GoldQuest Intercepts 9.68 Meters Grading 6.90 g/t Au, Confirms Gold-Rich Massive Sulphides on Las Animas Project

- Massive sulphide intersection of 9.65 m grading 4.14% Zn, 2.25% Cu, 1.22 g/t Au & 51.84 g/t Ag
- Oxide gold intersection of 38 m grading 1.92 g/t Au including 9.68 meters with 6.90 g/t Au

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 11, 2006) - GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX VENTURE:GQC) is pleased to announce the results of the first three diamond drill holes on its 100% owned Las Animas concession. All three holes were drilled on the same north-south fence with LA-01 and 02 at inclinations of -65 degrees and -50 degrees respectively and LA-03 drilled 40 meters north at an inclination of -50 degrees.

LA-01 intersected supergene copper with a grade of 2.22% over 4 meters from 48.0 to 52.0 m.

LA-02, drilled at a shallower angle, intersected the oxide gold zone with 38 meters grading 1.92 g/t Au (from 34.0 to 72.0 m) with a high grade interval of 6.90 g/t Au over 9.68 meters from gossan. The peak value from this interval returned 12.75 g/t Au over one meter. Base metals are leached in this oxide intersection.

LA-03 drilled deeper below LA-01 & 02 intersected massive sulphides at a depth of 100 meters below surface at 96.35 meters down hole. The 9.65 meter intersection from 96.35 m grades 1.22 g/t Au, 51.84 g/t Ag, 2.25% Cu and 4.14% Zn. The massive sulphide mineralisation principally comprises of pyrite, chalcopyrite, chalcocite, sphalerite and bornite.

The massive sulphide body is steeply dipping to vertical and has a variable strike between 060 and 150 degrees in the area of the drill holes.

Three further holes (LA-04, 05 & 06) were completed with the assay results pending from the laboratory. Holes LA-04 and 05 were drilled on the same north-south geological section as holes LA-01, 02 and 03 and intercepted the massive sulphide mineralisation at depth beneath hole LA-03, increasing the depth of the mineralisation to 150 meters below surface. Hole LA-06 was drilled 30 m west of holes LA-01 to 05 and intercepted a similar gossanous sequence to that observed in hole LA-02.

These results confirm the gold-rich nature of the massive sulphide with an approximate 46 meter deep oxide gold cap on this section. The drilling also confirms the coincidence of massive sulphides with electromagnetic (EM) conductors defined by the geophysical survey reported in the Press Release of 12th January 2006. This survey defined eight conductors with a cumulative strike length of 2,100 meters. In addition the Company has previously identified zones of gossanous schist with values of 14.0 g/t Au and 7.4 g/t Au at a distance of 1,000 m west of the drilled fence.

David Hall, President & C.E.O. commented "these results are significant and add another quality discovery to the GoldQuest portfolio which includes the Las Tres Palmas project where the 2,000 meter, second phase drill campaign is currently underway. We await the remaining Las Animas drill results before planning an aggressive step-out and district exploration program to fully define the tonnage and grade in what is a potentially new exciting massive sulphide camp".

The qualified person for the technical information in this press release for the purposes of National Instrument 43-101 is Dr Stewart D. Redwood, FIMMM, Consulting Geologist to the Company. Preparation and geochemical analyses of all samples were carried out by ALS Chemex, Vancouver. Standards, duplicates and blanks are routinely inserted into all sample batches for quality control. Updated maps and figures of the Las Animas project will be available shortly on the GoldQuest website.
 

Corporate developments

GoldQuest wishes to announce the resignation of Senator James Kelleher from the board. The board of Directors would like to thank Senator Kelleher for his contributions during the last two years and wishes him every success in the future.

About GoldQuest

GoldQuest is an exploration & development company focused on the Dominican Republic. Through regional grass-roots exploration and new geological models the Company has built a portfolio of drill targets on new gold and copper discoveries including Las Tres Palmas, Los Comios and Cerro Dorado. Gold Fields Limited and Barrick Gold Corporation are shareholders as well as MinMet plc, an Irish-based resource company, which own a combined 30.6% equity interest.

GoldQuest is traded on the TSX-V exchange under the symbol GQC.V and in Frankfurt under the symbol M1W. For more information please contact:

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Drill Mineralisation From To Length Gold Silver Copper Zinc
Hole type (m) (m) (m) (g/t) (g/t) (%) (%)
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LA-01 Massive sulphide 48.00 52.00 4.00 0.25 9.63 2.22 0.14
& stockwork
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LA-02 Gossan and 34.00 72.00 38.00 1.92 8.34 nsv nsv
wallrock
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including Gossan 36.00 45.68 9.68 6.90 21.56 0.01 nsv
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LA-03 Massive sulphide 96.35 106.00 9.65 1.22 51.84 2.25 4.14
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Table 1. Length-weighted average grades of initial drill holes from Las Animas Project. Note that the lengths are drill intersection widths and that there is insufficient data to calculate true widths of the massive sulphide body. nsv equals no significant values.

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Hole Sample From To Interval Au Ag Cu Zn
No. No (m) (m) (m) (g/t) (g/t) (%) (%)
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LA_01 13526 48.00 49.00 1.00 0.133 15.95 1.410 0.045
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LA_01 13528 49.00 50.00 1.00 0.009 3.54 0.075 0.025
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LA_01 13529 50.00 51.00 1.00 0.232 3.80 0.928 0.028
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LA_01 13530 51.00 52.00 1.00 0.631 15.25 6.480 0.477
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LA_02 13588 34.00 36.00 2.00 0.108 0.65 0.044 0.012
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LA_02 13589 36.00 37.00 1.00 5.240 8.81 0.171 0.032
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LA_02 13591 37.00 38.00 1.00 5.880 18.10 0.127 0.056
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LA_02 13592 38.00 39.00 1.00 5.650 12.00 0.057 0.045
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LA_02 13593 ave 39.00 40.00 1.00 10.895 22.55 0.055 0.046
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LA_02 13595 40.00 41.00 1.00 12.750 26.90 0.091 0.053
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LA_02 13596 41.00 42.00 1.00 4.500 9.25 0.114 0.037
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LA_02 13597 42.00 43.00 1.00 11.900 16.35 0.039 0.008
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LA_02 13599 43.00 44.00 1.00 4.760 84.30 0.179 0.032
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LA_02 13600 44.00 44.82 0.82 5.320 5.73 0.066 0.010
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LA_02 13601 44.82 45.68 0.86 1.030 6.71 0.063 0.004
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LA_02 13603 45.68 46.00 0.32 0.241 6.80 0.017 0.004
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LA_02 13604 46.00 48.00 2.00 0.147 8.79 0.011 0.001
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LA_02 13605 48.00 50.00 2.00 0.104 15.75 0.014 0.001
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LA_02 13606 50.00 52.00 2.00 0.515 2.20 0.093 0.007
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LA_02 13607 52.00 54.00 2.00 0.995 12.70 0.366 0.004
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LA_02 13608 54.00 56.00 2.00 0.404 8.85 0.337 0.002
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LA_02 13609 56.00 58.00 2.00 0.095 0.70 0.046 0.002
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LA_02 13610 58.00 61.00 3.00 0.095 1.00 0.073 0.003
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LA_02 13611 61.00 63.00 2.00 0.105 0.47 0.054 0.008
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LA_02 13612 63.00 64.00 1.00 0.108 0.36 0.037 0.004
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LA_02 13613 64.00 66.00 2.00 0.102 0.34 0.025 0.003
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LA_02 13614 66.00 69.00 3.00 0.140 0.59 0.026 0.003
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LA_02 13615 69.00 70.00 1.00 0.123 0.55 0.019 0.002
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LA_02 13616 70.00 72.00 2.00 0.107 0.37 0.014 0.002
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LA_03 13667 96.35 97.00 0.65 3.820 40.10 2.130 6.060
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LA_03 13668 97.00 98.00 1.00 2.600 31.60 1.570 3.470
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LA_03 13669 98.00 99.00 1.00 0.956 18.05 1.860 4.030
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LA_03 13670 ave 99.00 100.00 1.00 0.641 16.98 2.245 8.085
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LA_03 13672 100.00 101.00 1.00 0.487 16.45 3.230 4.350
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LA_03 13673 101.00 102.00 1.00 0.519 16.55 2.800 3.870
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LA_03 13676 102.00 103.00 1.00 0.849 20.40 2.470 5.550
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LA_03 13677 103.00 104.00 1.00 0.807 22.40 1.510 3.140
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LA_03 13680 104.00 105.00 1.00 1.260 32.80 0.710 2.880
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LA_03 13681 105.00 106.00 1.00 1.225 299.00 3.970 0.709
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Table 2. List of sample assays for the mineralised intersections of the preliminary drill holes at Las Animas.

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

For more information, please contact

GoldQuest Mining Corp.
Mr. David Hall
President & Chief Executive Officer
+353-1-661-3309 (Dublin)

or

GoldQuest Mining Corp.
Mr. Alistair Waddell
Vice President of Exploration
(604) 725 4667 (Vancouver)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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