TORONTO, ONTARIO--(Marketwire - June 2, 2011) - Quest Rare Minerals Ltd. (TSX VENTURE:QRM)(NYSE Amex:QRM) is pleased to report the remaining assay results from the 2010 diamond drilling program completed on its B-Zone Rare Earth Element (REE) deposit. Final lab results for holes BZ-11-097 to BZ-11-117 have returned multiple, high-grade Total Rare Earth Oxide (TREO) intersections of between 1.10% and 4.87% over thicknesses of 1.18 m to 143.2 m. Heavy Rare Earth Oxide (HREO) represents between 35.3% and 64.9% of the TREO content intersected in the new drilling. Best intersection grades returned 1.2% TREO over 121.2 m (BZ11109), including 2.09% TREO over 26.9 m and 3.2% TREO over 13.7 m ; 1.81% TREO over 32.8 m (BZ11100) including 1.77% TREO over 13.7 m and 1.16% TREO over 143.2 m (BZ11099) including 1.50% TREO over 64.6 m and 3.08% TREO over 13.4 m. Important enrichment in zirconium (ZrO2), niobium (Nb2O5) and hafnium (HfO2) continues to characterize mineralization. The detailed drill sample analysis table is available on Quest's website homepage at www.questrareminerals.com.

"Our 2011 winter program has now provided Quest with the confidence that the zone of higher-grade pegmatite-style mineralization continues northward from the current limits used in the calculation of our recently published revised resource estimate of the B-Zone deposit," said Peter Cashin, Quest's President & CEO. "Our exploration efforts will now focus on bringing our Indicated Resource into a production schedule to be used in the pre-feasibility study now underway for the B-Zone. We have now defined sufficient resources to more than satisfy the minimum 25-year production model established by the Preliminary Economic Assessment report delivered last September."

B-Zone Winter Drill Program

Assays have been received for 21 diamond drill holes of the winter program representing 2,853.6 m (see Table 1). The drilling program tested the northward continuation of the B-Zone under Lac Brisson at drill centers of between 50 to 100 m. The drill results have confirmed the presence of strong pegmatite-style REE mineralization and extended the Zone for at least 275.0 m further north from the previously established limits. Drilling shows the mineralization to be a set of relatively flat dipping horizontal sheets. The mineralization has been defined to vertical depths of over 168.0 m and comprises the highest grades observed in the B-Zone deposit.

The best results from the additional drillholes of the program (see Table 1 for drillhole locations) are:

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                        From      To  Length                           HREO/
Borehole                 (m)     (m)     (m)   TREO%   LREO%   HREO%  TREO %
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BZ11097                15.00   71.88   56.88  1.0232  0.5631  0.4601   44.96
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BZ11097                17.60   24.56    6.96  1.2626  0.5149  0.7478   59.23
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BZ11097                47.86   53.75    5.89  1.3110  0.6592  0.6518   49.72
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BZ11098                13.30   30.18   16.88  1.6823  0.7142  0.9681   57.55
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BZ11098                16.00   22.25    6.25  2.8199  1.2148  1.6051   56.92
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BZ11098                18.00   22.25    4.25  3.1268  1.4662  1.6607   53.11
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BZ11098                69.77   93.79   24.02  1.1877  0.6203  0.5676   47.79
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BZ11098                74.53   82.84    8.31  1.4926  0.6495  0.8432   56.49
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BZ11099                10.80  154.00  143.20  1.1640  0.6801  0.4839   41.57
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BZ11099                15.50   80.15   64.65  1.5021  0.8540  0.6480   43.14
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BZ11099                15.50   25.77   10.27  1.6853  0.8516  0.8337   49.47
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BZ11099                62.05   80.15   18.10  2.5166  1.4123  1.1044   43.88
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BZ11099                66.80   80.15   13.35  3.0781  1.7652  1.3130   42.66
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BZ11099                71.52   74.95    3.43  4.6349  2.9814  1.6535   35.67
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BZ11100                15.00  156.00  141.00  1.1322  0.5655  0.5667   50.06
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BZ11100                25.20  110.55   85.35  1.3412  0.6112  0.7300   54.43
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BZ11100                25.22   58.00   32.78  1.8140  0.6362  1.1777   64.93
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BZ11100                26.60   32.00    5.40  3.7813  0.8822  2.8992   76.67
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BZ11100                35.80   49.46   13.66  1.7712  0.6843  1.0868   61.36
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BZ11100                65.78   67.18    1.40  2.1325  1.0477  1.0843   50.84
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BZ11100                76.50   85.50    9.00  1.7791  1.1513  0.6276   35.28
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BZ11100                77.69   81.53    3.84  2.3222  1.5205  0.8016   34.52
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BZ11100               107.68  110.55    2.87  1.2652  0.4878  0.7771   61.42
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BZ11102                99.00  104.90    5.90  1.6454  0.8777  0.7680   46.68
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BZ11102               102.00  103.25    1.25  3.2310  1.5902  1.6408   50.78
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BZ11104                13.57   26.40   12.83  1.9534  0.6252  1.3283   68.00
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BZ11104                17.40   21.50    4.10  3.6694  0.9564  2.7130   73.94
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BZ11105                17.90   75.00   57.10  1.1069  0.6208  0.4862   43.92
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BZ11105                44.20   46.86    2.66  1.5682  0.8537  0.7144   45.55
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BZ11105                64.70   73.00    8.30  1.6501  0.8161  0.8341   50.55
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BZ11106                20.30   72.15   51.85  1.1341  0.5790  0.5552   48.95
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BZ11106                37.78   41.00    3.22  1.8113  0.8188  0.9925   54.80
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BZ11106                58.20   67.00    8.80  1.9321  0.8282  1.1039   57.14
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BZ11106                60.00   66.00    6.00  2.2393  0.8995  1.3398   59.83
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BZ11107                21.06   42.05   20.99  1.4306  0.7247  0.7060   49.35
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BZ11107                21.06   71.70   50.64  1.2862  0.6836  0.6027   46.86
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BZ11107                26.70   42.05   15.35  1.6011  0.8074  0.7937   49.58
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BZ11107                26.70   27.88    1.18  4.8694  2.1941  2.6748   54.93
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BZ11107                65.05   71.70    6.65  2.4287  1.2755  1.1535   47.49
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BZ11108                10.99   77.00   66.01  1.0874  0.5842  0.5032   46.27
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BZ11108                10.99   15.90    4.91  1.4102  0.6088  0.8017   56.85
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BZ11108                39.00   40.10    1.10  1.7850  0.6180  1.1670   65.38
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BZ11108                59.86   75.00   15.14  1.4897  0.7013  0.7884   52.92
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BZ11108                65.90   69.00    3.10  2.9755  1.2584  1.7167   57.70
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BZ11109                15.83  137.00  121.17  1.1999  0.6891  0.5109   42.58
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BZ11109                70.12   97.00   26.88  2.0917  0.9933  1.0985   52.52
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BZ11109                79.00   86.00    7.00  2.8862  1.3327  1.5536   53.83
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BZ11109                79.00   92.70   13.70  3.2009  1.5191  1.6818   52.54
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BZ11109                88.00   92.70    4.70  4.6932  2.3022  2.3908   50.94
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BZ11110                87.23  101.55   14.32  1.4462  0.6385  0.8078   55.86
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BZ11110                87.23   94.68    7.45  1.7548  0.7228  1.0324   58.83
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BZ11110                92.78   94.68    1.90  2.5817  0.9560  1.6261   62.99
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BZ11111                 7.00   17.00   10.00  1.2174  0.4636  0.7538   61.92
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BZ11111                31.27   38.60    7.33  1.1422  0.6423  0.4997   43.75
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BZ11111                58.40   76.00   17.60  1.0978  0.6238  0.4741   43.19
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BZ11111                71.90   76.00    4.10  1.3583  0.5302  0.8284   60.99
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BZ11113                29.99   32.70    2.71  2.0876  1.2728  0.8148   39.03
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BZ11113                40.88   42.56    1.68  1.0530  0.4643  0.5880   55.84
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BZ11113                70.00   78.00    8.00  1.3794  0.8675  0.5120   37.12
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BZ11113                77.53   77.80    0.27  3.2350  1.7220  1.5120   46.74
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BZ11114                87.43   96.00    8.57  2.2295  0.9393  1.2903   57.87
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BZ11114                89.00   92.00    3.00  3.3417  1.3273  2.0147   60.29
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BZ11114               112.00  114.00    2.00  1.3710  0.8030  0.5680   41.43
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BZ11116                35.73   41.00    5.27  1.0838  0.4584  0.6250   57.67
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BZ11116                46.08   50.00    3.92  1.3162  0.5710  0.7448   56.59
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BZ11116                58.00   61.00    3.00  1.3273  0.5978  0.7296   54.96
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BZ11117                23.70   72.00   48.30  1.1770  0.8491  0.3280   27.87
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BZ11117                23.70   42.00   18.30  1.4011  1.0451  0.3562   25.42
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BZ11117                40.69   42.00    1.31  2.2360  1.6370  0.5990   26.79
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BZ11117                70.00   72.00    2.00  1.9020  1.6660  0.2370   12.46
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Where: TREO=Total Rare Earth Oxides, includes Y2O3=yttrium oxide ((i)),     
La2O3=lanthanum oxide ((i)), Ce2O3=cerium oxide ((i)), Pr2O3=praseodymium   
oxide ((i)), Nd2O3=neodymium oxide ((i)), Sm2O3=samarium oxide,             
Eu2O3=europium oxide, Gd2O3=gadolinium oxide, Tb2O3=terbium oxide ((i)),    
Dy2O3=dysprosium oxide ((i)), Ho2O3=holmium oxide, Er2O3=erbium oxide,      
Tm2O3=thulium oxide ((i)), Yb2O3=ytterbium oxide, Lu2O3=lutetium oxide      
((i)); LREO=light rare earth oxides, includes La2O3=lanthanum oxide,        
Ce2O3=cerium oxide, Pr2O3=praseodymium oxide, Nd2O3=neodymium oxide,        
Sm2O3=samarium oxide; HREO=heavy rare earth oxides, includes Y2O3=yttrium   
oxide, Eu2O3=europium oxide, Gd2O3=gadolinium oxide, Tb2O3=terbium oxide,   
Dy2O3=dysprosium oxide, Ho2O3=holmium oxide, Er2O3=erbium oxide,            
Tm2O3=thulium oxide, Yb2O3=ytterbium oxide, Lu2O3=lutetium oxide. The       
principal REO at the B-Zone are depicted by an asterisk ((i)).              

The better grades of mineralization are associated with what is termed the Pegmatite Zone which is composed of a high proportion of pegmatite sheets that are intercalated with extremely altered Strange Lake peralkaline granite at the uppermost parts of the B-Zone mineralized system. The highly-altered, granite-hosted zones continue to carry elevated grades of REE in excess of 0.7% TREO over core lengths of over 314.6 m (see Press Release: December 9, 2010). These grades exceed the economic cut-off of 0.58% TREO determined for the deposit by our recent revised resource estimate for the B-Zone (see Press Release : April 13, 2011).

Summer 2011 Exploration Program

Plans for upcoming summer work on the property are well advanced and will include 35,000 m of exploration and geotechnical drilling, prospecting, geological mapping and rock sampling as well as the collection for additional bulk sample material to supplement an 18-tonne sample collected last fall. This material will be used for the planned Pilot Mill testing program to be undertaken once the metallurgical flow sheet for the B-Zone has been finalized. In addition, preliminary engineering and baseline environmental work for use in the current pre-feasibility study for the deposit will be undertaken. In order to house a significantly expanded crew at Strange Lake, construction work is underway to enlarge Quest's exploration camp to accommodate 100 employees, up from the current 55.

Quality Control

Mr. Peter Cashin, P. Geo., is the qualified person on the Strange Lake Project under National Instrument 43-101 and is 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 Minerals

Quest Rare Minerals Ltd. is a Canadian-based exploration company focused on the identification and discovery of new and significant Rare Earth deposit opportunities. Quest 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 projects in Canada's premier exploration areas: the Strange Lake and Misery Lake areas of northeastern Quebec 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. Quest recently filed a 43-101 Indicated and 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 marketed equity financing completed in October 2010, Quest has a strong working capital position of $50.0 million. This will be sufficient to advance Quest's plans of completing pre-feasibility and Bankable feasibility studies of the B-Zone REE deposit by 2012 and to continue exploration on its other rare earth property interests.