Goldquest Grants Incentive Stock Options

Trading Symbol: GQC-V M1W-F

GOLDQUEST GRANTS INCENTIVE STOCK OPTIONS

VANCOUVER, JULY 15, 2010 - GoldQuest Mining Corp. (“GoldQuest” or the “Company”) announces that it has granted an aggregate of 1,700,000 incentive stock options with an exercise price of $0.14 per share to directors and employees of the Company. The options are being granted pursuant to the Company’s stock option plan and will expire in five years. The options granted to each director and employee have a specific vesting schedule and vest over a one year period.

About GoldQuest

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

On behalf of the Board of Directors,

Anna Stylianides

For further information please contact:

Dan Maarsman Investor Relations – Vancouver, Canada Tel: +1-604-632 4333 www.goldquestcorp.com [email protected]

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.

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