GQC GoldQuest Mining Corporation

GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX
VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) is pleased to announce that Frank Balint
has been appointed to its board of directors (the "Board") and that the Company
has entered into an agreement with William (Bill) Fisher with respect to his
position as Executive Chairman. 


Frank Balint is a seasoned mining executive with over 35 years of broad ranging
practical experience in the mining industry. Mr. Balint has been involved in all
aspects of the mining life cycle from exploration, through discovery,
feasibility, financing, development and closure. Mr. Balint possesses strong
technical skills backed up by a solid financial experience base that have
resulted in a strong exploration and acquisition track record. As a senior
member of the executive team at Inmet Mining Corp. for nearly 20 years, he has
had significant involvement with shaping, communicating, and executing a
successful corporate strategy that saw Inmet grow from a market cap of less than
$200 million to over $5 billion before it was acquired by First Quantum Minerals
in March of 2013. Mr. Balint was also formerly a director of Wolfden Resources
Inc., a TSX listed company that was sold to Zinifex Limited in 2007 for $363
million. Mr. Balint is a licensed professional geologist (P. Geo) in Ontario,
British Columbia and NWT.


Julio Espaillat, the Company's President & CEO, commented, "On behalf of
GoldQuest, we would like to welcome Frank to the board. We are looking forward
to working with him to advance the Company's projects in the Dominican Republic.
Frank will be a strong addition to our team. The composition of the board
provides the Company with a broad range of corporate experience and technical
and operational expertise in the mining industry."


With William (Bill) Fisher's involvement expanding beyond typical Chairman
responsibilities, the Company has entered into an agreement with Mr. Fisher
pursuant to which he will act as Executive Chairman for a further period of
three (3) years with effect from January 1, 2013.


The Company has now completed a realignment of the Board and its various
sub-committees, a process which has been in discussion over the last few months.
With the addition of Frank Balint to the Board, the Company will have a majority
of independent directors that will all serve in different capacities on the
various board sub-committees. Both Julio Espaillat and William (Bill) Fisher
will continue to also serve as executive directors of GoldQuest bringing the
total number of directors to five (5).


The Company has also granted a total of 500,000 stock options (the "Options") to
a director of the Company at an exercise price of $0.35. The Options are
exercisable for a five-year period from the date of grant and will vest as
follows: 1/3rd on the 6 month anniversary from the date of the grant; 1/3 on the
one year anniversary from the date of the grant and the final 1/3rd on the 18
month anniversary from the date of the grant. The granting of the Options is
subject to TSX Venture Exchange approval.


On behalf of the board of Directors,

Julio Espaillat, President & Chief Executive Officer

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 143,980,044 shares outstanding
(157,981,568 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. 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
+1-829-919-8701
jespaillat@goldquestcorp.com


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

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