La Quinta Resources Corporation

La Quinta Resources Corporation

March 23, 2011 15:30 ET

La Quinta Closes First Tranche of a Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) - La Quinta Resources Corporation (TSX VENTURE:LAQ)(FRANKFURT:LQK) ("La Quinta" or "The Company") is pleased to announce the closing of a first tranche of a non-brokered private placement previously announced on March 21, 2011. A total of 3,187,500 Units were placed in the first tranche, for a total proceed of $255,000. The placement is to raised gross proceeds of up to $1.5 million and consists of one share at the unit price of $0.08 and one-half (1/2) warrant; each warrant exercisable at a price of $0.15 any time up to one (1) year period following the closing of the Private Placement (the "Closing") and at price of $0.20 for a subsequent one (1) year. The company will use the funds for its ongoing program on its Nevada Properties, and for general working capital.

Funds raised through this first tranche of the placement will be used for the Easter project, to complete the trenching program at the West Vein area. The funds will also be used to secure the services of the driller contracted by LAQ on March 20, for the 2011 drilling campaign at Easter project. Leach Drilling of Silver Springs, Nevada, will complete a maximum of 23 drill holes ranging from 250ft – 900ft deep (77m – 277m) using both reverse circulation percussion and diamond drill core methods. Drilling at the Easter Project commences late spring 2011.

PowerOne Capital Ltd and Raymond James Ltd will each received Eight percent (8%) finder's fees for a total of $20,400 and four (4%) percent finder's fee warrants for a total of 127,500 finder's warrants, exercisable at a price of $0.15 any time up to one (1) year period following the closing of the Private Placement (the "Closing") and at price of $0.20 for a subsequent one (1) year.

The Company has received final approval for the private placement's first tranche. Furthermore, in accordance with the TSX, the securities issued pursuant to the offering are subject to a four (4) month applicable hold period ending July 22, 2011.

This press release is not intended for U. S. distribution and does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Entity unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About La Quinta Resources Corporation

La Quinta is a junior precious metals exploration company actively seeking mineral opportunities for the benefit of our stakeholders. Currently the Company is focused on exploring for gold and silver on its Easter Project and Black Jack properties in Nevada. The Easter Project is underlain by an epithermal quartz-adularia vein stockwork system hosted within Tertiary volcanic rocks of the Caliente Caldron Complex of southeastern Nevada. Numerous drill programs were conducted over the past 27 years by several operators. The resultant 121 holes and five adits were used to outline a 43-101 compliant resource of 2.6 million tons at 1.3 g/t gold (0.038 oz/t) and 14 g/t silver (0.4 oz/t) within an area of gold mineralization with a strike length of at least 6,450 feet (1,966 m) and drill-defined widths up to 90 feet (27.4 m). Significant prior intercepts include up to 0.194 oz. Au / ton over 90 feet (6.6 g/t over 27.4m true thickness) (including 0.549 oz. Au / ton over 15 feet [18.8 g/t over 4.5m]) and 0.084 oz. / ton over 110 feet (including 0.534 oz. Au / ton over 5 feet) [2.88 g/t over 33.5 m w/internal 18.3 g/t in 1.52 m]. The Black Jack property, an early-stage exploration target in NE Nevada, consists of old mine workings that contain silver- gold-base metals veins hosted in Ordovician limestones that overlie nearby Cambrian shale. No resource has been identified on this property.

On behalf of the board

Glen Watson, CEO and Director

This document includes forward- looking statements. When used in this document, the words "potential", "plan", "could", "estimate", "expect", "intend", "may", "should", and similar expressions are intended to be among the statements that identify forward-looking statements. Although La Quinta believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

SEC 12G file#82-35061

"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 this release."

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