Conquest Files NI 43-101 Technical Report on the Alexander Property, Red Lake, Ontario

Thu Nov 22, 2012 2:20pm EST

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  TORONTO, ONTARIO, Nov 22 (MARKET WIRE) --
Conquest Resources Limited (TSX VENTURE:CQR) ("Conquest" or "the
Company") is pleased to announce that the Company has filed a report
entitled: "Technical Report on Exploration at the Alexander Gold Project
in Red Lake, Ontario" ("Technical Report" or "report"). The report
summarizes the exploration activities conducted to date on the Alexander
Property ("the Property") and concludes that additional work is warranted
to advance the project.

    Conquest's exploration activities on its 100% owned Alexander Property
total $6.1 million, the majority of which are drilling activities
conducted during 2009 through 2011. Since the acquisition of the Red Lake
Alexander Property by Conquest in 2002, the Company has completed a total
of 31,086 metres of surface exploration diamond drilling, of which 22,961
metres of drilling was completed during an intensive exploration drilling
program from 2009 through 2011. 

    Geophysical and geochemical surveys have also been conducted in addition
to surface trenching and mapping over the Property. Geophysical data has
been provided from a regional airborne survey commissioned by Goldcorp
and flown over Conquest's property. During 2008, Goldcorp drilled four
(4) holes from their Red Lake mine property on to the Alexander Property
which are also summarized in the Technical Report. 

    RECOMMENDATIONS 

    In order to advance exploration on the Alexander Property, the Technical
Report recommends the following work to: 

    "(a) establish and drill test targets through a compilation of existing
exploration drilling, geophysics, and geochemistry; 

    (b) follow-up previous geophysical work conducted by Goldcorp on the
Alexander Property and their adjacent mine property; 

    (c) conduct geochemical surveys on the ground and using existing drill
core to establish new drill hole targets; and 

    (d) to research and conduct a modern bore-hole EM and IP geophysical
survey which utilizes the 2009, 2010, and 2011 drill holes which have
been maintained for this purpose." 

    JOINT VENTURE OPPORTUNITY AT RED LAKE 

    Management believes that an extensive deep drilling program of 20,000
metres of drilling combined with down-hole electromagnetic and induced
polarization geophysical surveys is warranted. Conquest considers that
the most efficient way to unlock any future value for shareholders and
advance the Alexander project is to establish a joint venture with a
strategic partner to complete the work that is recommended in the
Technical Report. 

    The Company is soliciting expressions of interest from qualified mining
companies who may wish to enter into a strategic partnership joint
venture with the Company to advance exploration on its Alexander Gold
Project. 

    ABOUT THE PROPERTY 

    The Alexander Property is 100% owned by Conquest and is comprised of
twenty-seven (27) patented mining claims covering 448 hectares of land
situated just beyond the security gate at Goldcorp's Red Lake gold mine.
The Property is located immediately west of the Red Lake Complex and
Balmer Complex headframes at Goldcorp's Red Lake gold mines within the
Red Lake mining district. 

    The Alexander Property is of ample size to accommodate a high grade gold
deposit at depth as repetition of the adjacent deposits at Goldcorp's Red
Lake gold mine. The stratigraphy under the Property remains essentially
untested below 700 metres depth. The richest gold bearing ore zones exist
below a vertical depth of 1,300 metres in the High Grade Zone at the
Goldcorp Red Lake gold mine which is less than 800 metres from the
property boundary.

    QUALIFIED PERSON AND TECHNICAL REPORT 

    Information of a scientific or technical nature contained in this release
has been prepared by or under the supervision of Benjamin Batson, P.
Geo., the Vice Present of Exploration of the Company, who is a Qualified
Person within the meaning of National Instrument 43-101 of the Canadian
Securities Administrators. The Technical Report was prepared by Mr.
Batson in compliance with National Instrument 43-101 ("NI 43-101") and is
available on the Company's website and on SEDAR (www.sedar.com). 

    ABOUT THE COMPANY 

    Conquest is exploring several geologically significant gold projects in
Ontario. In addition to Conquest's flagship Alexander Property in Red
Lake, Ontario, the Company is undertaking exploration activities at its
Detour Lake and Smith Lake properties. 

    The Smith Lake Gold Project measures 54 square kilometres and consists of
six (6) patented mining claims and thirty-four (34) mining claims located
within the Missanabie-Goudreau greenstone belt in Leeson and Rennie
Townships in northern Ontario. The property is 100% Conquest owned and is
contiguous with the former International Corona Resources Renabie Gold
Mine, which at that time produced more than 1,000,000 ounces of gold from
1941 through 1991. 

    In June, the government of Ontario released a geophysical data set
containing a compilation of local and regional airborne magnetic and
electromagnetic geophysical data for the area covering 70% of the newly
amalgamated Conquest land package in the Renabie area. Interpretation of
this data by Conquest has generated more than fifteen geophysical targets
for gold and base metals exploration which have been scheduled for
prospecting and mapping following spring break-up in 2013. The goal is to
advance the project by: (i) assessing its potential to host another
Renabie sized gold deposit; and, (ii) to determine if volcanogenic
massive sulphide potential exists in the metavolcanic and metasedimentary
successions present in the Missanabie-Goudreau Greenstone Belt. 

    The Sunday Lake Gold Project consists of 13 square kilometers of
prospective minerals leases located along the Sunday Lake Deformation
Zone situated approximately seven kilometres east of Detour Gold's 15.6
million ounce proposed open pit gold mine in northern Ontario that is
presently nearing commissioning. 

    In September 2010, Conquest entered into a joint venture with Detour Gold
(TSX:DGC) on Conquest's Sunday Lake Property pursuant to which Detour
Gold has the right to earn a 50% interest in the Sunday Lake Property by
completing $1,000,000 of exploration prior to September 30, 2013. 

    Detour Gold is expected to complete a winter drill program during the
first quarter (Q1) 2013 which is estimated to cost $320,000. Conquest
does not anticipate contributing financially to the 2013 drill program. 

    This news release may include certain "forward-looking statements". All
statements other than statements of historical fact, included in this
release, including, without limitation, statements regarding potential
mineralization, resources and reserves, exploration results, and future
plans and objectives of Conquest, are forward-looking statements that
involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially
from Conquest's expectations are exploration risks detailed herein and
from time to time in the filings made by Conquest with securities
regulators. 

    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 the accuracy of this release.

Contacts:
Conquest Resources Limited
Robert J. Kinloch
President & CEO
306-343-5799

Conquest Resources Limited
Benjamin Batson
V.P. Exploration
647-728-4134

Conquest Resources Limited
John F. Kearney
Chairman
416-362-6686
info@conquestresources.net
www.conquestresources.net

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