GoldQuest Mining Corp.

GoldQuest Mining Corp.

September 16, 2008 16:56 ET

Gold Fields Commences Drilling on GoldQuest Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2008) - GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX VENTURE:GQC)(FRANKFURT:M1W) is pleased to present an update on the exploration activities with its partner Gold Fields Ltd. ("Gold Fields"). Gold Fields is currently earning a 60% interest in various projects in the Dominican Republic by expending US$5 million over a three year period.


- Gold Fields has commenced drilling on GoldQuest's 100% owned Jengibre Au-Ag-Cu-Zn project;

- Drilling also to test newly-defined targets on GoldQuest's 100% owned Loma Viejo Pedro Au Project.


Drilling, as part of Gold Fields option earn-in has commenced on the Company's 100% owned Jengibre project to test targets described in news release dated March 5, 2008. Drilling will test outcropping mineralization identified in five principal zones, four of which are located over a horizontal distance of approximately 1,000 meters. The northwest mineralized outcrops occur as a shallow dipping stratiform body cross-cut by a sub-vertical fault and possible feeder structures. Additional sub-vertical mineralized structures trend to the southeast. The fifth zone, located approximately 500 meters further east, is a zone of silica-pyrite alteration which trends approximately 450 meters east-west. The style of alteration and mineralization of the fifth zone is similar to that occurring in the other zones.

The Jengibre discovery is now the third significant zone of mineralization defined by GoldQuest and Gold Fields in a new 35 km NNW-trending gold district extending from the Las Tres Palmas and Loma Viejo Pedro properties in the northwest, to Jengibre in the southeast.


Gold Fields also plans a series of exploration drill holes on the Loma Viejo Pedro project. The project is located directly to the northwest of the Jengibre project on the same geological trend. Gold Fields have been following up numerous targets identified during the regional geochemical exploration programme and have recently defined several new zones of outcropping mineralization. At Loma Viejo Pedro, rocks of the Upper Cretaceous Tireo Formation host silicic, argillic and pyritic alteration with anomalous gold values. Rock chip and soil sampling has defined a three kilometre long gold anomaly. The target is a structurally controlled, poly-metallic, intermediate sulphidation, gold system. Mineralization is characterized by argillic and silicic alteration with disseminated pyrite. Several phases of pyritization can be seen at some localities, with disseminated pyrite being post-dated by later veinlets of quartz, pyrite containing traces of chalcopyrite and barite. Five initial drill holes will target a 1.2 km trend which is host to the highest gold in rock chip; this trend has returned values up to 15.3 g/t Au.


Gold Fields drilled the Company's 100% owned Piedra Iman project located approximately four kilometres northwest of the Pueblo Viejo mine currently under option from the Dominican government to a Barrick-Goldcorp joint venture. As announced by Barrick on February 27, 2008, the Pueblo Viejo mine contains reserves of 20.4 million ounces of gold, 423.6 billion pounds of copper, and 117.3 million ounces of silver. Gold Fields completed fifteen diamond holes for a total of 3,645 meters to test for blind high sulphidation mineralization beneath a strongly altered silica cap.

Gold Fields reports that no significant gold values were intercepted from this phase of drilling with the best being from hole PI-19 which returned 4 meters grading 0.87 ppm gold from a zone of strong silicification, pyrite and pyrophilite veinlets. Gold Fields has no plans for further drilling on the Piedra Iman project at this time.


Gold Fields is still completing systematic follow-up exploration on numerous other targets identified by the regional exploration programme. Sample results will be released from the different projects as soon as they come available.

About GoldQuest

GoldQuest is a Vancouver based Exploration company focused on the Dominican Republic. Through regional grass-roots generative exploration and new geological models the Company has built a portfolio of new gold and copper discoveries including it's 100% owned Las Animas Au-Ag-Cu-Zn project excluded from the Gold Fields joint venture.

Mr. Nathan Brewer, an employee of Gold Fields, is the Qualified Person as defined by National Instrument 43-101, responsible for the technical information noted in this news release and the design and management of the ongoing exploration programmes. David J. Hall, Vice Chairman and Director of the Company is the qualified person as defined by National Instrument 43-101 and has reviewed the content of this press release. Preparation and geochemical analyses of all samples were carried out by ALS Chemex in Vancouver and Acme Labs in Santiago. Standards and blanks are routinely inserted into all sample batches for quality assurance and quality control. GoldQuest is traded on the TSX-V under the symbol GQC.V and in Frankfurt / Berlin with symbol M1W.

On behalf of the Board of Directors,

Alistair H. Waddell

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information