Conquest Resources Limited: Exploration Update.

TORONTO -- Conquest Resources Limited (TSX VENTURE: CQR)

--$2.8 million Exploration Programme Planned on Canadian Properties

--14,000 metres (46,000 feet) of Diamond Drilling Planned for Fall & Winter

Conquest Resources Limited (TSX VENTURE: CQR) reports that it has active ongoing exploration programmes at its Aurora gold project at Detour Lake, Ontario, and on its Phiz and Rock and Roll properties in the Iskut River area of northwestern British Columbia. Summer field programmes are scheduled to commence next month on the Alexander gold project at Red Lake and the Missinabie gold project, Ontario. Conquest plans an approximate $2.8 million exploration expenditure on three of its Ontario gold projects and two British Columbia gold and base metal projects, including approximately 14,000 metres of diamond drilling for the balance of 2004 and early 2005 exploration season. Funding is in place to fully cover these projected expenditures.

Aurora Gold Project, Detour Lake

The Aurora property is situated in the Detour Lake Gold Camp which is experiencing a resurgence in exploration activity by Pelangio Mines, High River Gold, Trade Wind Ventures and Conquest, who collectively plan to spend over $6 million in the Detour area this year. Conquest commenced a programme of surface exploration in late May which includes re-logging and sampling of selected historical drill holes together with MMI geochemical soil sampling over the 2,000m long GB gold zone where previous drilling by Conquest and Placer Dome intersected gold mineralization with values up to 58.53g/t gold over 3.0 metres and over areas of anomalous reverse circulation drilling (RC) deep overburden gold anomalies. RC drilling previously carried out by Westmin Resources detected four strong gold-in-till anomalies at the bedrock interface in the vicinity of the Central and Northern Shear Zones. Several of the RC holes yielded heavy mineral concentrate samples with gold-in-till values of greater than 15,000 ppb Au (greater than 15g/t Au) together with high counts of visible gold grains. These are comparable with similar anomalies documented down-ice from the Casa Berardi orebodies, located on the Quebec side of the nearby provincial border. It is believed that the Aurora deep overburden anomalies are close to source.

Following completion of the summer field programme, Conquest plans a major drilling programme on the Aurora project in conjunction with Trade Winds Ventures. The two parties plan to expend approximately $1.2 million, essentially in diamond drilling, through the fall and winter period. Conquest and Trade Winds Ventures are awaiting regulatory approval for the proposed private placement financing prior to closing the previously announced option/joint venture agreement on the main Aurora property. Conquest will retain its full interest in the Sunday Lake property located over the Detour-Sunday Lake fault zone, immediately east of and along strike from the Detour mine and the Nash Creek property located to the southeast of the main Aurora property at Lower Detour Lake.

Phiz Gold Project and Rock & Roll Polymetallic Project, Iskut River

A programme of surface exploration commenced on these adjacent properties located in northwestern British Columbia in late May. The properties are situated in the general vicinity of the Eskay Creek gold mine, the former Snip gold mine and the Bronson Slope and Johnny Mountain prospects. Exploration work being conducted includes a complete evaluation of all historic data, including re-logging and sampling of selected historical drill holes from the Black Dog and SRV massive sulphide prospects and the Phiz gold prospect, together with MMI and conventional geochemical soil sampling over selected target areas on both properties, geological mapping and target prospecting.

Previous exploration on the Phiz property in the 1980s resulted in the discovery of a number of gold-bearing quartz veins which returned values up to 7.4 oz/t gold from trenching over reported widths of 0.6 to 4.6 metres, although a limited drill programme intersected only minor gold values. Several other potential gold targets have been identified from soil geochemical surveys, all of which will be evaluated during the current field programme. On the Rock and Roll property, in addition to evaluating the historic drilling on the Black Dog and SRV Zones (675,000 tonnes grading 1.75g/t gold, 233.8g/t silver, 0.4% copper, 0.5% lead and 2.2% zinc), Conquest will evaluate the southerly continuation of the VMS mineralized trend southwards towards the Phiz property and evaluate specific geophysical and geochemical targets in the Lost Lake area of the property.

Alexander Gold Project, Red Lake

The Alexander property is situated adjacent to the Goldcorp Red Lake gold mine and is almost completely surrounded by Goldcorp property holdings. A programme of surface exploration will commence in July and will include surveying of historical drill collars, excavation and sampling of historical and new surface trenches, additional geophysical surveys, additional MMI and conventional geochemical soil sampling and detailed geological mapping with emphasis on structural and alteration features. As a result of two recent phases of winter drilling by Conquest on the Alexander property, significant gold values and related alteration have been encountered in several holes along a 2,000 metre long easterly trend, which represents a shear zone identified in drilling and by geophysical surveys. Results of the most recent drilling (previously reported) include 12.82g/t gold over 0.14 m in hole CR-04-20, 5.49g/t gold over 0.12 m in hole CR-04-24 and 4.42g/t gold over 0.7 m in hole CR-04-17, together with additional values in the 1.0g/t to 3.0g/t gold range over widths of 0.16 to 1.0 metres. Gold mineralization has been discovered over narrow widths in the footwall and hangingwall basalts as well as in the central diorite intrusive. All of the holes remain open and may be deepened in subsequent drilling. A further programme of drilling is planned to commence immediately following completion of the summer field programme.

Leeson Twp. Gold Property, Missinabie

Conquest plans an initial field programme of geological mapping, trench sampling and geochemical soil sampling to re-evaluate its six patented claims located north of the former Renabie gold mine in Leeson Township, Missinabie, Ontario.

Gold mineralisation in the Renabie area occurs within distinct shear trends associated with altered felsic volcanic and intrusive rocks. The Renabie 'C' and Nudulama zones have an easterly strike while the Braminco 'C', 'B', '7' and '21' zones strike north. Within the principal trends, the zones occur as massive fine grained quartz and/or laminated quartz-sericite zones. Former production from the Renabie mine amounted to approximately 4.5 million tons at an average grade of 0.2 oz gold/t (6.25g/t gold) producing approximately 900,000 ounces gold. Previous exploration work at Leeson Twp. by Conquest exceeds $1 million. Drilling by Conquest on the property in the late 1980s intersected encouraging gold values in a northerly trending shear zone for over 600 metres. Gold intersections included 0.12 oz gold/t (3.75g/t gold) over 7.1 ft (2.16m), 0.06 oz gold/t (1.87g/t gold) over 16.8 ft (5.1m), 0.24 oz gold/t (7.5g/t gold) over 13.3 ft (4.1m), 0.17 oz gold/t (5.3g/t gold) over 3.5 ft (1.1m) and 0.10 oz gold/t (3.1g/t gold) over 18.6 ft (5.7m). The shear zone appears to be the northerly continuation of the Braminco shear zone which is believed to host gold mineralisation at the nearby Renabie and Canrios gold deposits located immediately to the south.

About Conquest

Conquest is exploring several Ontario gold projects and two British Columbia gold and base metal projects. These include the Alexander Property at Red Lake, Ontario, the Aurora gold properties at Detour Lake, one in joint venture with Trade Winds Ventures as well as separately on two additional Detour claim blocks at Sunday Lake and Nash Creek. In Ontario, Conquest is also exploring its Leeson Township property at Missinabie. In British Columbia, Conquest is engaged in exploring its Phiz and Rock & Roll base and precious metal properties in the Iskut River area. Funding is in place to fully cover these planned exploration programmes. Technical Reports (43-101) for the Alexander, Aurora and Rock & Roll properties are available on SEDAR at www.sedar.com.

There are currently 57,346,677 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.