Quest Uranium Corporation
TSX VENTURE : QUC

Quest Uranium Corporation

May 21, 2009 18:29 ET

Quest Uranium to Issue Shares in Partial Payment of Debt

TORONTO, ONTARIO--(Marketwire - May 21, 2009) - Quest Uranium Corporation (TSX VENTURE:QUC) announces that it will issue 494,739 common shares to Freewest Resources Canada Inc. in payment of $74,211 of debt owing from Quest to Freewest Resources. The shares will be issued by Quest at a price of $0.15 per share. After giving effect to the issuance of the shares, Freewest will own 4,237,760 common shares of Quest, representing 14.99% of the 28,251,739 common shares of Quest that will be issued and outstanding, and a balance of $86,018 will remain owing from Quest to Freewest. The debt consists primarily of amounts paid by Freewest on behalf of Quest following the incorporation and organization of Quest, which was initially a wholly-owned subsidiary of Freewest.

About Quest Uranium

Quest Uranium Corporation is a Canadian-based, exploration company focused on the identification and discovery of new world-class uranium and REE deposit opportunities. The company is publicly-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 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 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".

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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