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Quest Drilling Expands High Grade B-Zone Pegmatite Mineralization, Returns Up to 51.9 Metres at 1.66% TREO, Strange Lake, Quebec

TORONTO, ONTARIO--(Marketwire - Oct. 28, 2010) - Quest Rare Minerals Ltd. (TSX VENTURE:QRM - News) is pleased to report the additional results from 2010 diamond drilling of their B-Zone rare earth element (REE) deposit. The drilling is intended to determine the vertical extent of the mineralized system defined in 2009, to improve the confidence of the continuity of the system, and to better define the higher grade pegmatite resource observed to outcrop at surface as defined by previous Quest drilling. Lab results for holes BZ-10-30 to BZ-10-43 have returned multiple, high Total Rare Earth Oxide (TREO) grade intersections of between 1.13 % and 6.08% over thicknesses of 1.18 m to 191.3 m. Heavy REE (HREE) represents between 34% and 76.7% of the Total REE (TREO) content intersected in the new drilling. Best intersection grades returned 2.06% TREO over 23.65 m (BZ10031), 2.76% TREO over 18.69 m (BZ10035) and 1.66% TREO over 51.85 m (BZ10040), including 2.08% TREO over 17.10 m. The higher-grade surface Pegmatite Zone mineralization continues to be open to resource expansion along strike length and across the width of the deposit. The detailed drill sample analyses table has been posted to Quest's website homepage at www.questrareminerals.com for review."Definition drilling on the B-Zone Pegmatite continues to return very strong grades of REE over important vertical thicknesses," said Peter Cashin, Quest's President & CEO. "With a very positive Preliminary Economic Assessment for the B-Zone in hand and evidence that the deposit continues to expand in all directions, particularly for the higher grade surface pegmatite mineralization, we view that the project's prospects will only improve as our exploration progresses. The Pegmatite Zone will likely constitute the focus of more advanced economic assessments of the B-Zone deposit in the future."B-Zone Definition Drill ProgramAssays have been received for the 14 additional definition drillholes of the program representing 2714.77 m (see Table 1, 2). The definition drilling program was designed to probe the B-Zone at drill centers of between 50-100 m. Drill results have confirmed strong REE mineralization over 1.1 km strike length and over widths of up to 600 m. Drilling continues to confirm mineralization to be relatively flat dipping. A north trending Pegmatite Zone at the core, or spine, of the mineralized envelop (see Figure 1), has been defined along a minimum strike length of 1.1 km and vertical thicknesses of up to 191.3 m and continues to constitute the highest grades observed in the B-Zone deposit. The surface footprint of the deposit is expressed as a two km-long, northeast trending airborne radiometric anomaly northwest of the Strange Lake Main Deposit. The radiometric anomaly abuts to the northwest against Brisson Lake and may extend further under the lake. Historical IOC drilling, located one km further to the north, indicates that mineralization continues in this direction.The results from 14 additional drillholes of the program (see Table 2 for hole locations) are:Table 1: Summary of Reported Diamond Drill Results, B-Zone REE Deposit, Strange Lake project, Quebec




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From To Length TREO LREO HREO HREO
Borehole (m) (m) (m) % % % %
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BZ10030 5.70 221.10 215.40 0.957 0.607 0.350 36.61
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64.62 103.93 39.31 1.144 0.639 0.505 44.12
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including 64.62 70.20 5.58 1.861 0.914 0.948 50.93
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102.04 103.93 1.89 1.708 0.841 0.868 50.78
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BZ10031 3.00 194.30 191.30 1.126 0.688 0.438 38.86
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3.00 63.19 60.19 1.492 0.869 0.622 41.71
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including 13.38 37.03 23.65 2.065 1.244 0.821 39.76
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and incl. 13.38 15.75 2.37 6.082 4.448 1.633 26.86
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105.13 108.77 3.64 2.232 1.117 1.115 49.94
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BZ10032 3.00 185.60 182.60 0.955 0.588 0.367 38.44
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52.09 66.10 14.01 1.930 1.022 0.908 47.05
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BZ10034 5.80 215.40 209.60 0.999 0.631 0.368 36.81
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10.00 36.87 26.87 1.713 0.928 0.785 45.82
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including 12.00 23.00 11.00 2.396 1.221 1.175 49.03
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and incl. 12.00 13.60 1.60 4.725 2.743 1.982 41.95
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and incl. 21.00 23.00 2.00 4.169 1.708 2.461 59.04
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94.34 96.17 1.83 2.096 0.818 1.277 60.95
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171.80 177.00 5.20 1.385 1.089 0.296 21.35
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BZ10035 4.26 176.40 172.14 1.064 0.592 0.472 44.40
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31.36 50.05 18.69 2.758 0.968 1.790 64.91
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including 31.36 40.60 9.24 3.223 1.331 1.892 58.70
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and incl. 42.64 46.00 3.36 3.968 0.924 3.044 76.71
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BZ10036 3.00 215.40 212.40 0.934 0.595 0.338 36.22
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31.11 59.60 28.49 1.414 0.808 0.606 42.88
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including 31.11 46.77 15.66 1.689 0.910 0.778 46.10
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BZ10037 3.10 179.50 176.40 0.918 0.567 0.350 38.18
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66.63 121.23 54.60 1.018 0.612 0.406 39.89
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including 66.63 67.81 1.18 4.074 2.282 1.791 43.97
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BZ10040 10.50 180.20 169.70 1.084 0.586 0.499 45.97
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20.90 72.75 51.85 1.658 0.706 0.952 57.41
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including 20.90 38.00 17.10 2.079 0.726 1.354 65.10
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and incl. 61.66 72.75 11.09 1.583 0.804 0.779 49.22
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BZ10041 6.00 186.60 180.60 0.975 0.604 0.372 38.12
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48.02 79.90 31.88 1.436 0.839 0.597 41.59
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including 48.02 54.35 6.33 1.816 0.987 0.828 45.59
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and incl. 74.90 79.90 5.00 3.700 2.201 1.500 40.55
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BZ10042 2.86 209.47 206.61 0.889 0.578 0.311 34.94
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10.19 62.84 52.65 1.041 0.657 0.384 36.87
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including 46.69 62.84 16.15 1.372 0.910 0.462 33.65
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BZ10043 8.77 197.20 188.43 1.024 0.601 0.423 41.32
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28.00 80.80 52.80 1.337 0.684 0.654 48.87
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including 60.12 80.80 20.68 1.957 0.971 0.985 50.36
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Note: Hole BZ 10-030 was a re-drill of previously reported Hole BZ-10-030A (see Press Release: SEP 16-10). All reported holes were stopped in mineralization.The better grades of mineralization are associated with what is termed the Pegmatite Zone which is composed of a high proportion of very coarse-grained pegmatite intercalated with extremely altered intrapegmatitic Strange Lake peralkaline granite at the uppermost parts of the B-Zone mineralized system (see Diamond Drill Sections in Figures 2, 3). The highly-altered granite hosting pegmatites continues to carry elevated grades of REE in excess of 0.7% TREO over core lengths of over 309 m. A 0.85% TREO cut-off, as specified in Quest's recent Preliminary Resource Estimate (see Press Release: April 7, 2010), was used in determining the average grades of diamond drill intersections.The final Preliminary Economic Assessment (PEA) report by Wardrop Engineering Inc. was filed on www.SEDAR.com on September 27, 2010. Clarification on the many economic parameters presented in the PEA (see Press Release: September 9, 2010), including the pricing assumptions used in the study, was elaborated on in this report and showed the deposit, using very conservative operating and pricing assumptions, to be very economically robust.Quality ControlMr. Peter Cashin, P. Geo., is the qualified person on the Strange Lake Project under National Instrument 43-101 and was responsible for this news release. Material for analysis has been obtained from drill core which was cut in half using a diamond saw. Half of the core was sent to the lab for analysis, with the remaining half left on-site for future reference. A strict QA/QC program is followed which includes the use of elemental standards, duplicates and blanks. Analyses were performed by Activation Laboratory Limited of Ancaster, Ontario.About Quest Rare MineralsQuest Rare Minerals Ltd. is a Canadian-based, exploration company focused on the identification and discovery of new and significant Rare Earth deposit opportunities. The Corporation is publicly listed on the TSX Venture Exchange as "QRM" and is led by a highly respected management and technical team with a proven mine finding track record. Quest is currently advancing several high potential projects in Canada's premier exploration areas: the Strange Lake and Misery Lake areas of northeastern Quebec, the Kenora area of northwestern Ontario and the Plaster Rock area of northwestern New Brunswick. Quest's 2009 exploration led to the discovery of a significant new Rare Earth metal deposit, the B-Zone, on its Strange Lake property in northeastern Quebec. The Corporation recently filed a 43-101 Inferred Resource Estimate on the B-Zone deposit and has completed a Preliminary Economic Assessment (PEA) for the deposit. In addition, Quest announced the discovery of an important new area of REE mineralization on its Misery Lake project, approximately 120 km south of Strange Lake project. Quest continues to pursue high-value project opportunities throughout North America. As a result of a recently-completed marketed equity financing, Quest has a strong working capital position in excess of $54.0 million. This will be sufficient to advance the Corporations plans of completing a pre-feasibility study of the B-Zone REE deposit by 2011-2012 and to continue exploration on its other rare earth property interests.Forward-Looking StatementsThis news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. More particularly, this news release may contain forward-looking information concerning the Strange Lake B-Zone Rare Earth Element (REE) deposit held by Quest Rare Minerals Ltd. ("Quest"). This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Quest. Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Quest will derive. In particular, no assurance can be given with respect to the development by Quest of the Strange Lake B-Zone Rare Earth REE deposit. Forward-looking information is based on the estimates and opinions of Quest's management at the time the information is released and Quest does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/qrm1028fig1.pdfTo view Figure 2, please visit the following link: http://media3.marketwire.com/docs/qrm1028fig2.pdf.To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/qrm1028fig3.pdf.Table 2 - Diamond Drillhole Location Table, B-Zone Deposit, Strange Lake Project, Quebec




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HOLE-ID LENGTH Easting Northing Elevation (m) Dip Az
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BZ10030 223.10 427897 6243037 441 -75 145
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BZ10031 194.40 427933 6242786 462 -90 0
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BZ10032 185.60 428000 6242661 499 -90 0
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BZ10033 158.80 428077 6242725 497 -90 0
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BZ10034 215.40 427977 6243098 456 -90 0
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BZ10035 176.40 428012 6243038 445 -90 0
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BZ10036 215.40 428047 6242977 459 -90 0
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BZ10037 179.50 428087 6242914 468 -90 0
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BZ10038 215.30 428117 6242856 470 -90 0
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BZ10039 176.20 428152 6242796 494 -90 0
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BZ10040 181.20 428062 6243152 455 -90 0
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BZ10041 186.80 428092 6243100 443 -90 0
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BZ10042 209.47 428155 6242992 460 -90 0
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BZ10043 197.20 428156 6243172 455 -90 0
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TOTAL: 2714.77

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