GoldQuest files Pre-feasibility Study for Romero Project

VANCOUVER, BC–(Marketwired – November 14, 2016) – GoldQuest Mining Corp. (TSX VENTURE: GQC) (FRANKFURT: M1W) (BERLIN: M1W) (“GoldQuest” or the “Company”) is pleased to announce that the independent Pre-Feasibility Study (“PFS”) on its 100% owned gold/copper Romero Project in the Dominican Republic was filed on SEDAR. A summary of this PFS was announced on 27 September 2016.

Highlights include:

• Internal Rate of Return (IRR): Post-tax 28% (Pre-tax 39%)
• Net Present Value (NPV) @ (5%): Post-tax $203 million (Pre-tax $317million)
• All-in Sustaining Cost (AISC): Co-product basis $595/oz of Gold Equivalent
• Capital Expenditure (Capex): Pre-production $158.6 million
  • Sustaining incl. closure $92.3 million
  • Total $ 250.9 million
• Payback: 2.5 years
• Maiden Probable Mineral Reserves of 7.03 million tonnes containing:
  • 840,000 ounces of gold
  • 980,000 ounces of silver
  • 136 million pounds of copper

All figures are in U.S. dollars unless otherwise stated, with a DOP/USD exchange rate of 46:1 and metal price assumptions of $1,300/oz gold (Au), $20/oz silver (Ag) and $2.50/lb copper (Cu).

The PFS envisages a 2,800 tonnes per day (“tpd”) project, encompassing a ramp-accessed underground mining operation employing a standard crush, grind and flotation process plant, located approximately 3 km south of the mine, producing a marketable copper concentrate product with significant gold and silver credits with an annual gold equivalent production averaging 109,000 ounces per year.

“We are pleased to file the full PFS and we look forward to aggressively advancing the project through permitting and final feasibility while we investigate expansion opportunities to improve,” stated Bill Fisher, Executive Chairman of GoldQuest. ” Our exploration drilling program is ongoing which provides further opportunities for growth beyond the mine plan in this PFS. Results will be released on an ongoing basis.”

The PFS was prepared under the direction of JDS Energy & Mining Inc. (“JDS”), an industry-leading, international engineering firm, with extensive experience in both the construction and operation of mining projects. The study was supported by a team of internationally recognized technical firms.

The PFS mine plan includes 7.03 million tonnes grading 3.72 g/t Au, 0.88% Cu and 4.33 g/t Ag after accounting for dilution and mining recovery, with contained metal totaling 840,000 oz of gold, 135.9 million lbs Cu (61,700 tonnes) and 980,000 oz of silver. The waste rock mined totals 900,000 tonnes, with all waste rock returned underground as backfill by year five.

The mine design includes a 5.0 m x 4.5 m ramp access with production coming from a combination of 75% long-hole mining, 16% cut & fill mining and 9% from development. Mine scheduling targets the highest in-situ value areas of the deposit early in the mine life.

Off-site infrastructure for Romero is planned to include upgrading a 23.5 km access road connecting the site to the local, paved road network, with a 69 kV Transmission Line connecting to the national power grid. Concentrate is planned to be exported from the port of Puerto Viejo.

Mineral Reserve Estimate for Romero Project 

The Probable Mineral Reserves are the economically minable portions of the Indicated Mineral Resource as demonstrated by this PFS

About GoldQuest

GoldQuest is a Canadian based mineral exploration 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.

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 press release.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Jeremy Niemi, Vice President of Exploration of GoldQuest and a Qualified Person under NI43-101. For further information with respect to the key assumptions, parameters and risks associated with the results of the PFS, the mineral resource estimate and other technical information with respect to the Romero project, please refer to the Technical Report available at www.sedar.com. The following qualified persons, as that term is defined in NI 43-101, have prepared or supervised the preparation of their relevant portions of the technical information in this news release and the related Technical Report to be filed: