AUSQUEST LIMITED — Capital/Financing Update 2011

Sep 20, 2011

September 21, 2011 ASX Release

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AUSQUEST INCREASES EQUITY IN WEST AFRICAN GOLD PROJECT

AusQuest Limited (ASX: AQD) is pleased to advise that it has increased its equity in the Comoe Joint Venture in Burkina Faso, West Africa from 60 per cent to 80 per cent by sole funding a further US$5.0 million of exploration expenditure. AusQuest’s joint venture partner, Endeavour Mining, retains a 20 per cent contributing interest in the joint venture.

The Comoe JV controls approximately 920km² of granted title and 494km² of tenement applications within the highly prospective Banfora Greenstone Belt in Burkina Faso, which is rapidly emerging as a significant gold producing country in West Africa.

Exploration programs undertaken by the Comoe Joint Venture since the joint venture agreement was signed with Endeavour (formerly Etruscan Resources) in April 2010, have highlighted a new VMS style gold-silver discovery at the Phaco Hill prospect, as well as a range of structural gold targets throughout the JV tenements that are still to be tested by drilling.

The Company is pleased to have reached this milestone and looks forward to progressing its exploration efforts in West Africa during the 2012 field season.

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