RE:Press Release Todayexactly RTO Quest Provides Default Status Report T.QRM | 1 hour ago MONTRAL, QUBEC--(Marketwired - Feb. 28, 2017) - Quest Rare Minerals Ltd. (TSX:QRM) (Quest) is providing this bi-weekly default status report in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults. On January 31, 2017, Quest announced by way of press release that Quest's management's discussion and analysis for the fiscal year ended October 31, 2016 ("MD&A") and annual information form for the fiscal year ended October 31, 2016 ("AIF"), filed on SEDAR on January 24 and January 25, 2017, respectively, did not comply in certain respects with National Instrument 51-102 Continuous Disclosure Obligations and National Instrument 43-101 Standards of Disclosure for Mineral Projects, particularly as they relate to the Corporation's Strange Lake project, and that in order to rectify any deficiencies, Quest intended to file an amended MD&A and amended AIF on SEDAR as well as an updated independent technical report on the Strange Lake project in early March 2017. As a result, Quest's principal regulator, the Autorit des marchs financiers, granted a management cease-trade order ("MCTO") to Quest. The MCTO restricts all trading in securities of Quest, whether direct or indirect, by Quest's directors and senior officers until such time as the amended MD&A and amended AIF are filed by Quest. The MCTO does not affect the ability of other Quest shareholders to trade their securities. Quest now expects that it will file its updated independent technical report in mid-March 2017. There is no material change regarding the information contained in Quest's press release of January 31, 2017, except that, as previously announced, Quest held a first closing of its private placement on February 22, 2017 by issuing an aggregate of 8,100,000 special warrants to "accredited investors" in Ontario, British Columbia and outside of Canada at a price of $0.20 per special warrant, for gross proceeds to Quest of $1,620,000. Quest is working diligently to obtain an updated independent technical report and prepare an amended MD&A and amended AIF. Investors are cautioned that they should not rely on the technical information contained in the MD&A or AIF until such technical information is validated and supported by an updated independent technical report. There is no failure by Quest in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines, and there is no actual or anticipated default subsequent to the default announced in Quest's press release of January 31. There is no other material information concerning the affairs of Quest that has not been generally disclosed. ABOUT QUEST Quest is a Canadian-based company focused on becoming an integrated producer of rare earth metal oxides and a significant participant in the rare earth elements (REE) material supply chain. Quest is led by a management team with in-depth experience in chemical and metallurgical processing. Quest's objective is the establishment of major Read more at https://www.stockhouse.com/news/press-releases/2017/02/28/quest-provides-default-status-report#0MMbYKG6JSEP6JiI.99