Conquest Resources Ltd. (CQRLF)

[NYBob]

Conquest Reports Profit of $1.845 Million for Third Quarter -
TORONTO, ONTARIO, Nov. 30, 2010 (Marketwire) --






Conquest Resources Limited -
(TSX VENTURE:CQR)
reports that it has filed its unaudited financial statements
and MD&A for the quarter and nine months endedSeptember 30, 2010.
The documents are available under the Company'sprofile at
www.sedar.com and on its website at
http://www.conquestresources.net.

During the quarter, Conquest's exploration activities continued with a focus on continuing exploration drilling
on the Alexander Property at Red Lake, Ontario,
where a total of 8,775 metres of drilling
has been completed in the 2010 program to date.

The Company completed the sale of its Aurora Property
to Detour Gold Corporation ("Detour Gold")
for a total of $4,972,000,

including 100,000 shares of Detour Gold,

realizing a profit of $3,451,557 during the quarter.

In addition, the Company granted Detour Gold an option to acquire a 50% joint venture interest in
the Sunday Lake Property -

Conquest ResourcesLimited -
(TSX VENTURE:CQR)

reports that it has filed its unauditedfinancial statements
and MD&A for the quarter and nine months ended September 30, 2010.
The documents are available under the Company'sprofile at
www.sedar.com and on its website at
http://www.conquestresources.net

During the quarter, Conquest'sexploration activities continued with a focus on continuing exploration drilling
on the Alexander Property at Red Lake, Ontario, where a total of 8,775 metres of drilling
has been completed in the 2010 program to date.

The Company completed the sale of its Aurora Property to
Detour Gold Corporation ("Detour Gold")

for a total of $4,972,000,

including 100,000 shares of Detour Gold,

realizing a profit of $3,451,557 during the quarter.

In addition, the Company granted Detour Gold an option to acquire a 50% joint venture interest in
the Sunday Lake Property

by incurring $1.0 million in exploration expenditures over two years.

For the three and nine month periods ended September 30, 2010,
the Company recorded net income of $1,845,994(
.023 per share)
and $1,668,192 (.021 per share) respectively,

compared to losses of ($217,198) (.003 per share)
and ($526,185)(.008 per share) for the three and nine months periods ended September30, 2009.

Included in the September 30, 2010 income was a gain on the sale of the Aurora property of $3,451,557
and a write down of the KingBay property of $976,204.

The Company had a working capital surplus of $1,222,474 as at September 30, 2010
compared to a surplus of $1,700,190 as at December 31, 2009.

At September 30, 2010, the Companyalso held $3,028,000 in marketable securities,
of which $2,972,000represented the market value of the Company's 100,000 shares of Detour Gold.

Exploration Plans for 2010

The Company's focus in 2010 has concentrated on
the Alexander Property at Red Lake
where the second phase of a planned two year
deep drill program is continuing
and where assays are pending from drilling
of two wedge holes from thesecond parent hole
in the 2010 program.

Conquest plans to conducta further 20,000 metres of diamond drilling in 2011
in subsequentphases of exploration on the Alexander Property.

The focus is to continue systematic drilling to test
the Balmer Assemblage
stratigraphy in untested structures interpreted to extend from
the adjacent Red Lake Mine
(Goldcorp) within volcanic lithologies below the 700 metre level
in the western
and central portions of the Alexander Property.

The estimated cost of the planned 2011 program is $4 million,

of which $2 million is estimated for the initial 10,000 metres

and for which theCompany is adequately financed.

The recent sale of the Company's AuroraProperty to Detour Gold
has given the Company a net liquidity of
approximately $4.4 million,
which included $2 million in cash and
the current value of the 100,000 shares of Detour Gold,
less a $500,000 cashpayment to NVI.
Detour Gold will undertake a $500,000exploration program
on Conquest's Sunday Lake Property
over the next year.

The Sunday Lake Property
is located in the northern AbitibiGreenstone Belt,
7 kilometers east of Detour Gold's
large open pit gold development project.

Detour Gold has recently completed an MMI (MobileMetal Ion)
soil sampling program
on the Sunday Lake property.

A total of 552 samples were collected by Detour Gold
during the soil samplingprogram,
designed to assist in the prioritization of drill targets
for the upcoming winter drill season.

The Company anticipates Detour Gold
will commence a drill program on
the Sunday Lake Property in January 2011.

ABOUT THE COMPANY

Conquest is exploring several gold projects in Ontario.

These include the Alexander Gold Project atRed Lake;

the Sunday Lake property at Detour Lake in joint venture withDetour Cold Corporation;

and the Smith Lake Gold Project at Missanabie.

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 withsecurities regulators.

Neither the TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy orthe accuracy of this release.

Conquest Resources Limited
President & CEO 647-728-4126




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