GoldQuest Mining Corp.

GoldQuest Mining Corp.

March 21, 2005 10:22 ET

GoldQuest Mining Corp.: High Grade Massive Sulfide Project Acquired


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GOLDQUEST MINING CORP.

TSX VENTURE SYMBOL: GQC

MARCH 21, 2005 - 10:22 ET

GoldQuest Mining Corp.: High Grade Massive Sulfide
Project Acquired

TORONTO, ONTARIO--(CCNMatthews - March 21, 2005) - GoldQuest Mining
Corp. (TSX VENTURE:GQC)

- Historical information describes a drill intersection of 29.6 m @
8.88% Cu, 55.82 g/t Ag, 2.07 g/t Au & 1.29% Zn.

- Gossan samples average 4.58 g/t Au and 121.1 g/t Ag.

GoldQuest Mining Corp. (TSX VENTURE:GQC) ("GoldQuest" or the "Company")
is pleased to announce it has recently received title to the Las Animas
exploration concession covering a massive sulfide project in the western
Dominican Republic.

Twenty-eight samples of gossan blocks taken by GoldQuest gave an average
grade of of 4.58 g/t Au and 121.1 g/t Ag with maximum values of 24.3 g/t
Au and 1,135.0 g/t Ag. The gossan forms a horizon in a sequence of
steeply dipping sericite schists and siliceous sediments and has been
mined in a small open cut.

A historical drill hole reported massive sulfides over 29.6 meters
grading 8.88% Cu, 1.29 % Zn, 55.82 g/t Ag and 2.07 g/t Au from 88.0 to
117.6 m (hole SO-4 drilled in 1976). This is not a true width and the
core is not available for inspection. This data is quoted from the
"Mining Inventory of the Dominican Republic" prepared by United Nations
Development Programme in 1981 (Project Number DOM/78/004). This
describes the intersection as pyrite, chalcopyrite, chalcocite,
tennantite/tetrahedrite and bornite with barite. The report describes
the massive sulfide body as having a width of 4 to 12 m and a probable
length of 500 m. This information is presented as historical only as it
does not conform to the guidelines of the CIM standards and is not NI
43-101 compliant. Further drilling was carried out in the 1980s but the
results are not available.

Stewart D. Redwood, President & CEO, said, "The Las Animas project was
re-discovered by the regional exploration program carried out with Gold
Fields and adds further to GoldQuest's exciting pipeline of quality
projects."

"We are trying to locate additional historical data" he continued, "and
plan to start a two-week program of detailed mapping and sampling in
April, with drilling of the identified structure scheduled to commence
as soon as the environmental permit is received."

The Las Animas project, located 110 km north-west of Santo Domingo, is
owned 100% by GoldQuest. Gold Fields has a back-in right to earn 60%.

The GoldQuest samples were prepared and analyzed for gold and a suite of
multielements by ALS Chemex, Vancouver. Standards, blanks and duplicates
are routinely put in all sample batches for quality control. The
qualified person for the technical information in this press release for
the purposes of National Instrument 43-101 is Stewart D. Redwood, FIMMM.

About GoldQuest

GoldQuest is focused on gold exploration in the Dominican Republic. Gold
Fields Ltd and Placer Dome Inc. are significant shareholders of the
Company.

Shares Outstanding: 32,177,000

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    GoldQuest Mining Corp.
    Stewart D. Redwood, PhD, FIMMM
    President & CEO
    (+1) 416 367 9281
    or
    GoldQuest Mining Corp.
    Chafika Eddine
    Investor Relations
    (+1) 416 367 9281
    info@goldquestcorp.com
    www.goldquestcorp.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.