Silver Quest Resources Ltd.
TSX VENTURE : SQI

Silver Quest Resources Ltd.

August 06, 2008 13:26 ET

Silver Quest Resources Ltd.: Drill Results From the Santa Rosa Property, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 6, 2008) - Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI) is pleased to report assay results from the recent reverse-circulation (RC) drill program completed in June 2008 on the Santa Rosa silver-lead property, located approximately 175 kilometres east of Hermosillo, in the state of Sonora, Mexico. The Company has a right to earn a 100 percent interest in the property (see Press Release dated June 14, 2006).

As previously reported, the Santa Rosa property represents an early stage exploration project with the potential to host near-surface, bulk-tonnage silver-copper mineralization. A total of 25 RC drill holes were completed by Layne de Mexico S.A. de C.V, based in Hermosillo, comprising 2,040.9 metres, on multiple targets defined by surface sampling, alteration and previous drilling (see Press Release dated January 30, 2008). The drill holes averaged 81.6 metres in depth with the deepest hole (SR08-34) being 178.3 metres. Four holes were lost and two additional holes were terminated prior to the target depth due to poor ground conditions. Assay results from this program (sampled on 1.5 metre intervals) continue to indicate encouraging silver and base metal values over significant intercepts. A detailed table of assay results a will be made available on the Company's website. Highlights of the RC drill program include:

SOUTHEAST ZONE

Two holes (SR08-37 and 39) from the recent drill program successfully intersected the "SouthEast Zone" and returned significant silver and copper values (see below). This zone remains open to the southeast.



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Hole No. From (m) To (m) Interval (m) Ag g/t Ag oz/t Pb % Zn % Cu %
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SR08-37 65.53 76.20 10.67 206.7 6.03 0.01 0.20 0.60
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SR08-39 124.97 128.02 3.05 275.4 8.03 0.05 0.34 0.48
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Holes SR08-37 and SR08-39 also intersected two other mineralized zones at shallow depths:



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Hole No. From (m) To (m) Interval (m) Ag g/t Ag oz/t Pb % Zn % Cu %
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SR08-37 6.10 13.72 7.62 103.8 3.02 0.57 0.04 0.15
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and 32.00 41.15 9.14 86.5 2.52 0.03 0.10 0.22
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SR08-39 4.57 10.67 6.10 125.8 3.67 0.01 0.05 0.21
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and 32.00 36.58 4.57 32.6 0.95 0.22 0.03 0.12
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NORTH FLANK ZONE

The "North Flank Zone" comprises a mineralized jasperoid breccia zone trending approximately east-west based on three drill intersections (easterly SR08-35, SR07-16, and SR08-33 westerly). Hole SR08-34 was located west of SR08-33 and tested, but did not intersect this target.



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Hole No. From (m) To (m) Interval (m) Ag g/t Ag oz/t Pb % Zn % Cu %
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SR08-35 57.91 60.96 3.05 356.1 10.38 0.01 0.10 0.50
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incl-
uding 57.91 59.44 1.52 664.0 19.37 0.02 0.17 0.90
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SR07-16 65.53 67.06 1.52 32.0 0.93 0.02 0.02 0.10
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SR08-33 68.58 70.10 1.52 77.4 2.26 0.04 0.05 0.15
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UPPER DECK ZONE

The "Upper Deck Zone" comprises a tabular, shallow dipping zone of mineralization that was previously tested by four short holes (SR08-15, 16, 17 & 21) that returned an average width of 7.24 metres averaging 71.9 grams per tonne (g/t) silver (2.10 oz/t), 1.40% lead, 0.28% zinc and 0.11% copper. In the recent program three drill holes intersected the "Upper Deck Zone" with the following results, while targeting the "North Flank Zone".



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Hole No. From (m) To (m) Interval (m) Ag g/t Ag oz/t Pb % Zn % Cu %
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SR08-33 6.10 7.62 1.52 34.7 1.01 0.04 0.06 0.06
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SR08-34 3.05 4.57 1.52 27.8 0.81 0.07 0.10 0.05
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and 9.14 10.67 1.52 28.2 0.82 0.01 0.03 0.07
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SR08-35 1.52 6.10 4.57 237.5 6.92 0.07 0.21 0.15
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SP MANTO ZONE

The "SP Manto Zone" comprises a near surface, tabular, shallow dipping zone of mineralization with significant galena. This zone was previously tested by two short holes (SR07-25 and 23) targeting the "SouthEast Zone". The current drill program resulted in three holes (SR08-29, 30, and 31) that intersect the "SP Manto Zone" (see below), but were later lost due to poor ground conditions.



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Hole No. From (m) To (m) Interval (m) Ag g/t Ag oz/t Pb % Zn % Cu %
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SR07-23 6.10 9.14 3.05 31.5 0.92 1.36 0.60 0.08
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SR07-25 10.67 15.24 4.57 49.0 1.43 3.74 0.05 0.07
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SR08-29 9.14 22.86 13.72 36.1 1.05 0.33 0.10 0.10
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SR08-30 9.14 16.76 7.62 29.2 0.85 0.49 0.44 0.09
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SR08-31 12.19 18.29 6.10 17.1 0.50 0.48 0.06 0.05
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Results to date indicate multiple zones of mineralization, with the geology and style of mineralization consistent with a carbonate-replacement-deposit (CRD) model. Sulphide mineralization, including galena, tetrahedrite and minor pyrite, with barite, occur in a carbonate breccia unit within interbedded sediments, cut by volcanic (andesite) units. At this early stage of exploration, it is not possible to estimate the true width of the mineralized zones, the geometry, or the extent. Additional drilling is required to determine these parameters. A diamond drill program is planned for later this fall, or early 2009.

Sample preparation to date has been completed by ALS Chemex in Hermosillo, Sonora, with analysis completed by ALS Chemex in Vancouver, reported in parts per million (ppm). A quality assurance and quality control program, which includes the regular insertion by the Company of duplicates, blanks and standards, has been instituted. ALS Chemex also has its own system of replicate analysis and blanks that it provides to the Company. Mr. Tom Evans, PGeo (California), supervised the recent program and Mr. Robert Weicker, PGeo, the qualified person, as defined by National Instrument 43-101, for the Santa Rosa project, verified the scientific and technical information in this release, and supervised its preparation.

"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 and Sonora, Mexico. For Silver Quest property locations and information, visit the Company's web site at www.silverquest.ca."

SILVER QUEST RESOURCES LTD.

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.

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