Conquest Resources Limited: Alexander Project, Red Lake-Update.

TORONTO -- DRILLING COMMENCES

IP SURVEY CONFIRMS SULPHIDE TARGETS

Conquest Resources Limited (TSX-V:CQR) is pleased to announce that drilling has commenced on its 100% owned Alexander gold project at Red Lake, Ontario which is located adjacent to Goldcorp's Red Lake gold mine. The program, to be completed by the end of 2004, will comprise up to 3,000 metres which will target the recently discovered zone of sulphide mineralization with coincidental geophysical and geochemical anomalies. A drill hole completed earlier this year (CR-04-24) and collared 150 metres off the eastern extremity of the zone and 50 metres to the south, intersected 12.82g/t gold (0.38 oz/t) over a width of 0.14 metres, confirming gold mineralization within the general system.

Results of a recently completed Induced Polarization (IP) survey, comprising over 9,000 metres of surveying, over the central and eastern part of the Alexander property shows four parallel zones consistent with the main southeast structural trend. Three of the anomalous zones are coincidental with previously announced gold and arsenic geochemical anomalies.

One of the anomalies coincides directly with an area of sheared and mineralized basalts located by stripping and trenching during the past summer. This IP anomaly has been traced for a minimum strike length of 900 metres and over a width of 80 metres. It remains open in both directions. Trenching over the sheared basalts exposed a minimum 30 metre width of disseminated to massive sulphide mineralization (pyrite, pyrrhotite and arsenopyrite) which has been exposed over a minimum of 50 metres of strike length. The mineralized zone is hosted in a strongly sheared mafic volcanic sequence with quartz-carbonate alteration, accompanied by intense oxidation of the massive sulphides.

The recently completed IP survey results in conjunction with earlier completed B-horizon and MMI soil geochemical sampling programs and limited surface trenching and sampling programs have identified four distinct anomalous trends comprising in excess of 12,000 metres of strike potential of gold-bearing structures on the Alexander property to be evaluated by future drilling. Airborne magnetic and EM data suggests that these structures can be traced to the northwest on to the adjacent Goldcorp mine property, where at least one of the trends is recognized by Goldcorp as a second order gold-bearing structure.

ABOUT CONQUEST

In addition to the Alexander gold project, Conquest is exploring several other gold projects in Ontario and British Columbia. These include the King Bay gold property at Sturgeon Lake on which drilling is planned after freeze up, the Smith Lake gold property at Missanabie, and the Aurora, Sunday Lake and Nash Creek gold properties at Detour Lake (Ontario). In British Columbia, Conquest is engaged in exploring its Phiz and Rock & Roll precious and base metal properties located in the Iskut River area. Cash and short-term investments at September 30, 2004 amounted to approximately $2.66 million which together with JV contributions, provide adequate funding for all proposed programs through the fall and winter drilling season.

There are currently 58,596,677 shares of Conquest issued and outstanding.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Conquest Resources Limited (TSX VENTURE:CQR)