Northquest Ltd. Commences High Resolution Airborne Geophysical Survey at the Pistol Bay Gold Project, Nunavut, Canada

    




 TORONTO, Oct. 9, 2012 /CNW/ - Northquest Ltd.  (FWB: N3Q)  ("Northquest" or "the Company") announces that it has commenced a  high-resolution airborne magnetometer survey at the Pistol Bay Gold  Project. The Pistol Bay Gold Project consists of approximately 673  square kilometres of staked claims and prospecting permits covering the  Pistol Bay Corridor which is a deformation zone containing numerous  gold occurrences including the Vickers Target. The Pistol Bay Corridor  has a nominal width of 2 kilometres and a strike length of 50  kilometres. The survey instrumentation is a helicopter-towed, Heli-3G,  3 axis, magnetic gradiometer system provided by Tundra Airborne Surveys  Ltd. The survey specifications are for flight lines at 50 metres  spacing covering an approximate area 5 kilometres wide and 50  kilometres long centred on the Pistol Bay Corridor. The objective of  the survey is to provide high resolution magnetic coverage of all of  the known gold occurrences in the Pistol Bay Corridor in order to  optimize future drilling, plan ground geophysical surveys, and to  search for additional targets with similar magnetic characteristics. 

 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 30,318,323 shares outstanding  (43,117,535 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. 

 NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER  (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)  ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. 

    

Northquest Ltd.


CONTACT:  Dr. Jon NorthPresident and Chief Executive OfficerTel. [phone]Mobile [phone]Tanya MahadeoInvestor RelationsTel. [phone]www.northquest.biz 


    

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