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      Goldquest Acquires 100% Interest In Dominican Portfolio
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VANCOUVER, BC, AUGUST 5, 2009 - GoldQuest Mining Corp. ("GoldQuest" or
the "Company") is pleased to announce that it has entered into a
purchase agreement (the "Purchase Agreement") with Gold Fields
Dominican Republic BVI Limited ("Gold Fields") to regain full ownership
of its large gold-focused portfolio in the Dominican Republic.

HIGHLIGHTS

- GoldQuest to acquire 100% ownership of Dominican portfolio in proven
mineralised belt;

- GoldQuest to issue 8.6M shares, subject to regulatory approval, and
grant a 1.25% royalty interest to Gold Fields in exchange for its 60%
undivided interest in the projects; and

- GoldQuest to aggressively review and explore newly prioritised gold
targets, following more than 12,900 meters of drilling and expenditures
exceeding CDN$6 Million by Gold Fields.

As consideration for Gold Fields' 60% interest in the joint venture
projects and subject to regulatory approval, GoldQuest will issue Gold
Fields 8.6 million GoldQuest common shares and grant a 1.25% royalty on
the net smelter returns on the claims being purchased by the Company.
The Purchase Agreement also terminates Gold Fields' right of first
refusal on the Company's projects excluded from the joint venture.

The common shares of GoldQuest issuable under the Purchase Agreement
will be subject to a hold period of four months and one day in
accordance with securities legislation. The Purchase Agreement also
provides, among other things, that Gold Fields will have an entitlement
to participate in any future equity financings carried out by the
Company.

Alistair Waddell, President & CEO of GoldQuest, commented, "We are
delighted to regain full ownership and management control of this
exploration portfolio. Based on our extensive geological knowledge of
the region, we believe that the work completed under the Gold Fields
joint venture provides GoldQuest the opportunity to significantly move
the exploration portfolio forward and advance several projects to drill
stage. The exploration strategies of major and junior mining companies
often differ and we thank Gold Fields for its investment in our joint
venture and continued support of GoldQuest's development of the
projects as the Company's largest shareholder. As GoldQuest supplied
the majority of the personnel during the joint venture period the
Company anticipates a seamless transition to continue the various
exploration programmes. GoldQuest is currently integrating the joint
venture data into its extensive database which has been built over the
last eight years and now contains over 31,100 rock, soil and stream
sediment samples. We are currently using the expanded database to
explore and define priority gold targets which are now 100% owned for
expedited exploration".

Gold Fields has invested over CDN$6 Million in the Dominican projects
and completed in excess of 12,900 meters of exploration drilling on
seven different projects. GoldQuest believes the Gold Fields
exploration programme has provided a solid first pass test of a number
of the projects although many targets remain to be explored in detail.

Recent analysis of the joint venture data by GoldQuest has identified a
number of principal exploration areas which host a range of different
targets that require further exploration. The principal 100% owned
projects in the Dominican Republic now comprise the following:

Las Tres Palmas: The project extends over approximately 3.6 kilometres
containing a number of different mineralized zones. Drilling from the
centre of the property in an area called Escandelosa intercepted a
sub-horizontal zone of intermediate sulphidation replacement style
mineralization. The best drill intercept from this zone (LTP-07)
returned 63 meters grading 2.09 g/t Au (including 18 meters grading
6.52 g/t Au) and surface trenching nearby (ESC-12E) returned 48 meters
grading 5.24 g/t Au. The source or feeder has yet to be discovered and
the Company is investigating the possibility of further drilling.
Surface trenching from a second zone called Hondo Valle located 1.6
kilometres north of Escandelosa returned 42 meters grading 1.43 g/t Au
and 36 meters grading 2.66 g/t Au from intensely silicified volcanics.
Drilling from this zone (LTP-02) intercepted 42 meters from surface
grading 1.67 g/t Au including 20 meters grading 2.65 g/t Au. The same
hole also intercepted 156 meters grading 0.49% Zn from 16 to 172
meters. Drill results from Las Tres Palmas were described in news
releases dated May 2, May 30, July 26, 2006 and March 23, 2007.

Jengibre: Located at the south-eastern end of the San Juan belt, the
Gold Fields joint venture identified and geologically mapped five
principal zones of outcropping epithermal mineralisation, four of which
are located over a horizontal distance of approximately 1,000 meters.
Gold Fields recently completed a short drill programme (1,313 meters)
with one drill hole (JNG- 2) intercepting 54 meters grading 1.03 g/t
Au, including 22 meters grading 1.97 g/t Au. The gold values from this
drill hole are associated with zones of pervasive silicification with
hydrothermal breccias cut by later quartz and quartz-barite veinlets
carrying pyrite, sphalerite and traces of chalcopyrite. The Company
intends to complete further exploration on the project as the majority
of the joint venture drilling was completed on two targets. There are a
number of targets that remain to be tested. Details of the Jengibre
project were noted in news releases dated March 5 and September 16,
2008.

Loma Viejo Pedro: Rock chip and soil sampling has defined a gold
anomaly approximately three kilometres long. The target is a
structurally controlled, poly-metallic, intermediate sulphidation, gold
system with mineralization characterized by argillic and silicic
alteration with disseminated pyrite and traces of chalcopyrite and
barite. Gold Fields completed seven drill holes totalling 1,558 meters
which intercepted several zones of alteration and anomalous gold. The
company intends to complete more detailed work on the project including
follow up of some highly anomalous stream sediment and boulder float
samples that were not investigated by Gold Fields. The project was
described in a news release dated September 16, 2008.

Piedra Im�n: Piedra Im�n is strategically located approximately three
kilometres west of Barrick Gold's and Gold Corp's Pueblo Viejo project
which is currently under construction at a reported cost of $2.7
billion and reserves of 22.4 Million Oz Au. The GoldQuest claim covers
approximately 8 km� of massive silicification considered part of the
extensive Pueblo Viejo district lithocap. The Company believes the
massive silicification has the potential to cap blind high sulphidation
style mineralisation similar to that occurring at Pueblo Viejo. Gold
Fields completed 3,644 meters of drilling on two targets which greatly
assisted with the geological understanding of the property. The Company
believes the project still requires further exploration on other target
areas. The project was described in news releases dated October 18,
2007 and March 8, 2008.

Cerro Dorado: A mineralised diorite intrusion with a quartz veinlet
stockwork was discovered while exploring for the source of a boulder
float sample of silica-pyrite that returned 491 g/t Au and 7.6% Cu. The
company channel sampled the diorite which returned several encouraging
intervals including 20 meters grading 6.17 g/t Au and 41 meters grading
1.40 g/t Au. These channel samples were followed up with drilling that
intercepted 22.86 meters grading 2.91 g/t Au from surface, including 12
meters grading 5.29 g/t Au (CD-1) and 46 meters from 4 meters below
surface grading 1.34 g/t Au (CD-4). The mineralized diorite intercepted
in the drill holes appears to have has been cut off by a low angle
fault and further work is required to better understand the project
geology. The drill results were summarized in a news release dated
January 30, 2006.

Los Comios: To date 330 rock and float samples have been taken from the
project with 118 returning values >0.1% copper including 59 >1 % copper
and 6 >10% copper with a maximum value of 34.6%. Rock float samples
have returned values up to 17.0 g/t gold and 1.3 % zinc. The strongest
mineralized samples originate from either side of a large topographic
high which is coincidental with a strong positive airborne magnetic
anomaly. The Gold Fields joint venture completed only minor follow-up
work on the project so the Company intends to explore for the source of
the mineralisation.

Las Animas: The project comprises of a massive sulphide body with a NI
43-101 complaint indicated mineral resource of 1.00 million tonnes
grading 2.95 g/t Au, 2.70% Cu, 3.36% Zn and 58.6 g/t Ag and an
additional inferred mineral resource of 0.62 million tonnes grading
1.66 g/t Au, 3.32% Cu, 3.99% Zn and 31.4 g/t Ag. The principal massive
sulphide body is still open at depth and there are a number of
additional targets on the property and in the district that remain to
be drill tested including a zone of recently discovered gossan that has
been claimed and is still under application.

El Toro: The project comprises of multiple mesothermal quartz veins
defined over approximately 2.6 kilometres strike length. The zone is
locally up to 1,000 meters wide and comprises of several individual
veins of up to two metres width, hosted in andesitic tuffs. Of 219 rock
samples taken from the project 64 have returned values between 1 and 20
g/t Au and 8 have returned gold values in excess of 20 g/t Au with a
maximum value of 35.19 g/t Au.

Santa Ana: The project covers a zone of mesothermal quartz veins
similar to that discovered at El Toro located approximately six
kilometres to the west. Of the 157 preliminary rock samples taken from
the project 19 have returned values between 1 and 10 g/t Au and 2 have
returned gold values of 10.2 and 14.2 g/t Au. The Company intends to
complete more detailed fieldwork on the property to better define the
vein system.

Additional projects: Aside from the projects mentioned above the
Company also has a strong pipeline of earlier stage properties which it
continues to explore. GoldQuest is presently waiting on title for
several claims covering recently discovered targets.

About GoldQuest

GoldQuest is a Vancouver based exploration company traded on the TSX-V
under the symbol GQC.V and in Frankfurt / Berlin with symbol M1W.

Mr. Alistair H. Waddell, an employee and the President and Chief
Executive Officer of the Company is a Qualified Person as defined by
National Instrument 43-101 (a "QP") and has reviewed the contents of
this news release. Mr Nathan Brewer, an employee of Gold Fields is the
QP who has verified the technical information noted in this news
release relating to the former joint venture properties Loma Viejo
Pedro and Jengibre. Dr. Stewart D. Redwood, FIMMM, Consulting
Geologist, who is a QP prepared the Las Animas resource estimate quoted
in this news release. The resource estimate is summarised in
GoldQuest's news release dated May 7, 2009 and in a technical report
entitled "Mineral Resource Estimate for the Las Animas Project,
Province of La Vega, Dominican Republic" dated May 4, 2009 filed on
SEDAR at www.sedar.com.

Preparation and geochemical analyses of all samples were carried out by
either ALS Chemex in Vancouver or Acme Labs in Maimon, Santiago and
Vancouver. Standards, blanks and duplicates are routinely inserted into
all sample batches for quality assurance and quality control.

On behalf of the Board of Directors,

Alistair H. Waddell
President & Chief Executive Officer

For further information please contact:

Dan Maarsman
Investor Relations -- Vancouver, Canada
Tel: +1-604-632 4333
www.goldquestcorp.com
investorrelations@goldquestcorp.com

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.

Forward-looking statements:

This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical fact, that address events or developments
that GoldQuest expects to occur, are forward looking statements.

Forward looking statements are statements that are not historical facts
and are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although GoldQuest
believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees
of future performance and actual results may differ materially from
those in forward looking statements. Factors that could cause the
actual results to differ materially from those in forward- looking
statements include market prices, exploitation and exploration success,
continued availability of capital and financing and general economic,
market or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements. Forward looking statements are based on the
beliefs, estimates and opinions of GoldQuest's management on the date
the statements are made. GoldQuest undertakes no obligation to update
these forward-looking statements in the event that management's
beliefs, estimates or opinions, or other factors, should change.

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Copyright (c) 2009 GOLDQUEST MINING CORP. (GQC)  All rights reserved.
For more information visit our website at http://www.goldquestcorp.com/
or send mailto:investorrelations@goldquestcorp.com
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