GQC GoldQuest Mining Corporation

GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to announce it has commenced a 30,000 metre
drilling program on the Las Tres Palmas trend, Dominican Republic. The Las Tres
Palmas trend is notable for the discovery of the Romero mineralization, where
drilling highlights included hole LTP 94 returning 235 metres grading 7.9 g/t
gold and 1.4% copper (see the Company's press release of August 27th 2012).


New drilling will continue to expand Romero and test high priority targets along
the trend. In addition, an ongoing deep Induced Polarization ("IP") survey is
being used to expand coverage of the Las Tres Palmas trend and gain knowledge of
additional targets within the Company's 50 km long Tireo Formation land package.


"Since the Romero discovery, the Company has focused drilling within the Romero
area while thoroughly interpreting recent and historical data to develop new
targets," commented Julio Espaillat, the Company's CEO. "With newly completed
lines from the IP survey, the Company is able to compare multiple new IP targets
with those previously drilled at Romero. High priority targets extend across a
distance of over four kilometres, including the highest chargeability anomaly to
date which did not show up in the shallower exploration techniques."


The IP program is valuable to the development of drill targets considering that
Romero is a "blind" discovery, meaning it does not reach the surface. To date,
all chargeability anomalies have coincided with sulfide mineralization, although
the technique does not readily differentiate between the iron rich pyrite
mineralization and the copper rich chalcopyrite mineralization seen at Las Tres
Palmas. Previous drilling located near the new, deep IP lines suggests that the
strongest gold and copper mineralization is found in zones surrounding the
strongest IP anomalies, in sections up to several hundred metres in length.


While drilling continues to delineate the Romero mineralization, particularly in
the Southeast quadrant of the original IP anomaly, new targets are being
aggressively pursued. These targets are considered prospective in light of
geological and geophysical precedent at Romero, all displaying strong
chargeability and substantial size. See sections showing new IP drill targets
at: http://goldquestcorp.com/images/nr/New_L400W_&_L200W.jpg. For additional IP
cross sections please see the Company's press release dated Jan. 17, 2013.


Drilling has also started at Escandalosa North in an area considered to hold
gold potential as a northern extension of the NI 43-101 compliant Escandalosa
Sur inferred resource of 3.1 Mt @ 3.14 g/t gold grade for a total of 316,000
ounces. Highlights of the previous resource drilling include 53 m grading 3.0
g/t gold and 26 m grading 11.4 g/t gold. New holes are targeting chargeable
anomalies from the IP survey.


Current IP survey work also shows positive developments in the Romero East area
with a strong chargeable zone emerging and still open to the east. The Company
is currently cutting lines to expand the survey and establish the extent of the
anomaly. East of Romero, the strongest IP chargeability anomaly to date, up to
18.0 mV/V (up to 9.0 mV/V was seen at the Romero discovery zone) was identified
in late January 2013 (see: http://goldquestcorp.com/images/nr/New_L100E.jpg).
The anomaly suggests chargeable sulfides and will be drill tested in the coming
weeks.


West of Romero, towards the Los Comios concession, historical reconnaissance
sampling has identified significant grades of copper. While sampling covered a
variety of rock types, the presence of copper may be related to underlying
Romero style mineralization (see map of copper results and locations at:
http://goldquestcorp.com/images/nr/feb8_2013_map11.jpg). In the Company's
complete San Juan concession portfolio, rock samples were taken and were sampled
amongst other elements for copper. Copper results included 9 samples returning
grades over 10% (the highest being 34.5% copper), 25 samples returning grades
between 5% and 10%, 49 returning grades between 2% and 5% and 34 samples
returning grades between 1% and 2%. The Company's exploration model shows a
relationship between copper and gold mineralization that encourages the Company
to follow anomalies relating to both metals. The Company also uses conductivity
readings, ground magnetics, mapping and geological interpretation to generate
drill targets.


Three rigs are currently drilling at the project, of which two are covering the
Romero discovery zone and one has commenced at the Escandalosa North target. A
fourth deep drill rig, capable to approx. 700 m is in Dominican Republic customs
at the port of Haina and is expected to be deployed shortly. See detailed map of
drill hole locations at:
http://goldquestcorp.com/images/nr/feb8_2013_New_Plan_Map_Romero.jpg.


A report has also been received from consultant Dr. Richard Sillitoe following
his visit to the GoldQuest properties in January. This report adds valuable
insight into the predictability of the Romero style mineralization:
http://goldquestcorp.com/images/nr/RichardSillitoeReport-Jan2013.pdf.


All rock samples were prepared and screened by ACME Labs (Santo Domingo);
metallic fire assay and multi-element ICP-MS were assayed by ACME Analytical
Laboratories (Chile). Gold values are determined by standard fire assay with an
AA finish, or, if over 10.0 g/t Au, were re-assayed and completed with a
gravimetric finish. QA/QC included the insertion and continual monitoring of
numerous standards, blanks and duplicates into the sample stream, at random
intervals within each batch. The comprehensive GoldQuest Quality Assurance and
Quality Control protocols can be viewed on GoldQuest's website at:
http://goldquestcorp.com/index.php/corporate/corporate-governance.


The information in this press release has been reviewed and approved by Mr.
Jeremy Niemi, P.Geo., the Director, Technical Services of GoldQuest and a
Qualified Person for the technical information in this press release under NI
43-101 standards.


About GoldQuest

GoldQuest is a Canadian based mineral exploration company with projects in the
Dominican Republic traded on the TSX-V under the symbol GQC.V and in
Frankfurt/Berlin with symbol M1W, with 143,255,044 shares outstanding
(154,856,571 on a fully diluted basis).


Forward-looking statements:

This news release contains certain statements that may be deemed
"forward-looking statements", including statements regarding the Company's
expectations and plans for its mineral projects, including its drilling programs
and the IP program. 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 exploitation and exploration success,
differing results from re-assays or other analytical procedures with respect to
the drill results, continued availability of capital, financing and required
resources (such as human resources, equipment and/or other capital resources)
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, except as required by law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer - Dominican Republic
+1-829-919-8701
jespaillat@goldquestcorp.com


GoldQuest Mining Corp.
Sebastian de Kloet
Corporate Communications - Toronto
+1-416-214-9151
sdekloet@goldquestcorp.com
www.goldquestcorp.com

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