GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W)
("GoldQuest" or the "Company") is pleased to announce that it has filed the
Preliminary Economic Assessment ("PEA") Technical Report for the Company's 100%
owned Romero Gold-Copper Project in the Dominican Republic, on SEDAR. The PEA
study was led by Micon International Limited. 


The Company recently published the results of its positive PEA (see May 27, 2014
news release), with highlights including a 15 year underground mine life
producing an average of 90,000 ounces of gold per year, with an All-In
Sustaining Cost, net of copper and minor silver by-products, of $353/ounce. All
costs are in US dollars.


The mineral resource estimate at the Romero Project, which includes 2.4 million
ounces of gold equivalent Indicated mineral resources and 0.8 million ounces of
gold equivalent Inferred mineral resources, remains unchanged from the Company's
prior technical report on the Romero Project (see October 29, 2013 news
release). 


"We are very pleased to deliver our PEA and to reach this significant
milestone," commented Chief Executive Officer, Julio Espaillat, "We feel that
Romero offers great insight into the mineral potential of our Tireo project. Our
current drilling campaign aims to realize this potential by discovering
additional mineral resources in this very prospective belt."


Table 1: Mineral Resources for Romero and Romero South Estimated by Micon
International Limited as of October 29, 2013 (see October 29, 2013 news release)




----------------------------------------------------------------------------
                                Au   Cu   Zn    Ag  AuEq        Au      AuEq
Category  Zone        Tonnes (g/t)  (%)  (%) (g/t) (g/t)    Ounces    Ounces
----------------------------------------------------------------------------
Indicated Romero  17,310,000  2.55 0.68 0.30   4.0  3.81 1,419,000 2,123,000
----------------------------------------------------------------------------
          Romero                                                            
          South    2,110,000  3.33 0.23 0.17   1.5  3.80   226,000   258,000
----------------------------------------------------------------------------
Total Indicated                                                             
 Mineral                                                                    
 Resources        19,420,000  2.63 0.63 0.29   3.7  3.81 1,645,000 2,381,000
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Inferred  Romero   8,520,000  1.59 0.39 0.46   4.0  2.47   437,000   678,000
----------------------------------------------------------------------------
          Romero                                                            
          South    1,500,000  1.92 0.19 0.18   2.3  2.33    92,000   112,000
----------------------------------------------------------------------------
Total Inferred                                                              
 Mineral                                                                    
 Resources        10,020,000  1.64 0.36 0.42   3.8  2.45   529,000   790,000
----------------------------------------------------------------------------



This economic analysis is preliminary in nature and includes inferred resources
that are considered too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as mineral reserves,
and there is no certainty that the results of the preliminary economic
assessment will be realized.


The Company has commenced its 2014 exploration program, and has completed 4
holes to date. Assays results are expected, and will be released, in the coming
weeks.


Qualified Person
Jeremy K. Niemi, P.Geo., VP Exploration of the Company, is the Qualified Person
who approved the scientific and technical information in this news release.


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 145,755,044 shares outstanding as at July
11, 2014, (159,331,209 on a fully diluted basis, as at July 11, 2014).


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 the PEA results, mineral resource
estimates, the release of assay results, the merits of the Company's mineral
properties, the Company's 2014 exploration program, future studies and the
Company's other 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", "goal", "proposed", "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 preparation of the PEA and 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 the PEA parameters and inputs,
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.
Bill Fisher
Office of the Chairman - Toronto
+1-416-583-5606
wfisher@goldquestcorp.com
www.goldquestcorp.com
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