Quest Rare Minerals Ltd. is a Canadian-based, exploration company focused on the identification and discovery of new world-class Rare Earth deposit opportunities. The Company is publicly-listed on the TSX Venture Exchange and NYSE Amex 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 rare earth projects in Canada’s premier rare earth exploration areas: the Strange Lake and Misery Lake areas of northeastern Québec and the Plaster Rock area of northwestern New Brunswick. Quest continues to pursue high-value project rare earth opportunities throughout North America.

Kenora North and Snook - Lake Projects - Northwestern Ontario

The Kenora North project is an amalgamation of four properties (Can Fer, Snook, Pancer and Scottie Lake) that were staked in early 2007 to cover historical uranium occurrences. Regional lakebottom geochemical surveys and Federal Government airborne geophysical surveys were also utilized in the selection of favourable target areas. The area is readily accessible by new forestry roads. Prospecting in late 2007 led to the re-location of several historic uranium occurrences and to the discovery of numerous new showings, along a 50-km long radiometric trend. Encouraging results obtained from prospecting over the Can Fer, Pancer, Snook and new Thor and Scottie Lake showings, led to the staking of a total of 36,000 hectares of claims to cover the full extent of the radiometric trend and to consolidate previous Quest staking.

Current Work

In late 2008, prospecting crews evaluated the airborne geophysical anomalies over the Scottie Lake area this past fall and discovered new zones of bedrock uranium mineralization returning up to 0.295% U3O8. No additional field work on either property was completed during the remainder of 2009.

Future Exploration Activities

No further exploration work is being contemplated on the properties for 2010.

Nanuk Project Uranium Occurrence Location Map, Québec

Plaster Rock Project - New Brunswick

Uranium mineralization in New Brunswick is closely related to Devonian-aged intrusions and related volcanic rocks and younger Carboniferous-age sedimentary rocks. The Quest 100%-owned Plaster Rock property is located in a Carboniferous-age basin, known as the Plaster Rock basin, northwestern New Brunswick. The 197 claim property covers 3,152 hectares and straddles a tenkilometer long section of the western margin of the Plaster Rock basin, in fault contact with Devonianage felsic volcanic rocks. Several airborne radiometric anomalies were evaluated, including historical soil geochemical anomalies reported by previous workers. This combined prospecting, mapping, and trenching program was successful in identifying two new copper and uranium anomalous zones. Quest’s 2009 exploration activities on the property were supported by the New Brunswick JMAP (Junior Mining Assistance Program).

Current Work
The 2009 geological reconnaissance and trenching program revealed the presence of continuous copper (Cu) and U mineralized zones within the Carboniferous Basin (see Figure 7). These anomalous Cu and U zones, the South and the North Zone, appear to be stratabound and very continuous in all directions. The mineralization found at the South Zone was traced over 250 m and appears to be part of the same mineralized system found at the North Zone, 2.2 km further to the northeast. Grab and chip samples collected at or in the vicinity to the trenches returned good U and Cu grades with values up to 1.46 % U3O8 and 6.19 % Cu. The observations of weakly oxidized sandstones and a major fault, south of the North Zone, could represent a very good uranium exploration target for an Oxidation-Reduction (“Redox”) Zone.

Future Exploration Activities
For 2010, a similar exploration program as described above is recommended to test all remaining soil and e U Airborne Radiometric anomalies on the property. Any significant new surface discovery will be considered for diamond drilling follow-up work.

Strange Lake Rare Earth Project - QUEBEC/LABRADOR

The Strange Lake property, located 220 km northeast of Schefferville and 125 km west of the Voisey Bay Nickel-Copper-Cobalt Mine, covers an area of 54,000 hectares. Exploration is focused around the historical Strange Lake rare earth element (REE) deposit discovered by the Iron Ore Company of Canada (IOC) and around additional anomalous REE showings identified by Quest crews on the property. All were selected on the basis of airborne radiometric anomalies, historical showings and proximity to known mineralization. Surface prospecting and diamond drilling of a two km-long airborne radiometric geophysical anomaly, less than three km northwest of the Strange Lake REE deposit (Main Zone), led to the identification of an important new REE mineralized zone named the B Zone which is located fully in Québec.

B-Zone and Main Zone Location Map, Strange Lake Project, Québec and Labrador

A National Instrument 43-101 Preliminary Resource Estimate of the B Zone rare earth deposit completed by Wardrop Engineering Inc in April 2010 indicated that at a 0.95% total rare earth oxides (TREO) base-case cut-off grade, the B Zone contains an Indicated Resource of 36.4 million tonnes grading 1.16% TREO, 2.17% zirconium oxide (ZrO2), 0.24% niobium pentoxide (Nb2O5), 0.05% hafnium oxide (HfO2) and 0.12% beryllium oxide (BeO). A further Inferred Resource of 14.4 million tonnes grading 1.11% TREO, 2.02% ZrO2, 0.21% Nb2O5, 0.05% HfO2 and 0.09% BeO is calculated.

Furthermore, this resource calculation demonstrated the extremely heavy rare earth oxide (HREO) rich nature of the B Zone, representing between 40% and 51% of the TREO in the deposit. Contained within the Indicated Resource is an outcropping and higher grade “Pegmatite Spine”containing 8.1 million tonnes at 1.66% TREO, 2.77% ZrO2, 0.37% Nb2O5, 0.06% HfO2 and 0.19% BeO. A further Inferred “Pegmatite Spine” resource of 2.57 million tonnes grading 1.53% TREO, 2.57% ZrO2, 0.30% Nb2O5, 0.06% HfO2 and 0.15% BeO is calculated.

A metallurgical study ON a one-tonne bulk sample from the B Zone conducted by Hazen Research Inc in May 2010 obtained strong REE recoveries of between 77% and 93% for all of the rare earths detected in the deposit. A program of Phase 2 metallurgical testing studies for the deposit is currently being undertaken by Hazen Research Inc.. The data from these studies will form the basis for a future Preliminary Feasibility Study (PFS) of the deposit.

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Misery Lake Rare Earth Project - QUEBEC/LABRADOR

The Misery Lake property is located 120 km south of the Strange Lake Project and covers a total area of 79,407 hectares. The rare earth potential of the Misery Lake area was first recognized by Quest exploration crews in August 2007 when reconnaissance bedrock sampling over an unusual regional magnetic feature returned grab sample results of up to 27% iron oxide (Fe2O3), 1.2% phosphate (P2O5), 1.5% titanium oxide (TiO2) and 2.25% TREO. During 2009, further reconnaissance evaluation over this large concentric magnetic feature led to the discovery of a large, rare earth bearing alkali intrusive complex. The ring feature is characterized as a 6-km diameter, compositionally-zoned ultramafic to granitic alkali intrusive complex, herein called the Misery Lake Alkali Complex. The Misery Lake geology is analogous to the Lovozero and Khibina Peralkaline Complexes in Russia, the country's primary producing areas for rare earths, niobium, tantalum, phosphate and zirconium.

In 2010, Quest expanded exploration to include a program of prospecting, geological mapping and regional till geochemical sampling. This work is to be followed by a 1,500 diamond drilling program to test several high-priority geological and geochemical targets identified from our field work at Misery Lake and any significant new targets identified on Quest’s recently staked claims to the south. The Quebec Government released data from a large airborne geophysical survey covering the full extent of the Misery Lake property. The detailed magnetic and radiometric survey was flown at 200 m line spacings and will be incorporated with Quest’s existing airborne survey data to guide reconnaissance exploration crews throughout the summer program.

Airborne Magnetics and Rare Earth Occurrence Location Map, Misery Lake Project, Québec

Property Compilation Map Showing Regional Radiometrics and Geochemical Anomalies, Misery Lake Project, Québec and Labrador

Board of Directors and Management

   
Peter J. Cashin - President & CEO
   
Robert L. Leclerc - Chairman of the Board
   
Mackenzie I. Watson - Honorary Chairman
   
Reno Pressacco - Vice President of Operations
   
Mark Schneiderman - Chief Financial Officer
   
Neil Wiener - Corporate Secretary and Director

Ronald Kay - Director

Michael Pesner -  Director
   
John Panneton - Director
   
Jeff Phillips - Member of Management Advisory Board
   
Dr. Steve Zajac - Member of Management Advisory Board.
   
Amy McQuade - Member of Management Advisory Board

Exchange & Symbol
TSX-V: QRM
NYSE Amex: QRM

Delayed Quote: click here

Shares Issued and Outstanding (as of September 7th, 2010)
Issued: 42.6 million
Fully Diluted: 48.5 million