NQ

Northquest Ltd. (TSX VENTURE:NQ)(FRANKFURT:N3Q) ("Northquest" or "the Company")
is pleased to announce that it has staked an additional 58 mining claims
covering an area of approximately 500 square kilometres at the Pistol Bay Gold
Project, Nunavut, Canada. 


The Pistol Bay Project is underlain by the west-trending Pistol Bay Trend which
is a series of surface gold occurrences and gold zones that have been
intersected by drilling in two field seasons completed by Northquest in 2011 and
2012 with expenditures of $ 4.9 million. The Pistol Bay Trend is a newly
recognized trend parallel to, and 80 kilometres south of, the Meliadine Trend of
gold deposits, owned by Agnico Eagle Mines, which reportedly contains 3.0
million ounces of gold reserves, plus 2.2 million ounces indicated and 2.9
million ounces inferred (www.agnico-eagle.com).


The new Pistol Bay claims tie on to the west of the existing claim block and
cover an additional 45 kilometre long strike length of the Pistol Bay Trend. The
expanded Pistol Bay Gold Project consists of 845 square kilometres of staked
claims covering a 90 kilometre strike length of the Pistol Bay Trend.


Since field operations commenced in April 2011, the Company has completed two
airborne geophysical surveys and 7,097 metres of diamond drilling in 39 drill
holes and has obtained economically interesting drilling intersections at the
Sako, Vickers, and Bazooka targets which occur over a 20 kilometre long segment
of the Pistol Bay Trend. The best drilling intersection to date from the
property is in drill hole PB-12-22 from the Vickers Target which intersected
156.48 metres grading 8.23 grams gold per tonne.


Within the new claims, only a nominal amount of previous exploration work has
been completed and most of the area is unexplored. However, assessment records
and government summary reports indicate that minor surface exploration was
completed in the 1980's in two areas, viz.: i) in the central part of the new
claims, an area approximately 10 kilometres long and 3 kilometres wide was
mapped as a mixture of diorite, gabbro, basalt, and clastic sedimentary rocks,
which is stratigraphy that is similar to that at the Vickers Target
approximately 60 kilometres to the east. Within that 10 x 3 kilometre area, four
rock samples were collected which contained 91 to 575 ppb gold. It is very
likely that explorers in the 1980's emphasized sampling quartz veins,
accordingly, it is unlikely that rock types analogous to those at the Vickers
Target, which is devoid of large quartz veins, would have been sampled, and ii)
in the western part of the new claims, government mineral occurrence maps
indicate that there are four gold occurrences and one base metal occurrence, in
addition, in the 1980's, minor prospecting was carried out by an exploration
company and some rock samples were collected. Assessment files indicate that in
a sequence of basalt and chloritic clastic sedimentary rocks,
glacially-transported boulders contain up to 2.0 grams gold per tonne, and
outcrops contain up to 960 ppb gold. 


Northquest President and CEO Jon North remarked that, "Northquest has now tied
up a 90 kilometre strike length of the Pistol Bay Trend. In the past two years,
and with exploration expenditures of $ 4.9 million, Northquest has obtained
economically-interesting drilling intersections at three targets in a 20
kilometre long segment of the Pistol Bay Trend. We have not even set foot on
approximately 60 kilometres of the Pistol Bay Trend because the last two staking
campaigns were completed in late fall or winter conditions after the end of the
2012 field season. Government summary reports and assessment files indicate that
there are at least three clusters of gold occurrences in the unexplored part of
the property in stratigraphic and structural settings that are analogous to the
three gold zones that we have intersected in drilling. In my opinion,
exploration opportunities such as this are exceedingly rare anywhere in the
world and it is a great pleasure to remind our shareholders, and prospective
investors, that this one is in Canada, one of the most richly endowed, safest,
most mining friendly, and most stable countries in the world."


In a press release dated January 22, 2013, Northquest announced its intentions
to complete an expanded and accelerated exploration program starting May 1,
2013. However, because of the difficulty in raising new capital for mineral
exploration, Northquest intends to delay the commencement of drilling to late
June or July depending on weather conditions.


Potential quantity and grade is conceptual in nature. There has been
insufficient exploration to define a mineral resource at the Pistol Bay Project
to date, and it is uncertain if further exploration will result in the target
being delineated as a mineral resource. Northquest is a mineral exploration
company focused on the acquisition, exploration and development of properties
for the mining of gold and other minerals. Northquest has 38,894,406 shares
outstanding (58,841,690 shares on a fully diluted basis). For further
information please visit www.northquest.biz.


Certain information set forth in this news release may contain forward-looking
statements that involve substantial known and unknown risks and uncertainties.
These statements relate to future events or future performance and reflect the
Company's expectations regarding the future growth, results of operations,
business prospects and opportunities. In some cases forward-looking information
can be identified by terminology such as "may", "will", "should", "expect",
"intend", "plan", "anticipate", "believe", "estimate", "projects", "potential",
"scheduled", "forecast", "budget" or the negative of those terms or other
comparable terminology. These forward-looking statements are subject to numerous
risks and uncertainties, certain of which are beyond the control of the Company,
including, but not limited to, the impact of general economic conditions,
industry conditions, volatility of commodity prices, risks associated with the
uncertainty of exploration results and estimates, metallurgical test results and
that the resource potential will be achieved on exploration projects, currency
fluctuations, dependence upon regulatory approvals, political and country risk,
and the uncertainty of obtaining additional financing and exploration risk.
Readers are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking information, whether as a
result of new information, events or otherwise, except in accordance with
applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Northquest Ltd.
Jon North
President and Chief Executive Officer
(416) 306-0202 or Mobile (416) 786-6348
www.northquest.biz

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