GoldQuest Drilling Intercepts 36.5 Meters Grading 2.74 G/t Gold at La Escandalosa, Dominican Republic; New Director Appointed

VANCOUVER, APRIL 19, 2011 - GoldQuest Mining Corp. (TSX.V - GQC) (“GoldQuest” or the “Company”) is pleased to announce 17 drill hole results from its La Escandalosa project in the western Dominican Republic. Drill results from a further 7 holes are pending. The program was designed to increase drilling density in the La Escandalosa mineralized zone (NI 43-101 compliant inferred resource of 4.86 million tonnes grading 2.60 g/t gold at 0.3 g/t cut off, see news release of 9th November 2010), and to test for extensions to the north and south.

Highlights of the drilling include:

  • 36.5 metres grading 2.74 g/t, including 13.13 metres grading 6.60 g/t gold in drill hole LTP-62;
  • 16.0 metres grading 2.45 g/t gold in drill hole LTP-47
  • 9.2 metres grading 3.54 g/t gold in drill hole LTP-48

The map of the drill hole locations is available for viewing on the Company’s website (www.goldquestcorp.com/i/maps/LE_DrillHoles.jpg).

“We are pleased that La Escandalosa remains open to the north and that the drilling confirms our confidence in our initial NI 43-101 resource,” commented Julio Espaillat, the Company’s CEO. “We are continuing exploration in all directions using induced polarization and magnetic geophysical techniques, especially northwards towards Hondo Valle where the best intersection was 20 metres grading 2.65 g/t gold.”

The 17 drill holes reported today are from the fourth phase of diamond drilling at the Escandalosa Sur – Hondo Valle zones in which 24 holes totaling 3,413 meters, averaging 142 metres in depth, were drilled to test a combination of targets including lateral extensions to the known mineralization under a barren cover and to carry out confirmatory infill drilling. Extension of the mineralized zone to the south of the previously reported LTP-34 (7.09 metres grading 5.85 g/t gold) was tested with 6 holes which were all weakly mineralized. The Company has concluded that any potential southern extension of La Escandalosa may have been displaced by faulting. The most northerly drill hole was LTP-47 which returned 16 metres grading 2.45 g/t gold, and the mineralization is open northwards towards the Las Tomates and Hondo Valle zones.

Results received to date from the fourth phase of drilling, at a cut off of 0.3 g/t Au, are as follows:

Hole No.
Zone
From (m)
To (m)
Interval (m)
Au (g/t)
LTP-45
Escandalosa Sur
58.88
62.05
3.17
2.62
LTP-46
Escandalosa Sur
56.48
62.00
5.52
1.01
LTP-47
Escandalosa Sur
110.00
126.00
16.00
2.45
LTP-48
Escandalosa Sur
88.78
98.00
9.22
3.54
LTP-52
Escandalosa Sur
46.00
58.00
12.00
0.32
LTP-53
Escandalosa Sur
84.00
92.00
8.00
0.46
LTP-54
Escandalosa Sur
57.00
63.00
6.00
0.40
LTP-62
Escandalosa Sur
63.50
100.00
36.50
2.74
Including
Escandalosa Sur
63.50
76.63
13.13
6.60

 

There were no significant intersections from holes LTP-43, 44, 50, 51, 55, 58, 59, 60 and 61. Assay results for the remaining 7 holes, LTP-49, 56, 57, 63, 64, 65 and 66, are pending. All the holes drilled in the La Escandalosa area including those from the most recent program are summarized under the La Escandalosa Project section on the Company’s website at www.goldquestcorp.com.

The Escandalosa Sur and Hondo Valle zones are interpreted to be part of an epithermal intermediate sulphidation type system hosted in an outcropping, flat-lying to shallowly dipping volcanic sequence. Mineralization typically occurs as a stratiform, weakly silicified body associated with a quartz vein stockwork, with sulphide mineralization characterized by fine-grained pyrite accompanied by minor sphalerite and chalcopyrite.

Core samples were sawn in half lengthways and one half sampled. The samples were prepared and analyzed by Acme Analytical Laboratories Ltd in Maimon, Dominican Republic and Vancouver for gold by fire assay with atomic absorption spectrometry (AAS) finish. Multielements were analyzed by four acid digestion and inductively coupled plasma atomic emission spectrometer (ICP-ES) analysis. Standards, blanks and duplicate samples were routinely inserted for quality assurance and quality control.

Up to 3,000 meters of diamond drilling are proposed for the second half of 2011, to test the extension of known mineralization and potential new targets being defined by the ongoing geology, geochemical and geophysical programs.

New Director Appointment
The Company is also pleased to announce the appointment of Mr. Julio Espaillat, the Company’s President and Chief Executive Officer, to the board of directors.

About GoldQuest
GoldQuest is a Vancouver based mineral exploration company with projects in Spain and the Dominican Republic traded on the TSX-V under the symbol GQC.V and in Frankfurt / Berlin with symbol M1W, with 103,308,601 shares issued and outstanding and 112,066,851 on a fully diluted basis. The recent trading range has been C$0.30 to C$0.40.

Bill Fisher, P.Geo., a “Qualified Person” as defined under National Instrument 43-101, and a director of GoldQuest, supervised the preparation of this news release.

 

On behalf of the Board of Directors,


Julio Espaillat
President & Chief Executive Officer
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For further information please contact:

Dan Maarsman
Investor Relations – Vancouver, Canada
Tel: +1-604-632 4333
www.goldquestcorp.com
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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.

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”, “proposes”, “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, except as required by law.