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Quest Minerals &Amp; Mining Moves Forward &Amp; Signs Letter of Intent to Acquire Parsons Branch Permit

Posted on: Wednesday, 26 July 2006, 09:00 CDT

Quest Minerals & Mining Corp. (OTCBB: QMMG), a Kentucky-based operator of energy and mineral related properties, today announced that it has signed a non-binding letter of intent with Parsons Branch Development to acquire a permit to mine the Elkhorn #2 seam on Parsons Branch located in Mud Creek, Kentucky. Parsons Branch Development has approximately 450,000 tons of clean coal under lease at this location.

Upon completion of the transfer of the permit to Quest, Quest will retain all revenues from coal sales after payment of a royalty to Parsons Branch of $1.50 per clean ton mined and expenses of mine operations, which are expected to be carried out by a contract miner.

Eugene Chiaramonte, Jr., President of Quest, said, "With approximately 450,000 tons of clean coal, we believe that this project has tremendous potential. We have been seeking new energy opportunities to enhance stockholder value, and we believe that the Big Mud Creek region holds great opportunity. We are excited about working with Parson Branch Development and the local community to create real value with this prospect. This acquisition is not only good for our company and our shareholders, but it will also have a positive impact on the local community by creating more jobs."

The transaction is subject to due diligence, negotiation of definitive agreements, regulatory approval of the transaction, and satisfaction of other customary conditions to closing.

About Quest Minerals & Mining

Quest Minerals & Mining Corp., or Quest, acquires and operates energy and mineral related properties in the southeastern part of the United States. Quest focuses its efforts on properties that produce quality compliance blend coal. For more information on Quest Minerals & Mining Corp., please visit our website at www.questminerals.com.

Forward-Looking Statements

This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Quest believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of revenue producing operations, lack of working capital, debt obligations, judgments and lien claims against Quest and certain of its assets, difficulties in refinancing short term debt, difficulties identifying and acquiring complementary businesses, fluctuations in coal, oil & gas, and other energy prices, general economic conditions in markets in which Quest does business, extensive environmental and workplace regulation by federal and state agencies, other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission.

 For Members of Media, please contact: Loran Hickton Salmon Creek Public Relations Inc. Portland OR, Vancouver WA, Boise ID, Paterson NJ (360) 571-5560  For Investors: Quest Minerals & Mining Corp. Eugene Chiaramonte, Jr. 973-684-0035  

SOURCE: Quest Minerals & Mining Corp.

Source: MARKET WIRE

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