GoldQuest Mining Corp.

GoldQuest Mining Corp.

August 11, 2005 14:53 ET

New Gold Vein Systems Discovered In Dominican Republic

TORONTO, ONTARIO--(CCNMatthews - Aug. 11, 2005) -

- New quartz vein system up to 3.5 km long discovered at El Toro.

- Grades up to 31.8 g/t Au in grab samples.

- Another vein system with up to 10.2 g/t Au on nearby Santa Ana.

- Copper-gold-silver-molybdenum mineralization on nearby El Tuerto project.

GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX VENTURE:GQC) is pleased to announce the discovery of two new zones of gold-bearing quartz veins and a third zone of copper-gold-silver-molybdenum mineralization in the northern Dominican Republic. These were discovered during the Gold Fields-funded exploration program with Gold Fields retaining a back in right to earn a 60% interest. The El Toro, Santa Ana and El Tuerto concessions and applications are located 110 km northwest of Santo Domingo.

Gold-bearing quartz veins occur in the Santa Ana and El Toro concessions. On El Toro several NW-trending quartz veins up to 2.0 meters wide are hosted by andesitic tuffs. Patchy outcrop and float of quartz veins occurs in an area of 3,500 meters strike length by 1,000 meters width. Forty-seven (29%) out of 162 rock grab and float samples run greater than 1 g/t Au with a maximum of 31.8 g/t. A soil grid returned 31 out of 415 samples (7.5%) with greater than 0.1 g/t Au with a maximum of 0.84 g/t. Santa Ana has similar geology to El Toro and 19 (23%) out of 83 rock and float samples returned values greater than 1 g/t Au with a maximum of 10.2 g/t Au.

The nearby El Tuerto project has copper-gold-silver-molybdenum anomalies. Maximum values out of 53 rock grab and float samples are 6.7% Cu, 0.97 g/t Au, 32.8 g/t Ag and 0.08% Mo. Twenty-two samples (42%) ran greater than 0.1% Cu including 7 samples (13%) greater than 1.0% Cu. Mineralization is associated with quartz veins hosted by metabasic phyllites with quartz porphyry dikes and a diorite intrusion.

David J. Hall, President said "our regional exploration program continues to discover new gold and copper districts and adds further value to GoldQuest's extensive portfolio in the Dominican Republic. The Dominican Republic is on the basis of GoldQuest and other company results becoming recognized as a serious exploration country. The El Toro, Santa Ana and El Tuerto projects will be rapidly advanced to drill stage and along with the breakthrough discovery of porphyry gold mineralization at Cerro Dorado and Pueblo Viejo style mineralization at Tres Palmas highlight the value adding work by the GoldQuest team."

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 through its subsidiaries owns and explores mineral properties in the Dominican Republic. GoldQuest is 34.6% owned by Minmet plc, a mining and exploration company listed on the Irish Stock Exchange. Gold Fields and Placer Dome Inc. are also significant shareholders of the Company.

Shares Outstanding: 42,677,000

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

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