GoldQuest: Update on the PEA for the Romero Gold Discovery, Dominican Republic

GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest"
or the "Company") is pleased to provide an update on the progress of the
Preliminary Economic Assessment ("PEA") for its Romero Gold/Copper Project in
the Dominican Republic, which was commenced in Q4 2013 (see release of 28th Nov
2013). Romero was discovered by GoldQuest in 2012, and the satellite Romero
South was discovered in 2006. The company announced the maiden NI 43-101
resource estimate on Romero (including an update of the Romero South resource
estimate) on 29th October 2013 - a rapid 17 months after discovery.
Approximately 75% of the contained metal at Romero South is in the Indicated
category, a level of confidence considered suitable to support the future
evaluation of any economic viability of the deposit without significant extra
drilling required.


"The PEA is progressing well on all fronts, and we are on schedule for
publication in early Q2, 2014," commented Julio Espaillat, GoldQuest's CEO.
"Coupled with an airborne ZTEM survey underway covering the surrounding Tireo
belt, the company is expecting to generate significant newsflow in the months
ahead."


The PEA is being coordinated by Micon International Limited, a Toronto based
mining consulting company, who have extensive experience in mining and
development studies and have approved this release. Micon have assembled a
multi-disciplinary international team of experts to conduct the study including
ALS Minerals Laboratories of Kamloops BC (Metallurgy), Barr Engineering of
Minneapolis, USA (tailings management), Elsamex engineers from Spain (local
infrastructure) and AMEC International (environmental monitoring and planning).


Mining

Micon's in-house mining team are preparing the mine plan and scheduling. The
technique proposed at Romero is Transverse Longhole Stoping with backfill, a
bulk mining technique with direct mining costs typically of under $50 per tonne.
Much of the tailings from processing will be returned underground to be used as
back-fill. Work to be completed for incorporation into the PEA includes
selection and sizing of equipment, final layout of the stopes and access and
development of final cost estimates.


Processing

Three recent composites representing different parts of the ore bodies are being
processed by ALS Minerals Laboratories of Kamloops BC to augment data received
from studies on three composites sent in mid-2013.


The primary grind is currently pegged at 193 microns, a very coarse grind,
requiring low power inputs. The preliminary process development results has
indicted that for the main composite representing the indicated resources at
Romero, can be processed producing two concentrates. Over 90% of the copper
reports to the copper concentrate along with over 55% of the gold, and no
identified deleterious elements. A further 30% of the gold reports to the gold
pyrite rougher concentrate. The preliminary results indicate that the remaining
tailings contain less than 0.5% of sulphur, considered low. Results from the
testing of the other two composites, and finalization of the proposed flowsheet
will be reported in the PEA. Upon receipt of the finalized metallurgical data,
Micon will select and size equipment, and create a site layout for the
processing facilities and on-site utilities.


Infrastructure and Environmental

A study of transportation options will be part of the PEA, focusing on upgrading
of access roads, consideration of concentrate shipments and electric supply
options. Ongoing environmental baseline studies commenced in December 2012, so
far providing over a full year's data.


At December 31, 2013, the Company had approximately $11 million in treasury and
is funded to complete the 2014 work programs and beyond.


The data in this press release has been reviewed and approved by Mr. Jeremy
Niemi, P.Geo., the Director, Technical Services of GoldQuest and a Qualified
Person for the technical information in this press release under NI 43-101
standards.


About GoldQuest

GoldQuest is a Canadian based mineral exploration company with projects in the
Dominican Republic traded on the TSX-V under the symbol GQC.V and in
Frankfurt/Berlin with symbol M1W, with 145,680,044 shares outstanding
(160,056,563 on a fully diluted basis).


Forward-looking statements:

Statements contained in this news release that are not historical facts are
forward-looking information that involves known and unknown risks and
uncertainties. Forward-looking statements in this news release include, but are
not limited to, statements with respect to mineral resource estimates, the
helicopter borne survey, the Preliminary Economic Assessment, the merits of the
Company's mineral properties, future studies, the potential for underground
mining, and the Company's plans and exploration programs for its mineral
properties, including the timing of such plans and programs. In certain cases,
forward-looking statements can be identified by the use of words such as
"plans", "has proven", "expects" or "does not expect", "is expected",
"potential", "appears", "budget", "scheduled", "estimates", "forecasts", "at
least", "intends", "anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions, events or
results "may", "could", "would", "should", "might" or "will be taken", "occur"
or "be achieved".


Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such risks
and other factors include, among others, risks related to uncertainties inherent
in the estimation of mineral resources; commodity prices; changes in general
economic conditions; market sentiment; currency exchange rates; the Company's
ability to continue as a going concern; the Company's ability to raise funds
through equity financings; risks inherent in mineral exploration; risks related
to operations in foreign countries; future prices of metals; failure of
equipment or processes to operate as anticipated; accidents, labor disputes and
other risks of the mining industry; delays in obtaining governmental approvals;
government regulation of mining operations; environmental risks; title disputes
or claims; limitations on insurance coverage and the timing and possible outcome
of litigation. Although the Company has attempted to identify important factors
that could affect the Company and may cause actual actions, events or results to
differ materially from those described in forward-looking statements, there may
be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, do not place
undue reliance on forward-looking statements. All statements are made as of the
date of this news release and the Company is under no obligation to update or
alter any forward-looking statements except as required under applicable
securities laws.


Forward-looking statements are based on assumptions that the Company believes to
be reasonable, including expectations regarding mineral exploration and
development costs; expected trends in mineral prices and currency exchange
rates; the accuracy of the Company's current mineral resource estimates; that
the Company's activities will be in accordance with the Company's public
statements and stated goals; that there will be no material adverse change
affecting the Company or its properties; that all required approvals will be
obtained and that there will be no significant disruptions affecting the Company
or its properties.


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 accuracy of this news release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
GoldQuest Mining Corp.
Julio Espaillat
President & Chief Executive Officer
+1-829-919-8701
jespaillat@goldquestcorp.com


GoldQuest Mining Corp.
Office of the Chairman - Toronto
+1-416-583-5606
wfisher@goldquestcorp.com
www.goldquestcorp.com
GoldQuest Mining (TSXV:GQC)
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