GoldQuest Mining Corp. provided an update on progress towards achieving the Romero Project Exploitation License in the San Juan Province of the Dominican Republic following a visit to the Dominican Republic by David Massola, CEO and Bill Fisher, Chairman of the board last week. The response by government officials was positive regarding support of the project, however, no commitment was made or timetable provided as to when the decision would be made with respect to the Permit.

The Company has been encouraged by the recent reported public statements in San Juan by the President Luis Abinader on January 8, 2022. He stated that he was in favor of knowing whether or not mining is feasible in San Juan province, and that the necessary scientific studies are to be carried out, recognizing that beforehand the government must grant the Romero exploitation permit to know the potential for gold production in the region. The Company will continue to work closely with the government as it has done in the past to achieve the Company's goal of receiving the Permit which will allow advanced environmental, social and economic studies to investigate the viability of the Company's Romero gold/copper project.

The Minister of Finance, Hochi Vicente, expressed his support for the Romero license issuance, and recognized the role that a mining project of this nature could achieve, recognizing that mining represents $1.8 billion or 20% of the national exports – a key sector for the solvency of the country. Along with the Minsters of Energy and Mines, and Finance, GoldQuest executives met with the Vice Minister of Mines, Miguel Diaz, the Mining Director, Rolando Nunes, the Presidential Special Advisor on Mining, Miguel Pena, the past President of the Republic, Leonel Fernandez and the Legal Advisor to the President, Antoliano Peralta. In other news the Company is reactivating it's exploration program in the Dominican Republic after a halt of over 3 years.

The Company looks forward to welcoming Minister Almonte and his team to the PDAC conference in Toronto in June and discussing study programs for the Romero Mineral Reserves and accompanying exploration programs. The main Romero gold/copper deposit, located in the San Juan province was discovered by GoldQuest in 2012. A 2016 Pre-feasibility study returned an after-tax Net Present Value of USD 204 million at 5% and an IRR of 28%, and an AISC of 595/oz of gold. Note that this study was done at USD 1300/oz of gold and USD 2.50 copper where March 30 prices were USD 1,938/oz of gold and USD 4.75 copper, an increase of 49% and 90% respectively.

The Company is well funded with in excess of CAD 14 million in cash.