VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2013) - GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest" or the "Company") announces that the board of directors has authorized the grant of an aggregate of 2,625,000 incentive stock options (the "Options") to directors, officers and employees of GoldQuest and a consultant performing investor relations activities, at an exercise price of $0.50 per share.

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 first anniversary from the date of the grant and the final 1/3rd on 18 month anniversary from the date of the grant.

The Options issued to an investor relations consultant are exercisable for a five-year period from the date of grant and will vest as follows: 1/4th on the three month anniversary from the date of the grant; 1/4th on the six month anniversary from the date of the grant; 1/4th on the nine month anniversary from the date of the grant; and the remainder on the one year anniversary from the date of the grant.

The Options are granted pursuant to the Company's stock option plan which was approved by shareholders at the Company's annual general meeting of shareholders held on June 29, 2012. The Company's stock option plan and the grant of the Options is subject to the approval of the TSX Venture Exchange.

On behalf of the Board of Directors,

Bill Fisher, Chairman

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 (154,856,571 on a fully diluted basis).