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Re: News Release - Thursday, October 18, 2007
Goldquest Provides Update on Exploration Alliance with Gold
Fields and Announces Commencement of Drilling at Cerro Dorado
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VANCOUVER, BC, OCTOBER 18, 2007 - GoldQuest Mining Corp. ("GoldQuest"
or the "Company") has been informed by its exploration partner Gold
Fields Ltd that they have commenced diamond drilling on the Company's
Cerro Dorado project and will then drill test new targets on the Piedra
Im�n project. The total planned drilling is 6,250 meters.

Gold Fields are earning a 60% interest in the Piedra Im�n, Cerro Dorado
and other projects in the Dominican Republic by spending US$5M over a
three year period.

Cerro Dorado

Gold Fields recently completed six north-south lines of IP geophysics
over the Cerro Dorado project totaling 7,393 meters. Cerro Dorado was
discovered by GoldQuest geologists during the Gold Fields funded
regional exploration programme. Geologists followed up a float sample
of silica-pyrite that returned 491 g/t Au and 7.6% Cu which lead to the
discovery of a mineralised diorite intrusion which the company drilled
and got several encouraging intercepts including 22.86 metres grading
2.94 g/t Au (Hole CD-1) and 46 meters grading 1.34 g/t Au (CD-4).

As a result of the new IP survey, five diamond drill holes are planned
to test a strong IP chargeability target identified approximately five
hundred meters west of the principal zone of previous drilling. The
average depth for each of the new drill holes is planned to be 350
meters, for a total of approximately 1,750 meters.

Holes have been positioned to test both the main part of the IP anomaly
located on the Joboban concession and along the northeastern extension
of the IP anomaly located on the Centenario concession where it appears
to coincide with a mapped contact between chlorite schist and quartz
sericite schist and correlates with a gold in soil geochemical anomaly.

The Joboban concession is 100% owned by GoldQuest. The Centenario
concession is under option from Energold Drilling Corp. whereby
GoldQuest can earn an initial 60% interest by spending US$1M over a
three year period and up to 80% by advancing the project to feasibility
study. Both the Joboban and Centenario concessions are included in
GoldQuest's joint venture agreement with Gold Fields.

Piedra Im�n

GoldQuest has also been informed by Gold Fields that they intend to
carry out a 4,550 meter drill program on GoldQuest's Piedra Im�n
project approximately four kilometers northwest of the Pueblo Viejo
gold mine currently the subject of a feasibility study by Barrick Gold
Corp. GoldQuest identified the Piedra Im�n property during a regional
stream sediment sampling programme. Massive silicification covers more
than 50% of the property with mineralization occurring as massive to
semi-massive magnetite and hematite typically observed as broad zones
of boulder float. In November 2006 GoldQuest management, in conjunction
with economic geologist Richard Sillitoe, published a technical paper
in Economic Geology discussing the geology of the Pueblo Viejo deposit
and an exploration model for surrounding area including Piedra Im�n.

Gold Fields recently completed ten northeast trending lines of IP
geophysics totaling 11,939 meters over the Northern Target on Piedra
Im�n. This consists of the North West trending altered Maura Fault Zone
and a lesser developed parallel trending altered zone located
approximately 1 km to the south west. The principal IP anomaly covers
1,200 meters of strike length of the Maura Fault Zone. An IP response
was found at depth, more or less contained between the main structures
of the Maura Fault Zone. This response is believed to be coincident
with sulfide development, typical of the high sulfidation epithermal
target. Three IP lines totaling 3,578 meters were also completed over
the Western target, where zones of anomalous soil geochemistry coincide
with a relatively strong IP anomaly.

A total of 4,550 meters of drilling in 13 holes are planned for the
Piedra Im�n project comprising nine holes in the Maura Fault Zone, two
holes in the south western zone of the Northern Target, and two holes
in the Western Target. The drill will mobilize to Piedra Im�n as soon
as drilling has been completed at Cerro Dorado.

Josefina

Three wide spaced, northeast trending lines of IP geophysics were
completed on the Josefina property totaling 3,840 meters. Two lines
were completed on the El Can target in the east and one on the El Altar
target in the west. A three to four hole drill programme is planned by
Gold Fields.

Other exploration projects

During the last quarter fieldwork comprising geological mapping and
geochemical sampling has also been completed on the Loma Viejo Pedro,
Jengibre, Tierra Mala and Bacco y Ofir projects. Updates on these
projects will be released when sample results are received.

Las Animas project

Diamond drilling continues on the Las Animas project. Samples from six
further drill holes are currently in the laboratory being analyzed.
Results from these holes, totaling 1,137 meters, are expected shortly.
Las Animas is owned 100% by GoldQuest and is excluded from the Gold
Fields agreement.

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 large portfolio of new gold and copper
projects.

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 relating to the projects
currently included by the Gold Fields option agreement including Cerro
Dorado, Josefina and Piedra Im�n.

Dr Stewart D. Redwood, FIMMM, Consulting Geologist to the Company is
the qualified person as defined by National Instrument 43-101 and has
verified that the technical information presented in this news release
has been accurately summarized from data provided to the Company by
Gold Fields.

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

For further information please contact:

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

Alistair Waddell
President & Chief Executive Officer

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.

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) 2007 GOLDQUEST MINING CORP. (GQC) All rights reserved.
For more information visit our website at http://www.goldquestcorp.com/
or send mailto:info@goldquestcorp.com
Message sent on Thu Oct 18, 2007 at 7:08:02 AM Pacific Time
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