Quest Rare Minerals to Commence Trading on Toronto Stock Exchange

TORONTO, ONTARIO -- (Marketwire) -- 02/28/12 -- Quest Rare Minerals Ltd. (TSX VENTURE: QRM)(NYSE Amex: QRM) is pleased to announce that its common shares will commence trading on the Toronto Stock Exchange at the opening of the market on Thursday, March 1, 2012. Quest's common shares will be delisted from the TSX Venture Exchange concurrent with the commencement of trading on the TSX. Quest's shares will continue to trade under the current stock symbol 'QRM'. Quest is also listed on NYSE Amex under the same trading symbol.

'Following our listing on NYSE Amex in 2011, graduation to the TSX is an important milestone in Quest's evolution as an important rare earth development story,' said Peter J. Cashin, Quest's President and CEO. 'We believe that the TSX listing will elevate Quest's profile with institutional investors and provide enhanced liquidity for Quest's shares.'

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. 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 the 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 $42.5 million.

Forward-Looking Statements

This news release contains statements that may constitute 'forward-looking information' or 'forward-looking statements' within the meaning of applicable Canadian and U.S. securities legislation. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Quest Rare Minerals Ltd. ('Quest'), or the assumptions underlying any of the foregoing. In this news release, words such as 'may', 'would', 'could', 'will', 'likely', 'believe', 'expect', 'anticipate', 'intend', 'plan', 'estimate' and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Quest will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Quest's control. These risks, uncertainties and assumptions include, but are not limited to, those described under 'Risk Factors' in Quest's annual information form dated January 23, 2012, and under the heading 'Risk Factors' in Quest's Management's Discussion and Analysis for the fiscal year ended October 31, 2011, both of which are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Quest does not intend, nor does Quest undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Quest Rare Minerals Ltd.

Peter J. Cashin

President & CEO

(416) 916-0777 or toll-free: 1-877-916-0777

(416) 916-0779 (FAX)
info@questrareminerals.com
www.questrareminerals.com