GoldQuest Mining Corp. (TSX-V:GQC) (FRANKFURT:M1W) (BERLIN:M1W) is pleased to announce that, following analysis of its Q1 2014 airborne ZTEM and magnetic geophysical survey, the Company has selected and applied for 3,680 hectares of contiguous extensions to its Tireo property in the Dominican Republic.

Highlights:

• Application to increase the total concession area by 21% to 20,841 hectares, of which 32.4% or 6,750 hectares have been fully granted and the remainder are under application.
• The new ground encompasses numerous targets generated from the regional ZTEM and magnetic airborne survey. Ongoing ground follow-up includes geological and alteration mapping and Induced Polarization surveys to refine targets in advance of drilling.
• GoldQuest’s 2014 10,000 metre drill program is in progress on the granted 6,750 hectares, with 7 holes completed, 3 with assays pending and 1 in progress at La Bestia.

“Detailed interpretation of the valuable airborne survey, along with systematic ground follow-up, has allowed us to selectively increase our exploration footprint in highly prospective terrain,” commented Julio Espaillat, GoldQuest’s CEO. “We are focusing on seeking further gold/copper mineralization, as Romero-style hydro-thermal systems can occur repetitively along major volcanic trends such as the Tireo Formation, where GoldQuest has discovered three systems at Romero, Romero South and Jengibre, and two others systems have been identified in the Tireo Formation west of the Company’s concessions.”

The Tireo property surrounds the Company’s Romero deposit discovered in May 2012, resulting in a NI 43-101 compliant mineral resource estimate followed by a Preliminary Economic Assessment showing a 15 year mine life with a pre-tax Net Present Value (8% discount rate) of $318 million (after tax $176 million), pre-tax Internal Rate of Return of 19.7% (after tax 15.1%) and all in sustaining operating costs net of by-products of $353/ ounce of gold. The PEA is preliminary in nature, 20% of the mine plan consists of inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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 and in Frankfurt/Berlin with symbol M1W, with 145,755,044 shares outstanding as at July 31, 2014, (159,331,209 on a fully diluted basis, as at July 31, 2014).