Silver Quest Resources Ltd.
TSX VENTURE : SQI

Silver Quest Resources Ltd.

November 15, 2006 18:57 ET

Silver Quest Commences Drill Program at the 3Ts Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2006) - Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI) is pleased to announce the commencement of a 2,500 to 3,000 metre diamond drill program at its 100% owned 3Ts epithermal gold-silver project located approximately 120 kilometres southwest of Vanderhoof in central British Columbia.

The planned program will target two known mineralized veins, the Ted Vein and Mint Vein. The Ted Vein, is open for expansion along strike and at depth beneath a flat lying sill that crosscuts the vein structure. Of specific interest, the Company's previous drill hole beneath the sill at the Ted Vein (Hole TT-06-38) returned the best intersection to date on the project, assaying 2.68 g/t gold and 152.1 g/t silver over a core length of 30.9 metres (estimated true width of 17.2 metres). The current program at Ted is designed to test the extent of this mineralization and to provide the necessary drill data to initiate an expanded N.I. 43-101 compliant resource estimate during the first quarter of 2007.

Drilling to date on the Ted Vein indicates a well-developed, robust epithermal vein system with excellent potential for expansion of the gold and silver resource at depth. Based on prior drilling above the sill, the Ted Vein hosts a N.I. 43-101 inferred resource estimate of 273,800 tonnes grading 2.00 g/t gold and 133 g/t silver, with an average true width of 6.2 metres based on 17 drill holes (see Press Release dated Sept. 9, 2004).

Drilling will also target the Mint Vein, located approximately 500 meters north of the Ted Vein surface outcrop exposures. The Company previously drilled six shallow holes that intersected multiple zones of quartz veins in altered rhyolite host rocks at the Mint Vein area. Hole TT-27 returned 2.0 metres grading 8.08 g/t gold and 80.4 g/t silver at a depth of 59.0 meters. Hole TT-25, located 100 metres to the south of TT-27, returned 2.0 metres grading 5.48 g/t gold and 127.3 g/t silver from 28.0 to 30.0 metres, and 1.5 metres grading 3.89 g/t gold and 42.6 g/t from 55.2 to 56.7 metres depth. A series of shallow (100 to 150 meters deep) holes will be drilled at the Mint Vein target to test the continuity and extent of the mineralization.

Robert Weicker, P.Geo, is the qualified person, as defined by National Instrument 43-101, for the 3Ts project, and supervised the preparation of the technical information in this release and verified the scientific and technical information and opinions contained herein by reviewing the underlying data.

Silver Quest is an established Canadian junior exploration company with a focus on silver and gold projects, with ten 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 www.silverquest.ca.

SILVER QUEST RESOURCES LTD.

Robert Weicker, President


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