AusQuest Limited (ASX: AQD) is pleased to advise that preparations have begun for an upcoming Reverse Circulation (RC) drilling program at the Morrisey Copper-Nickel-PGE Project located in the Narryer Terrane approximately 500km north of Perth in WA.

The program, comprising ~1,000m of RC drilling, is designed to test electromagnetic (EM) targets closely associated with inferred mafic/ultramafic intrusions that have similar magnetic characteristics to the Gonneville intrusion that hosts the nickel-copper-PGE mineralisation discovered by Chalice Mining (ASX: CHN) at the Julimar Project, north of Perth. The Morrisey Project is subject to the Strategic Alliance Agreement (SAA) with a whollyowned subsidiary of South32 Limited (South32). Modelling of ground EM data outlined conductors with moderate to strong conductance (~600 to 6,000 siemens), at relatively shallow depths (~50 to 100m), which are thought to reflect sulphide mineralisation within the larger magnetic complexes (mafic/ultramafic intrusions). Earlier soil geochemical surveys reported anomalous nickel and copper values in the vicinity of the EM responses, making them priority targets for nickel-copper and PGE mineralization

The Morrisey Project is located ~500km north of Perth within the Narryer Terrane, which forms the north-western margin of the Yilgarn Craton. The Project consists of four granted Exploration Licences (ELs) covering an area of ~1,200km-2 parallel to the Yilgarn Craton boundary.

The area became the focus of industry attention following the discovery by Chalice Mining of the Julimar nickel-copper-PGE deposit north of Perth, which highlighted the untested nickelcopper-PGE potential along the margin of the Western Yilgarn Craton. AusQuest's Managing Director, Graeme Drew, said the Company was looking forward to the opportunity to test the Morrisey prospects. 'The occurrence of conductive targets associated with iron-rich mafic/ultramafic rocks and scattered nickel and copper anomalism in soils is a very encouraging sign,' he said. 'While this is a relatively small drilling program to start with, we are hopeful that the initial results will justify a much larger drilling program in the not too distant future.' 'We look forward to reporting the commencement of drilling and results as they come to hand,' he added.

COMPETENT PERSON'S STATEMENT

The details contained in this report that pertain to exploration results are based upon information compiled by Mr Graeme Drew, a full-time employee of AusQuest Limited. Mr Drew is a Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Drew consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

FORWARD LOOKING STATEMENT

This report contains forward looking statements concerning the projects owned by AusQuest Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management's beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Contact:

8 Kearns Crescent

Ardross WA 6153

Phone: 08 9364 3866

Fax: 08 9364 4892

Email: InvestorRelations@ausquest.com.au

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