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Quest Minerals Significant Drilling Results

• RC Drilling over 2,600m confirms 3.2km of 9.2km strike extent of significant high grade iron, vanadium, titanium at 100% owned Victory Bore tenement • High grade magnetite and vanadium results include: 76m at 26.9% Fe, 0.49% V2O5, 7.31% TiO2 56m at 28.62% Fe, 0.53% V2O5, 7.89% TiO2 22m at 29.28% Fe, 0.51% V2O5, 8.01% TiO2 • Excellent continuity of mineralisation and open along strike and at depth • Results to be incorporated into Maiden Inferred Mineral Resource WA based resources company Quest Minerals Limited ( QNL) (“Quest: or ”the Company”) continues to advance its 100% owned Victory Bore tenement, south of Sandstone in Western Australia, where the company has previously announced an Exploration Target of 200 to 250 million tonnes at 22%-30% Fe, 0.4%-0.7% V2O5, 6%-8% TiO2, from 3.2km of a 9.2km strike extent. Results from recently completed Reverse Circulation (RC) drilling confirm excellent along strike continuity of high grade mineralisation previously intersected in Diamond and RC drilling. This drilling has confirmed multiple bands of high grade magnetite, vanadium and titanium mineralisation within a layered gabbro intrusive. The drilling program comprised 2,600 metres of RC drilling in 17 drill holes, designed to test the strike extent and continuity of magnetite mineralisation modelled from detailed geophysical interpretation and 3D modelling of airborne magnetics. Results from this drilling will be incorporated into a geological model leading to a Maiden Inferred Mineral Resource at the Victory Bore project which will be an important milestone in the ongoing development of the project. Samples from this drilling program will be submitted for further Davis Tube Recovery (DTR) test work, the results of which will be incorporated into a scoping study which will evaluate development options for the project. All drill holes from the program intersected significant mineralisation with the thickest intercepts tabulated at a lower cut-off of 20% Fe and maximum internal dilution of 4m. Victory Bore Location and Infrastructure The project is favourably located within the emerging mid-west iron ore region  where Oakajee Port and Rail (OPR) is progressing the delivery of a rail and port business to service the regions iron ore projects. The project will deliver world-class infrastructure and an integrated transport supply chain to underpin the future development of the mid-west. The Windimurra vanadium project is located 30km to the west of Victory Bore. The Windimurra project is scheduled to recommence production in 2011 based upon a JORC reserve of 97.8Mt at 0.47% V2O5. Vanadium grades at Victory Bore compare very favorably to that at Windimurra and the project benefits from being at or near surface. It is also notable that Windimurra is connected to the Dampier to Bunbury gas pipeline. The Cashmere Downs Iron Project is located 100km to the south of Victory Bore. Cashmere Iron Ltd have recently announced a JORC Code compliant hematite and magnetite resource of over 1 Billion tonnes and the subsequent appointment of a financial advisor to seek project financing for mining operations and supporting road, rail and port infrastructure, which is expected to commence in 2012, and which may provide rail to within 20km of Victory Bore. Victory Bore Drilling Program Drilling was conducted on section lines spaced 400m apart with holes targeting multiple lenses of mineralisation. Holes were drilled at an azimuth of 110 degrees and at a -60 degree dip. Samples were taken at 1 metre intervals and assayed on 1 metre intervals (no compositing). All samples were assayed via Fusion XRF for iron by Australian Laboratory Services (ALS) in Perth. Drilling intersected multiple lenses of magnetite, vanadium and titanium mineralisation on every section with mineralisation open at depth and along strike to the north and south. This has confirmed the strong continuity of this style of mineralisation and the effectiveness of the detailed geophysical interpretation and 3D modelling of airborne magnetics used in targeting the magnetite mineralisation. Future work programs and Project Development Quest is currently evaluating all development options for the Victory Bore project and is planning a scoping study for completion in the December Quarter 2010. The scoping study will examine the capital and operating costs of mining, processing, transport and infrastructure, and include base case economic modelling to consider a number of development scenarios.