from approximately the center of the soil
geochemical anomaly returned values up to 21.40 g/t Au and correspond
with blocks of barite gossan similar to that at the main Las Animas zone.
None of the anomalous samples are truly in-situ but due to their location
are inferred as being locally derived.

A trench was recently dug approximately 450 meters south of the rock
float samples noted above cutting exposed gossanous sericitic schists
which returned a continuous 9.10 metres grading 4.33 g/t Au. Further
drill holes are planned to test this new zone.

New company website

The Company would also like to announce the launch of a new GoldQuest
website which has been significantly updated. The website can be found at
the same address www.goldquestcorp.com. Updated maps and cross sections
from Las Animas will be posted on the new website shortly.

About GoldQuest

GoldQuest is an Exploration company focused on the Dominican Republic.
Through regional grass-roots generative exploration and new geological
models the Company has built a portfolio of new gold and copper
discoveries.

David J. Hall, Vice Chairman and Director to the Company is the qualified
person as defined by National Instrument 43-101 and has reviewed the
content of this press release. Preparation and geochemical analyses of
all samples were carried out by Acme Labs in Santiago. Standards, blanks
and duplicates are routinely inserted into all sample batches for quality
assurance and quality control. GoldQuest is traded on the TSX-V under the
symbol GQC.V and in Frankfurt / Berlin with symbol M1W.

On behalf of the Board of Directors

Alistair Waddell

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.

The TSX
Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.

Contacts:
GoldQuest Mining Corp.
Alistair Waddell
President & Chief Executive Officer
(604) 632-4333

GoldQuest Mining Corp.
Dan Maarsman
Investor Relations - Vancouver, Canada
(604) 632-4333
Email: investorrelations@goldquestcorp.com
Website: www.goldquestcorp.com

Peter Frei (Frei Partners)
Investor Relations - Zurich, Switzerland
+41-43 344 9924

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