GoldQuest Mining Corp.

GoldQuest Mining Corp.

March 03, 2005 08:30 ET

GoldQuest Mining Corp.: Major New Gold Mineralization Discovered In Western Dominican Republic


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GOLDQUEST MINING CORP.

TSX VENTURE SYMBOL: GQC

MARCH 3, 2005 - 08:30 ET

GoldQuest Mining Corp.: Major New Gold Mineralization
Discovered In Western Dominican Republic

TORONTO, ONTARIO--(CCNMatthews - March 3, 2005) - GoldQuest Mining Corp.
(TSX VENTURE:GQC) -

- Newly discovered zones of epithermal gold mineralization.

- Mineralization & alteration traced over 2 km.

- Rock outcrop samples up to 67.8 g/t Au.

- Oxide gold potential.

GoldQuest Mining Corp. ("GoldQuest" or the "Company") is pleased to
announce the discovery of three new zones of gold mineralization in the
San Juan Project in the western Dominican Republic.

The mineralization was discovered by stream sediment sampling during the
regional exploration program in the Western Dominican Republic in
partnership with Gold Fields Ltd in an area with no previous history of
mining.

Follow up of highly anomalous stream sediment and float samples has led
to the discovery of two significant zones of gold mineralization at Tres
Palmas and a third zone of gold mineralization at Viejo Pedro.

The Tres Palmas mineralization outcrops in two zones 1,500 meters apart.
The northern one is exposed in an area of 210 m by 90 m wide. 19 out of
53 rock-chip samples returned values greater than 1 g/t Au with a
maximum of 10.2 g/t Au.

The southern zone outcrops over an area of 400 m by 100 m wide. 13 out
of 77 rock-chip samples reported values greater than 1 g/t Au with a
maximum of 67.8 g/t Au.

In both areas mineralization is exposed as sulfides in valleys, and
significantly there is oxide mineralization on the ridges above and
between these two areas. Mineralization is hosted by volcanic
agglomerates of the Tireo Formation with silica-pyrite and advanced
argillic alteration, typical of high sulfidation gold deposits..
Preliminary sampling and mapping suggests the two zones may be connected
as a flat lying stratiform body over 1,500 meters long. The area and
style of mineralization is similar to that of the original Moore orebody
at Pueblo Viejo which had an initial reserve of 3.6 Moz Au in oxides.

The Viejo Pedro zone, located 19 km south of Tres Palmas, is a large
area of approximately 2,500 m by 700 m with silicic and argillic
alteration with pyrite and gossans associated with porphyry intrusions
and volcanic rocks. 15 out of 153 rock-chip and float samples gave gold
grades greater than 1 g/t with a maximum of 8.8 g/t.

In addition there are several other areas with anomalous gold and copper
in the San Juan project which remain to be followed up. Of 508 rock and
float samples from these other areas, 41 have more than 1 g/t Au with a
maximum of 26.4 g/t Au, and 47 have more than 1% Cu with a maximum of
13.2%.

Stewart D. Redwood, President & CEO, said, "We are very excited about
these new gold discoveries. These show the value created by grass-roots
exploration. We will start systematic sampling and mapping at Tres
Palmas shortly to test the continuity of the mineralization and define
drill targets."

Commenting David Hall, Chairman "GoldQuest set out to discover new gold
occurrences, rather than re-cycling old projects, thus our association
with two major mining companies. The discovery of not one but two such
new gold zones with significant surface alteration-mineralization
footprints is great credit to Stewart Redwood and his team".

The San Juan project comprises of large contiguous GoldQuest exploration
concessions with title and under application. Gold Fields Ltd have a
back-in right to earn a 60% interest in the project.

Preparation and geochemical analyses of all samples were carried out by
ALS Chemex, Vancouver. Rock standards, blanks and duplicates are
routinely inserted into 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.

For more information please contact us at (+1) 416 367 9281 and visit us
at Booth 5007 at the Prospectors & Developers Association Convention in
Toronto on March 8 & 9.

Stewart D. Redwood, PhD, FIMMM, President & CEO

Chafika Eddine, Investor Relations

Shares Outstanding: 32,177,000

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Goldquest Mining Corp.
    Amy Stephenson
    Chief Financial Officer
    (416) 367-9278
    (416) 203-6181 (FAX)
    info@goldquestcorp.com
    www.goldquestcorp.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.