Conquest Resources Limited (TSX VENTURE:CQR) is pleased to report that five of
the ten drill holes completed on its 100% owned Smith Lake Gold Project located
adjacent to the former Renabie Gold Mine in northern Ontario intersected gold
mineralization ranging from 0.25 to 63 grams of gold per tonne over 0.22 to 1.5
metre widths.


A total of 1,109 metres of exploration drilling was completed at Smith Lake
during August and September 2011. The most significant gold intersection was
located in the first drill hole of the program grading 63.3 grams per tonne
(g/t) of gold over 0.28 metres within a mineralized quartz vein in hole
CSL-11-001 as previously reported (see Press Release dated September 19, 2011). 


All remaining outstanding assays have been received from sampling in holes
CSL-11-001 through CSL-11-010 which further demonstrate that many of the quartz
veins and intrusive hosted shear zones contain significant anomalous gold
mineralization. Of a total 318 samples collected from the core, 30 samples
returned anomalous assays ranging from 0.25 g/t to 63.3 g/t gold over 0.22 to
1.50 metres in core length thickness. 


Holes CSL-11-002, CSL-11-003, and CSL-11-005 were found to contain seven
independent gold occurrences with grades greater than 1.0 g/t gold up to 17.5
g/t gold from within quartz veins hosted in a strongly altered Trondhjemite host
rock. These holes were drilled within 300 metres of CSL-11-001 in similar
northeasterly directions at dips of -45 degrees. Gold intersections from these
holes include:




--  CSL-11-002 2.46 g/t Au over 1.00m from 100.20m to 101.45m hole depth 
--  CSL-11-003 17.53 g/t Au over 0.22m from 42.56 to 42.78m hole depth 
--  CSL-11-003 1.68 g/t Au over 1.07m from 82.60m to 83.67m hole depth 
--  CSL-11-003 1.35g/t Au over 0.53m from 93.72m to 94.25m hole depth 
--  CSL-11-003 1.15g/t Au over 0.80m from 95.00m to 95.80m hole depth 
--  CSL-11-003 4.76 g/t Au over 1.00m from 107.50m to 108.50m hole depth 
--  CSL-11-005 1.04g/t Au over 0.30m from 21.28m to 21.58m hole depth



Gold mineralization in the Renabie area is the result of repetitive hydraulic
fracturing and shear zone inflation within Archean-aged granitoid intrusives.
The repetitive nature of veining results in ribbon textured veining that is
strongly controlled by two main structural trends oriented east-west and
northwest-southeast, both of which are present on Conquest's patented mining
claim group at Smith Lake. 


Drilling in the recently completed program tested several near surface
structural targets resulting from geophysical data collected in a ground
magnetic survey conducted earlier this year, as well as several coincident
structural and Mobile Metal Ion ("MMI") surface geochemical targets determined
from a detailed compilation of local geology. 


Conquest plans to resume drilling under freezing conditions this winter at Smith
Lake with the objective of following up the high grade 63.3 grams per tonne
(g/t) gold showing and testing remaining targets identified from the Company's
exploration activities on the project.


ABOUT THE SMITH LAKE PROPERTY 

Conquest's Smith Lake Property consists of six patented mining claims and 28
mining claims along the Missanabie-Goudreau Greenstone Belt in Leeson and Rennie
Townships in northern Ontario. The property is 100% owned by Conquest and is
contiguous with the former Barrick/Homestake Renabie Gold Mine which closed in
1991 having produced more than 1,000,000 ounces of gold since 1941 from reported
reserves of approximately 6 million tonnes at an average grade of 6.6 grams per
tonne and 2 grams per tonne silver. 


During the first part of 2011, Conquest recorded approximately 50
square-kilometres of staked ground surrounding the six mining patents.
Additional ground was also acquired by staking contiguous claims to the mine
structure in areas believed to be prospective for structurally hosted gold and
volcanogenic massive sulphide (VMS) hosted mineralization based on a preliminary
compilation of the mine sequence and Missanabie-Goudreau Greenstone Belt.


QUALIFIED PERSON 

Information of a scientific or technical nature contained in this release has
been prepared by or under the supervision of Terence McKillen, P.Geo., the Chief
Executive Officer and Benjamin Batson, P. Geo., the Vice Present of Exploration
of the Company, both of whom are Qualified Persons within the meaning of
National Instrument 43-101 of the Canadian Securities Administrators.  


Samples were analyzed by AGAT Laboratories in Mississauga, Ontario using a 50
gram pulp fire assay technique with ICP-OES finish. Conquest employs the use of
standards, blanks, and duplicate samples to maintain confidence in the
analytical techniques used to determine gold content in its core. Fifteen
percent of the samples submitted to the laboratory comprise samples used for
quality assurance and control for gold content. AGAT also employ the use
standards, blanks and duplicate samples to calibrate on a regular basis within
batches.


ABOUT THE COMPANY 

In addition to its active drilling program at Smith Lake, Conquest is exploring
its 100% owned Alexander Gold Project in the heart of the Red Lake Gold Camp.
Conquest is also exploring for structurally-hosted gold mineralization under a
joint-venture agreement with Detour Gold Corporation ("Detour Gold") at the
Sunday Lake property located along the Sunday Lake Deformation Zone
approximately seven kilometres east of Detour Gold's 14.9 million ounce proposed
open pit gold mine. Conquest holds 75,000 shares of Detour Gold Corporation. 


There are currently 95,477,728 shares of Conquest issued and outstanding.

This news release may include certain "forward-looking statements". All
statements other than statements of historical fact, included in this release,
including, without limitation, statements regarding potential mineralization,
resources and reserves, exploration results, and future plans and objectives of
Conquest, are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual
results to differ materially from Conquest's expectations are exploration risks
detailed herein and from time to time in the filings made by Conquest with
securities regulators.
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