Silver Quest Resources Ltd.
TSX VENTURE : SQI

Silver Quest Resources Ltd.

November 17, 2009 08:30 ET

Silver Quest Reports Gold Values From Boulevard Project, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2009) - Silver Quest Resources Ltd. (TSX VENTURE:SQI) (the "Company") is pleased to report the results from the previously announced (October 15, 2009) geochemical soil survey completed at the Boulevard Project, Yukon. The Boulevard property is located 135 kilometres south of Dawson City and 35 kilometres south of Underworld's (UW:TSX.V) Golden Saddle Discovery. The Boulevard project consists of 238 claim blocks, totaling 4,975 ha. For a property location map and more detailed project information please see the company's website www.silverquest.ca.

One-hundred and seventy six (176) geochemical soil samples were collected by hand auger to better outline areas of anomalous gold concentrations within a previously defined geochemical soil survey grid. The auger samples were taken every 50 metres along pre-existing soil survey lines. The auger holes were 25 centimetres in diameter and averaged 50 centimetres in depth. One third (58) of the samples returned anomalous results of greater than or equal to 15 parts per billion (ppb) gold resulting in a 1.7 kilometre long gold-arsenic-antimony geochemical soil anomaly. Of the 58 anomalous samples:

— 28 samples contained greater than or equal to 25 ppb gold
— 8 samples contained greater than or equal to 50 ppb gold
— 1 sample contained 130 ppb gold

The Company is currently planning an extensive exploration program, including trenching and diamond drilling for the Boulevard project commencing late in the second quarter of 2010.

The Boulevard property is under option from Rimfire Metals Corporation (a wholly-owned subsidiary of Kiska Metals Corporation) and Northgate Minerals Corporation who made a new gold discovery on the property during 2008 (see Press Release July 23, 2009). Rock samples from a previously completed trenching program on Boulevard property yielded 7.04 grams per tonne (g/t) gold over 6 metres and drill testing under the trench yielded 0.9 g/t gold over 18 metres.

Soil sample analyses were performed by Eco Tech Laboratory in Kamloops, BC, which is an International Standard ISO 9001:2000-certified laboratory. The samples were analyzed using a 28-element ICPMS package with a 30-gram fire assay with AA finish for over limit (plus one gram per tonne) gold and (plus 30 grams per tonne) silver concentrations. The Company has implemented a quality assurance and control program to ensure that sampling and analysis of all samples is conducted in accordance with the best possible practices.

David Pawliuk, P. Geo. is the qualified person as defined by National Instrument 43-101 and supervised the preparation of the technical information in this release.

SILVER QUEST RESOURCES LTD.

Randy Turner, President

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

Contact Information