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Goldquest New Gold Discovery In Dominican Republic And Update On
Gold Fields Exploration Alliance
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VANCOUVER, BC, MARCH 5, 2008 - GoldQuest Mining Corp. ("GoldQuest" or
the "Company") is pleased to present an update on the exploration
activities with its partner Gold Fields Ltd ("Gold Fields"). Gold
Fields are currently earning a 60% interest in various projects in the
Dominican Republic by expending US$5 million over a three year period.

JENGIBRE PROJECT
The Jengibre project was originally sampled by GoldQuest geologists
during the regional stream sediment programme funded by Gold Fields.
Follow-up of a highly anomalous stream sediment sample discovered
outcropping mineralization exposed in a creek. Of fourteen rock samples
taken during the original recon phase, seven returned values greater
than 5.40 % Zn (the highest four zinc values ranges from 23.10 to
30.00% the maximum analytical limit of the package used). Other maximum
values from the samples included 5.12 g/t Au, 480 g/t Ag, 5.2% Cu and
260 ppm Mo.

Recent follow-up work by Gold Fields has defined several new areas of
hydrothermal alteration and mineralization in the vicinity of the
original discovery. Recent rock sampling has returned sample values up
to 17.7 g/t and 14.1 g/t Au associated with zones of intense
silica-pyrite alteration. Outcropping mineralization has now been
identified in five principal zones, four of which are located over a
horizontal distance of approximately 1,000 meters. The mineralized
outcrops occur at a similar topographic level, suggesting possible
lateral continuity of the zones in the form of a shallow dipping
stratiform body cross-cut by several sub-vertical faults and possible
feeder structures. The fifth zone is located approximately 500 meters
further east, where preliminary rock samples grade up to 4.7 g/t Au
from a zone of silica-pyrite alteration which trends approximately 450
meters east-west. The style of alteration and mineralization of the
fifth zone is similar to that occurring in the other zones.

Gold Fields are currently sampling and geologically mapping the project
in detail, intending to drill the mineralized targets as soon as
possible. Additional assay results from soil and rock samples will be
published as soon as they are received from the laboratory.

The Jengibre discovery is now the third zone of mineralization defined
by GoldQuest and Gold Fields in a 35 km NNW-trending belt extending
from the Las Tres Palmas and Loma Viejo Pedro properties in the
northwest, to Jengibre in the southeast.

PIEDRA IM�N PROJECT
Gold Fields have recently been focusing considerable work on the Piedra
Im�n target located approximately four kilometers northwest of the
Pueblo Viejo mine currently under option from the Dominican government
to a Barrick-Goldcorp joint venture. As announced by Barrick on
February 27, 2008, the Pueblo Viejo mine contains reserves of 20.4
million ounces of gold, 423.6 billion pounds of copper, and 117.3
million ounces of silver. Barrick has submitted a feasibility study and
notice to the Government of the Dominican Republic in order to proceed
with project development.

At Piedra Im�n Gold Fields have drilled thirteen holes for a total of
3,171 meters to test for blind high sulphidation mineralization beneath
a silica lithocap as proposed in the new geological model* developed by
the GoldQuest team with leading geological consultant Dr. Richard
Sillitoe.

The most encouraging hole to date is PI-13, which cut ~60.4m of
favorable-looking multi-episodic silicification, crackle brecciation
and hydrothermal breccias. Up to 20% pyrite occurs as disseminations
and veinlets within this interval, which represents the most dynamic
alteration observed in the Piedra Im�n drill core to date.

Approximately two kilometers south of PI-13 additional encouraging
alteration with sulphide mineralization has been intersected in hole
PI-16 located near holes PI-1, -2, and -3, which were drilled earlier
by GoldQuest. Those three holes contain intervals of highly anomalous
values of trace metals characteristic of Pueblo Viejo mineralization
but they lack significant gold. Results from the current Gold Fields
drilling will be released as soon as all final results are received
from the laboratory.

CERRO DORADO PROJECT
Gold Fields recently completed four Diamond drill holes totaling 1,242
meters at the Cerro Dorado project, a porphyry gold target located 29
kilometers southwest of the Pueblo Viejo,. Drilling tested new
geophysical targets defined by Gold Fields (News Release October 18,
2007), and the best intersections were two meters (from 58.00 m)
grading 1.13 g/t Au in hole CD-16: and three meters (from 194.50 m)
grading 1.10 g/t Au in CD-19. No further work is scheduled by Gold
Fields on the Cerro Dorado project.

JOSEFINA PROJECT
At the Josefina porphyry target located 17 kilometers northwest of
Piedra Im�n, Gold Fields has commenced drilling on recently developed
IP geophysical targets which are partially coincident with favorable
geology, geochemistry and alteration. Gold Fields intend to complete up
to 800 meters of exploration drilling at Josefina.

LOMA VIEJO PEDRO PROJECT
Exploration work is ongoing at the Loma Viejo Pedro project located
between the Las Tres Palmas and Jengibre projects in the Western
Cordillera of the Dominican Republic. Gold Fields are following up
numerous targets identified by GoldQuest geologists during the regional
geochemical exploration programme. At Loma Viejo Pedro, rocks of the
Upper Cretaceous Tireo Formation host silicic, argillic and pyritic
alteration with anomalous gold values. Fifteen of 153 outcrop and float
rock samples returned values greater than 1 g/t Au, with a high of 8.8
g/t Au in outcrop. Additional sample results from Loma Viejo Pedro will
be published as soon as all assays are received from the laboratory.

OTHER PROJECTS
Gold Fields are currently completing systematic follow-up exploration
programmes on a number of other targets identified by the regional
exploration programme.

About GoldQuest

GoldQuest is an Exploration company focused on the Dominican Republic.
Through regional grass-roots generative exploration and new geological
models the Company has built a portfolio of new gold and copper
discoveries.

Mr Nathan Brewer, an employee of Gold Fields is the Qualified Person as
defined by National Instrument 43-101, responsible for the technical
information noted in this news release and the design and management of
the ongoing exploration programmes. David J. Hall, Vice Chairman and
Director of the Company is the qualified person as defined by National
Instrument 43-101 and has reviewed the content of this press release.
Preparation and geochemical analyses of all samples were carried out by
ALS Chemex in Vancouver and Acme Labs in Santiago. Standards, blanks
and duplicates are routinely inserted into all sample batches for
quality assurance and quality control.

GoldQuest is traded on the TSX-V under the symbol GQC.V and in
Frankfurt / Berlin with symbol M1W.

For further information please contact:

Alistair Waddell
President & Chief Executive Officer

Laara Shaffer
Investor Relations
Tel: +1-604-632 4333

www.goldquestcorp.com
investorrelations@goldquestcorp.com

On behalf of the Board of Directors
"signed" Alistair Waddell

The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.

* Richard H. Sillitoe, David J. Hall, Stewart D. Redwood and Alistair
H. Waddell, 2006 Economic Geology Vol. 101 pp. 1427 - 1435. "A New
Model of Formation Beneath Barren Limestone Cover for the Giant High
Sulphidation Gold-Silver Deposit at Pueblo Viejo, Dominican Republic".

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) 2008 GOLDQUEST MINING CORP. (GQC) All rights reserved.
For more information visit our website at http://goldquest.pubco.net/
or send mailto:info@goldquestcorp.com
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