GoldQuest Announces Leadership Changes

VANCOUVER, British Columbia, June 01, 2022 (GLOBE NEWSWIRE) — GoldQuest Mining Corp. (TSXV: GQC“GoldQuest” or the “Company”) is very pleased to announce the appointment of Mr. Luis Santana Pereyra as President and Chief Executive Officer (“CEO”) of the Company. Mr. Santana will officially take office as CEO no later than September 1, 2022, after a transition period. Additionally, Mr. Santana is expected to join the Company’s Board of Directors once he formally begins his role as CEO. Mr. Santana will be based in Santo Domingo and will initially be responsible for working towards obtaining the Romero Project operating permit (the “Permit”) in the San Juan Province of the Dominican Republic.

Luis is a citizen of the Dominican Republic and is a qualified engineer from the Technological Institute of Santo Domingo. Luis has over 25 years of experience in mining and mineral processing and has held management and executive positions in the design, construction and operation of gold processing plants and mines globally.

Luis has an impressive history having worked with Glencore – Falcondo and Altonorte Mines in the Dominican Republic and Chile, BHP Billiton – Olympic Dam Mine in Australia, Barrick – Pueblo Viejo Mine in the Dominican Republic, Barrick & Shandong Gold – Veladero Mine in Argentina and more recently as CEO of Shandong Gold – Cardinal Resources Namdini Project in Ghana.

Luis is well recognized as a resourceful team leader with a track record of delivering high quality production assets on time, within budget and with exemplary environmental, safety and governance performance.

The company is confident that Luis will add value to its operations through awareness, engagement and accountability for three key strategic goals: collaboration by building a strong culture, community by building a sustainable license to operate and society by maximizing economic productivity (production, profitability). , and asset value).

Late last year, the company’s current CEO, Mr. Dave Massola, informed the board that he wanted to step down from his current position in 2022. The board has been in the process of finding a replacement within the last six months. Mr. Massola informed the board that his last day will be August 31, 2022.

Bill Fisher, Chairman of the Board, said, “Luis Santana joins the company with an impressive career behind him in the international mining industry. We made the decision to hire a mining developer as CEO following positive feedback from the Minister of Energy and Mines, Antonio Almonte, and the President of the Dominican Republic, Luis Abinader, earlier in the year. year regarding the authorization of our Romero project. After extensive research, we were delighted to find a Dominican citizen with extensive international experience in mining development – ​​permitting, construction and operation – to guide the company through the next stages of development, demonstrating our commitment to the Republic. Dominican.

On behalf of the Board of Directors, I would like to thank Dave Massola for his years of dedicated service and contribution and wish him well in his future endeavours.

Mr. Santana was granted 2,000,000 stock options at an exercise price of C$0.18. The options have a term of 5 years and vest in three equal instalments, 1/3 vesting at the grant of the options, another 1/3 at the 6 month anniversary and the final 1/3 at the of 12 months. .

About GoldQuest:

GoldQuest is a Canadian exploration and mining development company with projects in the Dominican Republic. GoldQuest is listed on the TSX Venture Exchange under the symbol GQC and in Frankfurt/Berlin under the symbol M1W. The Company is well funded to complete exploration programs and advance the development of its Romero gold/copper discovery, also located in the Tireo Formation in 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 press release.

Forward-looking statements:

Statements contained in this press release that are not historical facts are forward-looking information that involve known and unknown risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements regarding the commitment and services to be provided by the company’s new CEO, the company’s licensing, the Romero project of the Company, the merits of the Company’s project, mineral properties, future programs and studies, and the Company’s exploration plans and programs for its mineral properties, including the timing of such plans and programs. In some cases, forward-looking statements can be identified by the use of words such as “anticipates”, “looks forward to”, “proved”, “expects” or “does not expect”, ” is expected”, “potential”, “likelihood”, “appears”, “budget”, “expected”, “estimate”, “plans”, “at least”, “intends”, “anticipates” or ” does not anticipate”, or “believe”, or variations of these words and expressions or state that certain actions, events or results “could”, “could”, “should”, “should”, “could” or “will taken”, “will occur” or “will be achieved”.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that 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. forward-looking statements. These risks and other factors include, among others, risks relating to economic and political conditions globally and in the Dominican Republic; the COVID-19 pandemic, including measures taken and likely to be taken to attempt to reduce the spread of COVID-19, health, safety and availability of employees and contractors, availability of materials and equipment, travel restrictions and other pandemic-related risks and uncertainties; uncertainties inherent in drilling results and mineral resource estimates; commodity prices; changes in general economic conditions; Market Sentiment; exchange rate; the Company’s ability to continue as a going concern; the Company’s ability to raise funds through equity financing; risks inherent in mineral exploration; risks related to foreign operations; future metal prices; failure of equipment or processes to perform as intended; accidents, labor disputes and other hazards of the mining industry; delays in obtaining government approvals; government regulation of mining operations; environmental risks; title disputes or claims; the limits of insurance coverage and the timing and possible outcome of disputes. Although the Company has attempted to identify important factors that could affect the Company and cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as intended, 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 press release and the Company undertakes no obligation to update or change any forward-looking statements, except as required by applicable securities laws. Forward-looking statements are based on assumptions the Company believes are reasonable, including expectations regarding mining exploration and development costs; expected trends in mineral prices and exchange rates; the accuracy of the Company’s current mineral resource estimates; that the activities of the Company will be consistent with public statements and the stated purposes of the Company; 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 material 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 press release.

CONTACT INFORMATION

GoldQuest Corp.

David Massola

CEO – Toronto

+1‐416-583-5606

[email protected]