Silver Quest Resources Ltd.
TSX VENTURE : SQI

Silver Quest Resources Ltd.

August 24, 2010 08:00 ET

Silver Quest Provides Update on Yukon Exploration Programs

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2010) - Silver Quest Resources Ltd. (TSX VENTURE:SQI) (the "Company") is pleased to provide an update on its Yukon exploration programs. For further details and property maps, please visit the Company's website www.silverquest.ca.

Boulevard Project
Silver Quest has completed a 20 hole (3,006 m) diamond drilling program at the Boulevard Project. Drill holes targeted bedrock mineralization below the three gold-arsenic ± antimony soil geochemical anomalies defined earlier this season (see news release July 13, 2010). Drill core samples have been submitted for laboratory analysis. Results are pending and will be released once they are received by the Company. Boulevard is located 135 kilometres south of Dawson City, 35 kilometres south of Kinross' Golden Saddle gold deposit and 10 kilometres southwest of Kaminak's Coffee gold discoveries.

Dawson Range Regional Project
Silver Quest has initiated a regional soil and silt sampling program covering the majority of Silver Quest's approximately 3,100 mineral claims (64,790 hectares) within the Dawson Range. Approximately 10,000 soil samples are planned with approximately 5,000 samples already collected. All samples are being taken from the "B" or "C" soil horizons and analyzed in-house with a field-portable x-ray fluorescence (XRF) spectroscope before being sent to the assay laboratory for a more robust chemical analysis. Geochemical anomalies discovered this year will be further explored next year.

Prospector Mountain
Silver Quest has awarded Apex Diamond Drilling Ltd. a contract to conduct 1,500 m of diamond drilling on Prospector Mountain. The planned program includes 10 drill holes from five locations, designed to test bedrock mineralization underlying the Bonanza Zone. The Bonanza Zone comprises three linear geochemical anomalies approximately 1,000 m long and having a total width of 550m. Rock samples from the Bonanza Zone have returned values as high as 109 g/t gold in addition to significant silver and copper values (see news release August 4, 2010). Drilling is planned to commence the first week of September. Prospector Mountain is located 90 km northwest of Carmacks and 95 kilometres southeast of the Company's Boulevard Project.

Exploration work in the Yukon is being conducted by Equity Exploration Consultants Ltd. on behalf of Silver Quest. Darcy Baker, P.Geo., President of Equity Exploration Consultants Ltd. is the Qualified Person, as defined by National Instrument 43-101, for the Yukon Exploration Program and supervised the preparation of technical information in this release.

SILVER QUEST RESOURCES LTD.

"Randy Turner"

Randy Turner, President

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

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