CQR Conquest Resources Limited

Conquest Resources Limited (TSX VENTURE:CQR) is pleased to report that the
Company has intersected 6.34 metres of gold mineralization grading 3.95 grams
per tonne (gpt) gold in the most recently completed drill hole at the Company's
100% owned Alexander Gold Project in Red Lake, Ontario.


Hole CR-11-051 intersected 3.95 gpt gold over 6.34 metres, including 17.50 gpt
gold over 1.24 metres which includes 31.25 gpt gold over 0.53 metres of core at
a hole depth of 495 metres. 


Hole CR-11-051 was collared in a northeasterly direction near the southern
property boundary adjacent to Goldcorp's Red Lake mine property. 


Assay results from hole CR-11-051, including this 31.25 gpt gold assay,
represent the highest grade intersections on the Alexander Property to date.
This gold mineralization is present within a broad pyrite-arsenopyrite bearing
quartz monzodiorite intrusive of unknown true thickness located in the hanging
wall to Eastern Shear Zone belonging to the Balmer Assemblage suite of rocks. 


CONQUEST'S ALEXANDER EASTERN SHEAR ZONE

During Summer 2011, Conquest discovered the Eastern Shear Zone, a new sulphide
mineralized zone of shearing found in hole CR-11-048 (see Press Release - August
03, 2011) located 750 metres southeast of the Central Sulphide Shear Zone which
was discovered in exploration drilling by Conquest during 2004. Follow-up
drilling in holes CR-11-049, -050, and -051 suggests that the geometry and
location of the Eastern Shear Zone is similarly oriented in strike and dip, but
is a separate zone spatially from the Central Sulphide Shear Zone.


The Eastern Shear Zone is characterized by narrow pyrite-(arsenopyrite) and
pyrrhotite-(pyrite-arsenopyrite-chalcopyrite) stringers with associated
quartz-carbonate-(pyrite) veins within a structural envelope of shearing and
biotite-chlorite-(silica) altered Balmer assemblage basalts ranging from 5 to 10
metres in true thickness.


Earlier mining activities at Goldcorp's Red Lake Gold Mine - No. 1 Red Lake
Complex (the former Dickenson Mine) produced gold from mineralized Balmer
assemblage basalts similar to those sulphide-carbonate bearing sheared Balmer
volcanics which have been identified at Conquest's Central Sulphide Shear Zone
and Eastern Shear Zone.


FUTURE PLANS

Follow-up drilling on the Company's Alexander Property is planned in the next
hole, CR-11-052, which will be collared in a northeasterly direction from a
setup located approximately 100 metres east of CR-11-048 (325 metres east of
CR-11-051) along the southern Conquest/Goldcorp mine property boundary under
freezing conditions during January 2012. No drill holes have yet tested the
eastern or depth extent of the Eastern Shear Zone horizon, which is
approximately one square-kilometre in size along a vertical longitudinal section
oriented 130AZ/-60DIP through the central and eastern portion of the Alexander
Property.


The system remains open at depth and along strike and represents a significant
new exploration target.


ABOUT THE ALEXANDER GOLD PROJECT

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


The important Balmer Assemblage volcanic rocks, which host the majority of gold
produced from the Red Lake greenstone belt, and the adjacent Bruce Channel
Formation metasedimentary rocks, which host some of the new gold discoveries at
Red Lake, have been identified on the Alexander Property. These prospective host
rocks lie within the Red Lake Mine Trend structural corridor which extends
southeast from Goldcorp's two gold mines on to and across the Conquest Alexander
Property. Many of the regional structures that have associated gold
mineralization in the area of the two producing gold mines at Red Lake extend
eastwards on to the Alexander Property.


A total of 9,772 metres of NQ sized drilling has been completed by Conquest
during 2011. Two drill rigs are onsite and ready to resume drilling on frozen
ground following the year-end freeze-up.


QUALIFIED PERSON

Information of a scientific or technical nature contained in this release has
been prepared by or under the supervision of Terence McKillen, P.Geo., the Chief
Executive Officer and Benjamin Batson, P. Geo., the Vice President of
Exploration of the Company, both of whom are Qualified Persons within the
meaning of National Instrument 43-101 of the Canadian Securities Administrators.



Samples are analyzed by AGAT Laboratories in Mississauga, Ontario using a 50
gram pulp fire assay technique with ICP-OES finish. Conquest employs the use of
standards, blanks, and duplicate samples to maintain confidence in the
analytical techniques used to determine gold content in its core. Fifteen
percent of the samples submitted to the laboratory comprise samples used for
quality assurance and control for gold content. AGAT also employ the use
standards, blanks and duplicate samples to calibrate on a regular basis within
batches.


CONTINUED EXPLORATION AT CONQUEST'S OTHER GOLD PROPERTIES

Conquest is also drilling at its 100% owned Smith Lake Gold Project located
adjacent to the former Barrick Renabie Gold Mine near Missanabie, Ontario. A
total of 1,109 metres of exploration drilling was completed during the Fall of
2011. The first hole of the program, CSL-11-001 contained a high grade
intersection of gold grading 63.3 grams per tonne over 0.28 metres within the
targeted structurally hosted quartz-pyrite vein.


Historical production from vein-hosted gold bearing structures at the adjacent
former Renabie Gold Mine totaled more than 1,000,000 ounces of gold since 1941
from reported reserves of approximately 6 million tonnes at an average grade of
6.6 grams of gold and 2 grams of silver per tonne. 


Assays are pending from holes CSL-11-002 through CSL-11-010 at Smith Lake and
are expected by the end of October. 


In addition to its drilling programs at Red Lake and Smith Lake, Conquest is
exploring for structurally-hosted gold mineralization under a joint-venture
agreement with Detour Gold Corporation ("Detour Gold") at the Sunday Lake
property located along the Sunday Lake Deformation Zone approximately seven
kilometres east of Detour Gold's 14.9 million ounce proposed open pit gold mine.
Detour Gold completed a seven-hole drill program comprising 1,650 metres of
exploration drilling during Winter 2010/11. Conquest expects that additional
exploration drilling will be planned for Winter 2011/12.


Conquest holds 80,000 shares of Detour Gold Corporation.

There are currently 95,477,728 shares of Conquest issued and outstanding.

This news release may include certain "forward-looking statements". All
statements other than statements of historical fact, included in this release,
including, without limitation, statements regarding potential mineralization,
resources and reserves, exploration results, and future plans and objectives of
Conquest, are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual
results to differ materially from Conquest's expectations are exploration risks
detailed herein and from time to time in the filings made by Conquest with
securities regulators.

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