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Press release from CNW Group

Northquest Ltd. Issuance of Shares

Thursday, December 20, 2012

Northquest Ltd. Issuance of Shares13:03 EST Thursday, December 20, 2012/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./TORONTO, Dec. 20, 2012 /CNW/ - Northquest Ltd. (TSX-V:NQ) ("Northquest") is pleased to announce that it has issued an aggregate of 833,333 common shares in full satisfaction of the second anniversary payment due pursuant to its option agreement dated December 2, 2010, as amended, in respect of the Pistol Bay Project, Nunavut.  The common shares are subject to a statutory hold period expiring on April 21, 2013.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.Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Northquest, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, and the availability of financing. 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.SOURCE: Northquest Ltd.For further information: Jon North, President and Chief Executive Officer  (416) 786-6348