Northquest Ltd. Announces Cancellation of Special Meeting of Shareholders

TORONTO, Jul 5, 2016 - Northquest Ltd. (TSX VENTURE:NQ) (FRANKFURT:N3Q) (the "Company") announces that its board of directors has determined that a special meeting of shareholders of the Company to deal with a requisition by Nordgold SE ("Nordgold") to consider an ordinary resolution to remove each of the directors of the Company and to elect Nordgold's nominees as directors of the Company (the "Meeting"), initially scheduled to be held on May 2, 2016 and ultimately postponed to July 20, 2016, be cancelled.

As announced on May 26, 2016, the Company and Nordgold entered into a support agreement with respect to Nordgold's offer to purchase all of the common shares of the Company it did not already own (the "Support Agreement"). Pursuant to the Support Agreement, the Company agreed to cooperate with Nordgold to effect certain changes to the Company's board of directors. Certain Nordgold nominees have been thereafter appointed to the board of directors of the Company, thereby rendering the Meeting unnecessary.


Cautionary Note Regarding Forward-Looking Information

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including but not limited to statements relating to the Offer, the Support Agreement, the timing relating to the Offer and the composition of the board of directors and management of the Company. These statements relate to future events or future performance and reflect the Company's expectations regarding the future growth, results of operations, business prospects and opportunities. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the Offer, impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, metallurgical test results and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, political and country risk, and the uncertainty of obtaining additional financing and exploration risk. 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. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

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.



Contact

Igor Klimanov, Director and Chief Executive Officer
(416) 306-0954