AUSQUEST LIMITED — Capital/Financing Update 2011

Nov 21, 2011

November 22, 2011 ASX Release

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DRILLING COMMENCES AT DUNDAS GOLD PROJECT

Drilling to test RAB gold targets in analogous geological setting to Tropicana deposit

AusQuest Limited (ASX: AQD) is pleased to advise that RC drilling has commenced at its Dundas Gold Project, located approximately 100 km east-southeast of Norseman in Western Australia, to test a series of gold targets identified by RAB drilling completed earlier this year.

Five gold targets with strike lengths varying from 400m to 1.8km were outlined by the RAB program, with anomalous gold values in weathered bedrock ranging from 0.1g/t Au to 0.8g/t Au over thicknesses of 1 to 8 metres below the cover sequence.

Some gold targets are also associated with anomalous copper and zinc (from 200 to 1,000 ppm) and occasional high silver values (up to 14ppm Ag), highlighting possible multielement potential.

The targets are located close to the interpreted boundary between the Proterozoic and Archaean terrains, which is an analogous geological environment to the multi-million ounce Tropicana gold deposit located some 200km north-east of Dundas.

The RC drilling program will consist of at least 20 holes (~2,200m) and test three of the best targets to depths of ~100 metres with several drill-holes per section. The program is expected to take approximately 3 to 4 weeks to complete with assays being available around the end of the year.

The Dundas Gold Project, which covers an area of ~1,100km², is 100%-owned by AusQuest.

The Company looks forward to reporting on the results of this program as they become available.

Graeme Drew Managing Director

COMPETENT PERSON’S STATEMENT

The details contained in this report that pertain to exploration results are based upon information compiled by Mr Graeme Drew, a full-time employee of AusQuest Limited. Mr Drew is a Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Drew consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

AusQuest Limited 8 Kearns Crescent Ardross WA 6153 (T): 08 9364 3866 (F): 08 9364 4892 www.ausquest.com.au

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Plan showing image of gold in soils and location of RAB drill-holes with anomalous gold

AusQuest Limited 8 Kearns Crescent Ardross WA 6153 (T): 08 9364 3866 (F): 08 9364 4892 www.ausquest.com.au