TAM

Quest Rare Minerals Ltd. (TSX:QRM) (NYSE MKT:QRM) is pleased to announce that it
has entered into a non-binding Letter of Intent ("LOI") with TAM Ceramics Group
of NY, LLC ("TAM"), a leading U.S.-based marketer and manufacturer of zirconia
chemical products. The LOI specifies that TAM will agree to purchase from Quest
up to 24,000 tonnes of zirconia annually which Quest expects to mine from its
Strange Lake deposit, and that Quest will deal exclusively with TAM for the sale
of this quantity of product. This constitutes 100% of Quest's anticipated annual
zirconia production from Strange Lake.


The LOI also provides that TAM will coordinate with Quest to develop markets for
zirconia. 


The purchase and sale of zirconia contemplated by the LOI is subject to the
execution of a definitive agreement between Quest and TAM which will include,
among other things, the price of all zirconia to be sold and other material
terms and conditions of the transaction. Quest and TAM have agreed to negotiate
the definitive agreement in good faith, with a view to executing it as soon as
possible, but in any event no later than December 31, 2014. The LOI provides
that the definitive agreement will have an initial term of five years, with five
possible renewal terms of five years each, for a total potential contract term
of 30 years, covering the anticipated minimum 30-year production life for the
Strange Lake deposit.


"The signing of our first off-take LOI, in this case for all of our byproduct
zirconia, is a major milestone in the development of the Strange Lake deposit,"
said Peter Cashin, Quest's President and Chief Executive Officer. "We believe
that Strange Lake is a world-class asset that has the potential to produce a
substantial quantity of strategic materials that will be attractive to customers
around the globe. The LOI is the result of our continuing marketing efforts to
engage customers with whom we intend to develop lasting business relationships.
We view TAM's involvement with our Strange Lake project as a significant vote of
confidence in the considerable progress we have made in precipitating
chemical-grade zirconia product at our pilot plant. The LOI will allow us to
develop a partnership with a company that has many years of zirconium marketing
and manufacturing experience."


"TAM is excited about the opportunity to partner with Quest to commercialize
significant quantities of zirconium-based materials, such as zirconium chemical
products and high-purity zirconia, into the global market," said George Bilkey,
TAM's President. "These zirconium-based derived materials are an excellent
complement to TAM's 80-year global zircon and zirconia business. We very much
look forward to working with the Quest team." 


About Quest Rare Minerals

Quest Rare Minerals Ltd. ("Quest") 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 and NYSE MKT 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 the Misery
Lake areas of northeastern Quebec. Quest's 2009 exploration led to the discovery
of a significant new rare earth deposit, the B-Zone, on its Strange Lake
property in northeastern Quebec. Quest has filed a National Instrument 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. 


About TAM Ceramics

TAM Ceramics Group of NY, LLC ("TAM") is a Niagara Falls, NY based zirconium
chemicals specialist founded in 1906. For the last 107 years, TAM has been
developing, processing, manufacturing, and selling advanced materials and
ceramics into various markets in the aerospace, automotive, steel, glass,
chemicals, electronics, and many other industries throughout the world.


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, 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 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 25, 2013, and under
the heading "Risk Factors" in Quest's Management's Discussion and Analysis for
the fiscal year ended October 31, 2012, 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Quest Rare Minerals Ltd.
Peter J. Cashin
President & CEO
(416) 916-0777 or 1-877-916-0777
(416) 916-0779 (FAX)
info@questrareminerals.com
www.questrareminerals.com

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