Quartet Resources Limited Announces Closing of Initial Public Offering

Quartet Resources Limited ("Quartet" or the "Company") (TSX VENTURE:QRL.P) is
pleased to announce that it has successfully completed its initial public
offering ("Offering") raising gross proceeds of $200,000 pursuant to a
prospectus dated August 23, 2012. An aggregate of 2,000,000 ordinary shares in
the capital of the Company (the "Shares") were subscribed for at a price of
$0.10 per Share. The Company has received permission from the TSX Venture
Exchange (the "Exchange") to list the Shares on September 10, 2012, but the
Shares will be immediately halted pending receipt by the Exchange of
satisfactory documentation. The Shares will trade under the stock symbol QRL.P. 


Mackie Research Capital Corporation (the "Agent") acted as the agent for the
Offering. The Agent received a cash commission equal to 10% of the gross
proceeds of the Offering and an option to purchase 200,000 Shares at a price of
$0.10 per Share for a period of 24 months from the date of listing of the Shares
on the Exchange. The Agent also received a corporate finance fee of $10,000. 


Upon closing of the Offering, Quartet granted 1,170,000 incentive stock options
to its directors and officers which are exercisable within ten years from the
date of the grant at an exercise price of $0.10 per Share. As a result of the
closing of its initial public offering, Quartet now has 11,700,000 Shares issued
and outstanding (9,700,000 of which are subject to escrow restrictions).


About the Company 

Quartet is a capital pool corporation ("CPC") within the meaning of the policies
of the Exchange that has not commenced commercial operations and has no assets
other than cash. The board of directors of Quartet consists of Lord Simon
Reading, Jonathan Challis, Paul Lush, James Varanese, Jason Rosychuk and Michael
Kahn. The officers of the Company are Lord Simon Reading and Jason Rosychuk.
Except as specifically contemplated in the Exchange CPC policy, until the
completion of its Qualifying Transaction, the Company will not carry on
business, other than the identification and evaluation of companies, business or
assets with a view to completing a proposed Qualifying Transaction.


Forward Looking Information 

This news release contains statements about Quartet's expectations regarding the
completion of the application for listing and the commencement of trading on the
Exchange that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties. Although Quartet believes that the expectations
reflected in these forward-looking statements are reasonable, undue reliance
should not be placed on them as actual results may differ materially from the
forward-looking statements. Factors that could cause the actual results to
differ materially from those in forward-looking statements include failure to
list. The forward-looking statements contained in this press release are made as
of the date hereof, and Quartet undertakes no obligation to update publicly or
revise any forward-looking statements or information, except as required by law.


This news release does not constitute an offer to sell or a solicitation of any
offer to buy the common shares in the United States. The common shares have not
been and will not be registered under the U.S. Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an applicable
exemption for the registration requirements of such Act.