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Northquest Ltd. Announces Additional Drilling Results From The Pistol Bay Gold Project, Nunavut, Canada

In general, although there are sections of the mineralized zone that have several per cent pyrite and arsenopyrite over several metres, the overall sulphide concentration of the mineralized zone is probably less than 2%. The abundance of silica and paucity of carbonate indicate that the mineralized zone is on a high silica fluid cooling path. The paucity of quartz veins and abundance of large volumes of silicic rock, including chalcedony matrix in some of the breccias, without a dominant structural fabric, suggests that the Vickers Zone is an epizonal concentration of silica and gold.

At this stage, 14 drill holes (3,600 metres) have been completed at the Vickers Target. In holes PB-12-09 to PB-12-22, all samples containing, or suspected of containing, coarse gold were assayed by ALS method AU- SCR21, which is a comprehensive assay method for rocks with coarse gold. The rest of the samples were assayed by fire assay with a gravimetric or AA finish. Starting with hole PB-12-13 and every drill hole thereafter, all samples were assayed with AU- SCR21. Hence, in the opinion of management, the gold concentrations reported are accurate. In addition, at this early stage of evaluation, it is the opinion of Company management that the database of assays is insufficient to obtain a robust and valid statistical interpretation of grade distribution in the rocks. Accordingly, no top cut has been applied to the highest assays.

The Company has published all of the data about the drilling in the form of complete drill logs and assay files, drilling plan maps, and cross sections on the Company web site Additional photographs of drill core will also be published on the web site as soon as possible. Shareholders and potential shareholders are encouraged to review the data, including the photograph files, in order to gain an understanding of the geology and gold distribution of the Vickers Target.

Summary of Future Exploration Plans for the Pistol Bay Project With the exception of section 8900 W, where we feel that the drill hole density is adequate, it is anticipated that additional drilling will be completed on many of the sections reported herein, and in previous press releases, with the objective of  further evaluating the Vickers Target.

The Sako and Bazooka Targets also require additional drilling. The Sako Target has had seven widely spaced drill holes (1,087 metres) with highlight intersections 50 metres apart of 2.00 grams gold per tonne over 6.17 metres in drill hole PB-11-13 and 1.76 grams gold per tonne over 15.53 metres in PB-12-02. At the Bazooka Target, four drill holes (526 metres) were drilled in 2012. PB-12-04 intersected 2.38 grams gold per tonne over 9.37 metres, and the other three widely-spaced drill holes did not intersect the target rocks.

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