Great Quest Metals Ltd www.greatquest.com TSX-V: GQ August 23, 2012 Great Quest Files NI 43-101 Technical Report on SEDAR for the Tilemsi Phosphate Project, Mali VANCOUVER, BRITISH COLUMBIA (August 23, 2012) – Joel Jeangrand, President and CEO of Great Quest Metals Ltd.

("Great Quest" or the "Company") (TSX-V: GQ, FRANKFURT: GQM) is pleased to announce that, further to its news release of November 8, 2011, the Company has filed a National Instrument 43-101 (“NI 43-101”) compliant mineral resource estimate with respect to its Tilemsi Phosphate Project, located in eastern Mali, West Africa. This document entitled "Tilemsi Phosphate Project, Mali – Resource Estimate" (the "Report"), dated August 16, 2012 was prepared for Great Quest by Jed Diner (M.Sc., P.Geol.), an Independent Qualified Person as defined by NI 43-101.

The Report is available on SEDAR under the Company’s profile at www.sedar.com and on the Company’s corporate website www.greatquest.com. The Report is based on the first phase of the Companys drilling program on target areas of Tin Hina and Alfatchafa, within the Tilemsi license, one of Great Quest’s three phosphate licenses.

The Report follows the news release dated November 8, 2011 and validates an Inferred Mineral Resource of 32 million tonnes at a grade of 23.4% P₂O₅ (at a cut-off of 5% P₂O₅). The Company confirms that to-date, there is no new material scientific or technical information concerning the inferred resource estimate related to the target areas of Tin Hina and Alfatchafa, within the Tilemsi license, that has not been included in the Report. The readers are cautioned that: (i) Mineral resources which are not mineral reserves do not have demonstrated economic viability.

The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. (ii) The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. On a separate note, the Company welcomes the nomination of a unity government in Mali on August 20th, 2012 and its announcement to deal with the situation in Northern Mali as a priority.

The Company will communicate further on the matter in a subsequent news release. ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD. “Joel Jeangrand” Joel Jeangrand - President, CEO & Director For more information, please contact: Candice Font Tel 604-689-2882 Toll Free: 877-325-3838 Qualified Person The technical information in this press release has been reviewed and approved by Jed Diner, MSc.

P.Geol., a Qualified Person as defined by National Instrument 43-101.

Mr.

Diner, a consulting geologist of the Company, completed his MSc.

in Applied Earth Science at Stanford University in 1983 and works internationally on mineral exploration and resource development projects.

He has consulted on other Phosphate projects in Uzbekistan, Peru and Angola. About Great Quest: Great Quest Metals Ltd.

is a Canadian mineral exploration company with assets in Mali, West Africa.

The Company is focused on developing the Tilemsi Phosphate Project, encompassing 1,206 km² in eastern Mali.

The Company also holds gold concessions in the productive Birimian gold belt in western Mali.

Great Quest is listed on TSX Venture Exchange under the symbol GQ, and the Frankfurt Stock Exchange under the symbol GQM. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

The news release includes certain “forward-looking statements”.

All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties.

There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from the Company’s expectations include market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.

The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

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