Quest Uranium Corporation

Quest Uranium Corporation

December 22, 2008 08:30 ET

Quest Uranium Announces Final Closing of $800,000 Private Placement

- Issues 5,000,000 Flow-Through Shares at $0.125 per Share - Private Placement Fully Subscribed

TORONTO, ONTARIO--(Marketwire - Dec. 22, 2008) - Quest Uranium Corporation ("Quest") (TSX VENTURE:QUC) is pleased to announce that it has completed the final closing of its previously-announced private placement by issuing 5,000,000 "flow-through" common shares to accredited investors and officers and directors of Quest at a price of $0.125 per share, for gross proceeds to Quest of $625,000.

The sale of the 5,000,000 "flow-through" common shares represents the final closing of a private placement of 6,400,000 "flow-through" common shares, under which Quest has raised an aggregate amount of $800,000. This amount represents an over-subscription of 18.5% from the initial financing announcement on November 10, 2008, due to higher than anticipated demand.

Quest will use the proceeds from the private placement for exploration on its properties in eastern Canada. In connection with the private placement, Quest paid a finder's fee to Canaccord Capital Corporation and Augen Capital Corp. for an aggregate amount of $18,000.

Under applicable securities legislation and the policies of the TSX Venture Exchange, the shares issued at the final closing of the private placement are subject to a four-month hold period.

As a result of the final closing, there are 27,757,000 common shares of Quest issued and outstanding.

About Quest Uranium

Quest Uranium Corporation is a Canadian-based, pure-uranium exploration company focused on the identification and discovery of new world-class uranium deposit opportunities. The company is publically-listed on the TSX Venture Exchange as "QUC" and is led by a highly-respected management and technical team with a proven mine-finding track record. Quest is currently advancing several high-potential projects in Canada's premier uranium exploration areas: the George River Belt of northeastern Quebec, the Kenora area of northwestern Ontario and the Plaster Rock area of northwestern New Brunswick. Quest also has a clear route to 50% ownership of a large uranium property in the James Bay area, Quebec under option from Midland Exploration Inc. Quest also operates its Nanuk and Stewart Lake properties in the George River area under an option agreement with Nebu Resources Inc., whereby Nebu is committed to spending $1 million in exploration on the properties in 2008 and $3.0 million over the next three years. Quest continues to identify new, high-potential project opportunities throughout North America.

This press release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".

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

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