GoldQuest Acquires Spanish Lead-Zinc-Silver Project

VANCOUVER, BRITISH COLUMBIA, Mar 30 (MARKET WIRE) --
GoldQuest Mining Corp. (the "Company") (TSX VENTURE: GQC)(FRANKFURT: M1W)
is pleased to announce that it has acquired all of the outstanding shares
of Lundin Mining Exploration S.L. ("Lundin SL") from its parent company
Lundin Mining Corporation ("Lundin"). Lundin SL holds a 100% interest in
the Toral Lead-Zinc-Silver Project located in northwest Spain and a
second polymetallic project currently under application. In addition,
Lundin SL owns or has access to a large regional exploration database
which will also be acquired by GoldQuest.

SUMMARY

Through the acquisition of Lundin SL,

- GoldQuest has acquired a 100% interest in the Toral Project which has a
historical resource estimate of 5.4 million tonnes grading 9 % Zinc, 6 %
Lead and 45 g/t Silver which has not been calculated in accordance with
National Instrument 43-101 ("NI 43-101");

- GoldQuest has acquired access to a large exploration database covering
northwest Spain - a region with excellent potential for various styles of
both precious and base-metal mineralization; and

- GoldQuest has acquired a 100% interest in a second polymetallic project
currently under application.

Mr. Alistair Waddell, President & CEO of GoldQuest, commented, "The Toral
Project is an exciting low-cost acquisition in a mining and investment
friendly jurisdiction which has potential to become a significant
long-term asset for GoldQuest. There are many similarities between Toral
and the nearby Rubiales orebody including a steep, sheet-like shape which
is typically good for mining and very coarse-grained zinc-lead sulphides
with low pyrite content and good silver credits which have the potential
to make high-value concentrates. GoldQuest plans to fast-track the Toral
Project by initially converting the historic resource calculation to be
NI-43-101 compliant. Drilling by Lundin over the past 18 months will
enable us to achieve this without investing in a major drill programme.
We will also undertake low cost exploration to explore the project for
further tonnage. The Company believes the project, and indeed the
district, has significant exploration potential for Toral style and other
styles of precious and base metal mineralization and consider this an
exciting addition to our portfolio in the Dominican Republic."

TORAL PROJECT

Lundin has been granted an exclusive Investigation Permit for the Toral
Project by the Territorial Service of Industry, Commerce and Tourism of
the Autonomous Community of Castile and Leon in Spain. The 2,850 ha 100%
owned property is located approximately 400 km northwest of Madrid, near
to the regional city of Ponferrada. The Toral Project area was originally
investigated by Penarroya-Espana and associates from 1975 to 1985 and
included over 42,000 metres of diamond drilling. These drill holes
reportedly delineated a tabular zone of continuous, sub-vertical,
coarse-grained lead-zinc-silver sulphide mineralization that averages 3.7
metres wide with a reported 1,100 metres strike length and a vertical
height exceeding 400 metres.

Based on the previous drilling, the historical estimate of Toral was
estimated at 5.4 million tonnes grading 9 % Zn, 6 % Pb and 45 g/t Ag.
This historical estimate, dated June 1997, was calculated by Spanish
Mining Engineer Dr. Rufino Gea Javaloy on behalf of Geominera S.A. and
Penarroya-Espana and is not NI 43-101 compliant. The zone of sulphide
mineralization is reportedly open along strike to the northwest towards a
known lead deposit as well as along strike to the southeast and down dip.
The Penarroya-Espana and the Lundin drill core is still available
including the remaining halved intercepts.

GoldQuest believes that the Toral Project has significant exploration and
development upside with the majority of historical drilling completed in
one relatively small part of the property.

SECOND POLYMETALLIC PROJECT

In addition to the acquisition of the Toral Project, GoldQuest has
acquired a second polymetallic project from Lundin located in northwest
Spain which is still under application. Further details of the project
will be announced once full title has been received from the Spanish
authorities.

REGIONAL EXPLORATION DATA

GoldQuest has gained access to a large amount of historical exploration
data covering northern Spain. The data, the majority of which is in
hard-copy format, has been collected over many years and covers a wide
variety of commodities including gold. It is the intention of the Company
to compile and incorporate the data into a digital GIS database, the best
targets of which will be followed up. Lundin maintains a one-time Right
of First Offer on projects that are generated in a defined area of
interest.

DETAILS OF THE GOLDQUEST-LUNDIN AGREEMENT

GoldQuest has agreed to issue Lundin five million shares, subject to
approval of the TSX Venture Exchange, to purchase all of the outstanding
shares of Lundin SL, the Spanish company that holds the Toral Project and
the second project currently under application and has access to the
historical exploration database.

Lundin will retain a 1.5% royalty on the Net Smelter Return (NSR) from
the Toral Project. Lundin also retains a one-time back-in right to
reacquire a fifty-one (51%) percent interest in the Toral Project once
GoldQuest provides written notice to Lundin within 10 days of the
following events occurring: delineation of an inferred resource on the
Toral Project of greater than 1 Million tonnes of lead and zinc
(contained), as demonstrated in a NI 43-101 compliant report, and
completion of not less than 5,000 meters of drilling.

To exercise the back-in right, Lundin must (1) spend an amount equal to
2.5 times the aggregate expenditures made by GoldQuest on the Toral
Project and (2) pay an amount in cash equal to 51% of the value of the
shares issued by GoldQuest under the agreement. If Lundin elects to
exercise the back-in right, the right of Lundin to receive the 1.5% NSR
will be terminated.

Upon completion of the above, a Joint Venture will be formed pursuant to
which Lundin will have 51% interest and GoldQuest will have a 49%
interest in the Toral Project. Upon formation, each party will either
fund their proportional share of the expenditures or Lundin may elect to
increase its participating interest in the Joint Venture from 51% to 65%
by completing a full feasibility study on the Toral Project.

FURTHER DETAILS OF TORAL PROJECT

The Toral Project covers over 6 km of strike length of the prospective
Lower Cambrian Vegadeo Limestone formation which is regionally
mineralized along more than 40 km of its extent, and includes the
Rubiales zinc-lead-silver deposit, located about 30 km northwest of Toral.

Rubiales reportedly contained an estimated 18.6 million tonne mineral
resource grading 7.3 % Zn, 1.3 % Pb and 13 g/t Ag and was mined by
Cominco from 1976 to 1991. Rubiales reportedly produced high-quality zinc
concentrate (life-of-mine average of 61% Zn with 95% zinc recovery; the
lead concentrate contained 70% Pb and 500 g/t Ag with an 85% lead
recovery). The concentrates were transported to the Asturianas zinc-lead
smelter, located on the Asturias coast about 200 km to the west. Sulphide
mineralization at Toral closely resembles the coarse-grained sphalerite
and galena mineralization at Rubiales but Toral reportedly has higher
silver grades.

The Toral Project benefits from excellent infrastructure, including
access via a major regional highway, nearby high-voltage power line and a
railway line which links to the Asturianas zinc-lead smelter via the city
of Leon. Mining has traditionally been a significant part of the economy
of this region which is supporting the re-entry of new exploration and
mining projects. Certain exploration and mine development expenditures
are eligible for economic development grants and interest free loans.

Lundin Mining recently completed a verification drill programme that
included the re-logging and re-assaying of historical Penarroya-Espana
drill core including the completion of seven diamond drill holes within
the historic resource zone.

The historical estimate quoted in this news release was prepared prior to
the implementation of NI 43-101. The historical estimate quoted herein
does not use the resource categories stipulated in Section 1.3 of NI
43-101, which are "inferred mineral resource", "indicated mineral
resource" and "measured mineral resource". Rather, the historical
resource estimate for the "Mina de Toral" calculated and reported by
Spanish Mining Engineer Dr. Rufino Gea Javaloy on behalf of Geominera
S.A. and Penarroya-Espana that refers to "5.4 million tonnes" is not a
category stipulated in National Instrument 43- 101. The Company believes
that term "resources" is used differently from the use of that term in NI
43-101. The Company does not have, and is not aware of, any more recent
resource estimates or data which conform to the standards laid out in NI
43-101.

The Company advises that it has not yet completed sufficient detailed
exploration work necessary to verify the relevance, reliability and
classification of the historical estimate and it has not been verified by
a Qualified Person. The Company is not treating the historical estimate
as a current NI 43-101 defined resource or reserve, and accordingly, the
historical estimate should not be relied upon.

ABOUT GOLDQUEST

GoldQuest is a Vancouver based Exploration company with projects in the
Dominican Republic and Spain. Through a combination of regional
grass-roots generative exploration and new geological models the Company
has built a portfolio of new projects.

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. 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 "signed" Alistair H. 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.

Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news 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

Copyright 2009, Market Wire, All rights reserved.

-0-