Update GQC.V

This news release may bring the price down... It is much the same as a financing at.20 cents...  Hope you kept some powder dry... The reaction should spook some selling...

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 24, 2010) - GoldQuest Mining Corp. (the "Company") (TSX VENTURE:GQC)(FRANKFURT:M1W) advises that it will issue on December 24, 2010 early expiry notices to the holders of approximately 9,465,400 share purchase warrants (the "Warrants") which were purchased and issued pursuant to a unit private placement which was completed in April 2010 (the "Closing Date"). The Warrants are exercisable to purchase one common share per warrant at a price of $0.20 per share.
The Warrants contain a provision whereby if the weighted average trading price of the Company's common shares for 10 consecutive trading days between the date that is four months following the Closing Date and the expiry date of the warrants exceeds $0.35 on each of those consecutive days, the Company may give notice in writing (the "Early Expiry Notice") to the Warrant holder within 30 days of such an occurrence that the Warrants shall expire at 4:00 p.m. (Vancouver time) on the 30th day following the giving of such Early Expiry Notice, which will be January 24, 2011 (the "Early Expiry Date"), unless exercised by the Warrant holder prior to the Early Expiry Date. The Company's common shares have now traded at a weighted average price of greater than $0.35 for 10 consecutive days. Any Warrants remaining unexercised after the Early Expiry Date will be cancelled and will be of no force or effect.
Although it is unknown how many of the Warrants will be exercised, in the event that all presently outstanding Warrants are exercised, the Company will receive approximately $1,893,080 which will be added to working capital.
The Company has received to date $257,000 from the exercise of 1,285,000 Warrants issued pursuant to the aforementioned private placement.

On behalf of the Board of Directors,

Anna Stylianides, President & Chief Executive Officer



GLTA Lostoutwest


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