Conquest Resources Ltd. (CQRLF)

[NYBob]

Conquest Announces Private Placement Financing of Up to $3.0 Million
TORONTO, ONTARIO, Dec. 8, 2010 (Marketwire) --



Conquest Resources Limited -
(TSX VENTURE:CQR). Is pleased to announce that it has entered
into an engagement agreement with Northern Securities Inc.,
as lead agent on behalf of a syndicate (the "Agents"),
to raise gross proceeds of up to $3-million in flow-through
shares (the "Offering").

The flow-through shares are priced at $0.22 per share.
Completion of the Offering is subject to certain conditions,
including approval in accordance with applicable securities laws
and the requirements of the TSX Venture Exchange.

The Agents will be paid a commission fee of 7% in cash and
10% in broker warrants exercisable for common shares at $0.22
per share for a period of two years from closing.

The Offering will be made available to accredited investors in
Canada and eligible international investors.
No securities will be offered in the United States of America
or to United States residents.
All securities issued will subject to a hold period of four
months and one day from the date of issue

Closing of the Offering is expected to occur on or about
December 22, 2010.

Exploration on the Alexander Property, Red Lake, Ontario

Proceeds of the Offering will be used to fund ongoing exploration
on Conquest's Alexander Property near Red Lake, Ontario.

Conquest's Alexander Gold Project lies immediately east of
Goldcorp Inc.'s Red Lake and Campbell mines in the heart of
the Red Lake Gold Camp within the important Red Lake "Mine
Trend" and is almost completely surrounded by Goldcorp's land
holdings.
The Red Lake Mining District has produced an excess of 25 million
ounces of gold over the past 60 years.

Conquest plans to conduct 20,000 metres of diamond drilling in
2011 in subsequent phases of exploration on the Alexander
Property.
The focus is to continue the systematic exploration drilling
of structures extending from the adjacent Red Lake Gold Mine
within Balmer Assemblage stratigraphy below the 700 metre level
under the western portion of the Alexander Property and
to further explore a Sulphide Shear Zone located under
the central part of the Property.

In 2010, Conquest completed 9,030 metres of drilling,
including 7,755 metres of deep drilling in five holes under
the western part of the Alexander Property and 1,275 metres
in three holes on the Sulphide Shear Zone.

There are currently 86,838,637 shares of Conquest issued and outstanding.

This news release may include certain "forward-looking statements"-- --and from time to time in the filings made by Conquest with securities regulators.

Neither the 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
the accuracy of this release.

Conquest Resources Limited President & CEO 647-728-4126
Conquest Resources Limited Vice-President 604-984-8633
Conquest Resources Limited Chairman 416-362-6686 [e-mail]

http://www.conquestresources.net






http://www.conquestresources.net/pdfs/CQR_Investor_Presentation.pdf


http://www.conquestresources.net/pdfs/CQR_Fact_Sheet.pdf

http://tmx.quotemedia.com/article.php?newsid=36132629&qm_symbol=CQR