Quest Uranium Corporation

Quest Uranium Corporation

June 26, 2009 14:30 ET

Quest Completes $1.5 Million Private Placement

TORONTO, ONTARIO--(Marketwire - June 26, 2009) - Quest Uranium Corporation (TSX VENTURE:QUC) announces that it has completed its previously-announced private placement by issuing an aggregate of 6,818,180 common shares to "accredited investors" in British Columbia, Bermuda, Switzerland and the United States at a price of $0.22 per share, for gross proceeds to Quest of $1.5 million.

Each share is accompanied by one common share purchase warrant. Each warrant entitles its holder to purchase one additional Quest share at a price of $0.40 for one year.

The proceeds from the private placement will be used for exploration on and adjacent to Quest's Strange Lake Rare Element deposit and for working capital purposes.

As a result of the private placement, there are 35,069,919 common shares of Quest issued and outstanding. Under applicable securities legislation, the securities issued in the private placement are subject to a four-month hold period, expiring on October 27, 2009.

About Quest Uranium

Quest Uranium Corporation is a Canadian-based, exploration company focused on the identification and discovery of new world-class uranium and REE deposit opportunities. The company is publicly-listed on the TSX Venture Exchange as "QUC" and is led by a highly-respected management and technical team with a proven mine-finding track record. Quest is currently advancing several high-potential projects in Canada's top frontier exploration areas: the George River Belt of northeastern Quebec, the Kenora area of northwestern Ontario and the Plaster Rock area of northwestern New Brunswick. Quest is also actively pursuing additional, high-potential project opportunities throughout North America as a supplement to its strong property portfolio.

This press release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements"

Neither 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 the release.

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