Silver Quest Resources Ltd.

Silver Quest Resources Ltd.

August 01, 2008 14:44 ET

Silver Quest Expands Capoose-Silver Trend Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2008) - Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI) is pleased to announce that it has entered into an option agreement with Mr. Piotr Lutynski (the "Vendor") to acquire 100% of the JAG Property (comprising claims 557495, 667496, 534364, 534365, 534366, 534367 and 552497). The JAG Property is comprised of seven claims located directly northeast of Silver Quest's current Capoose-Silver Trend property in the Omineca Mining District, British Columbia.

Subject to regulatory acceptance, the Company will have the right to acquire 100% of the JAG Property by making cash payments totaling $875,000 and issuing 200,000 shares to the Vendor over a ten (10) year period. The vendor will retain a 1.5% NSR, with the Company having the option to buy-back 1.00% for $1,000,000 leaving the Vendor with the remaining 0.50% NSR.

Mr. Robert Weicker, the Company's President & CEO, states: "The expansion of the Capoose-Silver Trend Property to the Northeast is an excited step in this year's exploration program. Previous soil samples in the new area have yielded geochemical anomalies that are of interest. We hope to be able to expand the historical resource in the area now that we have secured the entire five kilometer long Silver Trend."

Silver Quest is working on an extensive exploration program at Capoose-Silver Trend this season, including a soil sampling grid covering 150 line-kilometres, an IP survey covering 70 line-kilometres and a drill program scheduled (permits pending) for September.

"Silver Quest is an established Canadian junior exploration company with a focus on silver and gold projects, with mineral properties in B.C., Ontario, Yukon, Nevada, USA and Sonora, Mexico. For Silver Quest property locations and information, visit the Company's web site at"


Randy C. Turner, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information