GoldQuest Deploys Second Drill Rig at the Romero Mineralization in the Dominican Republic, Where Preliminary Interpretation Suggests the Mineralized Horizons may be Subhorizontal

July 12th 2012, Vancouver, British Columbia - GoldQuest Mining Corp. (TSXV: GQC) (“GoldQuest” or the Company”) is pleased to announce that a second drill rig has started drilling at the Romero Gold and Copper Discovery within its 100 percent owned Las Tres Palmas project in the Dominican Republic. LTP 90, the only hole to date that has assay results at the Romero discovery, returned 231 metres grading 2.4 g/t gold (see GoldQuest’s press release of May 29, 2012). The current program is testing the lateral continuity of the mineralization.


As of today’s date, holes have been completed 25 metres to the East (LTP 93) and 25 metres to the West (LTP 92) of the Romero discovery hole LTP 90. LTP 92 bottomed at 399 metres and LTP 93 bottomed at 433 metres. Both holes were terminated for technical reasons due to constraints on the range and capabilities of the first portable drill rig which was used for those holes. The second drill rig has been deployed and third and fourth diamond drill holes, located 25 metres to the North and 25 metres to the South of LTP 90, respectively, are currently in progress (refer to the following for information with respect to the location, elevation, azimuth and depth of the holes: http://www.goldquestcorp.com/images/nr/NEWROMERO.jpg).


Initial interpretation of the mineralization intercepted to date of holes LTP 90, LTP 92, LTP 93 and the incomplete LTP 94 at Romero indicates that the contact between the upper, weakly silicified, low copper zone and the lower, strongly silicified, higher copper zone is sub-horizontal, with possibly a gentle dip to the north of less than 10 degrees (see GoldQuest’s press releases of May 29, 2012 and June 12, 2012). Ongoing drilling should help to better define the geometry of the mineralization and it is expected that this simple interpretation may be modified as further drill results are received and interpreted. The potential quantity and grade of the mineralization is currently conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

 

“We recognize the importance of developing an understanding of the mineralization laterally and at depth at Romero and are excited to have deployed a second drill rig to aid in the speed of this process”, commented Julio Espaillat, GoldQuest’s CEO.

 

Half core from the completed holes LTP 92 and LTP 93, are already in ACME laboratories, for assays and the results of the analysis from these confirmatory holes will be published by GoldQuest upon receipt. The Company has implemented quality control and assurance practices with respect to drill samples for its properties in the Dominican Republic, such as ensuring all samples are double bagged and marked with sample cards, placing restrictions on those who can handle the samples in the chain of custody from the field to the assay, and setting forth the policies for laboratory review. For greater detail on the quality control and assurance practices of GoldQuest, see the Quality Control and Assurance policy on GoldQuest’s website at the following link: http://goldquestcorp.com/index.php/corporate/corporate-governance.

 

Due to interesting mineralization seen at or near the deepest capability of the current portable drill rigs, the Company has also contracted a third diamond drilling rig with ability to drill to 700 metres. This rig is being shipped to the Dominican Republic from Canada and will be deployed to test the deep ground geophysical anomalies and geological potential at depth at both Romero and Escandalosa Sur project zones.

 

The information in this press release has been reviewed and approved by Mr. William Fisher, P. Geo., a qualified person for the technical information in this press release under NI 43-101 standards and the chairman and a director of GoldQuest Mining Corp.

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 125,348,601 shares outstanding (141,048,601 on a fully diluted basis).

For further information, please contact:

Julio Espaillat

President & Chief Executive Officer

+1-809-385-2222

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Sebastian de Kloet

Investor Relations - Toronto

+1-416-214-9151

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www.goldquestcorp.com

 

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", "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, 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.