Gold and Silver miners (Jr and Exploration)

[Edge83]

GoldQuest Intersects 12 metres grading 8.2 g/t gold equivalent in follow up hole at Cachimbo Discovery

VANCOUVER, BC--(Marketwired - July 13, 2017) - GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) ("GoldQuest" or the "Company") is pleased to report assay results from the latest 4-hole batch of drill holes from its ongoing Tireo exploration drill program. The program is focused on identifying new gold systems and defining the extents of the mineralization at the recent Cachimbo Volcanogenic Massive Sulphide (VMS) Discovery. All drilling occurs within the Company's 100% owned Tireo Concessions, which hosts the multi-million ounce Romero Project in the Dominican Republic.

Highlights:

TIR-17-32 intersected 31.6 metres of 3.89 g/t AuEq, 3.16 g/t gold with higher grade sections including:11.9 metres grading 8.20 g/t AuEq, 6.57 g/t gold, 24.2 g/t silver, 1.43% zinc and 0.19% copper2.7 metres grading 25.91 AuEq, 22.31 g/t gold, 52.81 g/t silver, 3.10% zinc and 0.46% copper TIR-17-30 intersected 56.2 metres grading 0.32 g/t gold

Assays from two holes at Cachimbo are reported herein, and both TIR-17-30 and TIR-17-32 intersected gold within the upper strata-bound polymetallic massive and semi-massive sulphide horizon of the VMS system. Hole TIR-17-32 intersected elevated gold and base metal grades of 2.7 metres grading 22.31 g/t gold, 52.81 g/t silver, 3.10% zinc and 0.46% copper within a wider mineralization interval. The grades are comparable to the Cachimbo discovery hole, TIR-16-09 which intersected 5 metres grading 14 g/t gold, 74 g/t silver, 12% zinc and 1% copper (see release dated January 10, 2017). Holes TIR-17-32 and TIR-16-09 are approximately 50 metres apart and appear to be the same mineralization horizon. This horizon is open along strike to the north-west and to the south-east as well as down dip to the east.

Hole TIR-17-30 (56.2 metres grading 0.32 g/t gold) was collared 100m east of the discovery hole at the same platform as hole TIR-17-28. The hole appears to confirm that the upper mineralization horizon is dipping to the east. Drilling continues at Cachimbo and will test areas along strike to expand the mineralization envelope and the Company continues to explore for a potential copper-gold rich feeder system, like the Romero Deposit.

Two holes reported from the Las Avispas, holes TIR-17-29 and TIR-17-31, did not intersect significant mineralization. The drilling has, however, encountered favorable alteration to further support that a volcanic eruptive centre, similar to that observed at Romero, is present in the area. The Company is interpreting the results and determining the potential future drilling and next steps for the target.

"These results from the Cachimbo discovery follow-up holes are extremely encouraging and support the thesis that our Tireo Belt land package has the potential to materialize into a multi-deposit mining district as these VMS systems often occur in clusters," stated Bill Fisher, GoldQuest's Executive Chairman. "These results are very important in advancing our understanding of this new discovery zone and will help us further explore this area."

A plan map and cross-sections showing the Cachimbo drilling can be found at the following links.

Plan Map: http://goldquestcorp.com/images/PlanView_Cachimbo_July_12_2017.pdf

Section A-A': http://goldquestcorp.com/images/Press_Release_Section_A-A_Cachimbo_July_12_2017.pdf

Section B-B': http://goldquestcorp.com/images/Press_Release_Section_B-BCachimbo_July_12_2017.pdf

Table 1. Tireo Drilling Intersections