GoldQuest

Dominican Republic’s New President Luis Abinader's Inaugural Speech Supports Investment and Job Creation - Seite 2

“On behalf of GoldQuest Mining Corporation, I would like to congratulate the President on his inauguration and his selection of a minister of Energy and Mines and vice minister of mines with a deep understanding of the industry,” commented GoldQuest’s CEO, David Massola, “at a time of deep concern about, amongst others, the DR’s tourist sector, and that currently 38% of national exports are from gold mining (source: DR1.com) the importance of a vibrant mining sector, in a country with outstanding precious and base metal potential is not lost on the new administration, and GoldQuest is keen to be a part of a renaissance of responsible mining.  We are well funded to advance our discovery, the multi-million ounce Romero gold development and re-starting our exploration in the surrounding district.”

The independently produced Pre-Feasibility Study for the Romero Project (“PFS”) dated November 10, 2016 (see the Company’s press release of September 27, 2016) provides that at a gold price of US$1,300, copper price of US$2.50 and silver price of US$17 per ounce the project returns a Net Present Value (NPV5%) of US$203 million after tax and an Internal Rate of Return (IRR) of 28%.  The study was carried out at a gold price of US$1,300 per ounce of gold, US$2.50 per pound of copper and $17 per ounce silver.  For reference, today’s prices are US$2,000 per ounce of gold (54% higher than PFS price), copper of US$2.97 per pound (19% higher than the PFS price) and silver at $28.14(66% higher than the PFS price), thus the Company expects returns to be higher at current gold prices.

The Company is well funded with C$16.4 million in cash reported at the end of Q1 2020.

About GoldQuest:

GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out exploration programs and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.

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.

The information in this press release has been reviewed and approved by William Fisher, P. Geo., Chairman of GoldQuest and a Qualified Person for the technical information in this press release under NI 43‐101 standards.