Silver Quest Resources Ltd.

Silver Quest Resources Ltd.

October 18, 2010 08:00 ET

Silver Quest Confirms High Grade at Slate Falls, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2010) - Silver Quest Resources Ltd. (TSX VENTURE:SQI) (the "Company") is pleased to announce assay results from its Slate Falls Property ("Slate Falls") located 120 km north of Sioux Lookout, Ontario and 30 km southwest of the Golden Patricia mine.

The Slate Falls property covers multiple gold showings along known structural trends. The recently completed sampling program tested the 3 main mineralized zones referred to as the Sanderson, Trail and Path Zones. Highlights from the program include:

Mineral Zone Sample Number Sample Type Gold (g/t) Silver (g/t)
Trail West TR-01 Chip (11 cm) 177.24 1,120
Trail West TR-06 Rock 40.74 694
Trail West TR-09 Chip (10 cm) 15.92 221
Sanderson West SA-01 Chip (25 cm) 4.42 287
Sanderson Central SA-04 Chip (40 cm) 9.86 247
Path West PA-02 Rock 1.94 48
Path East PA-06 Rock 1.69 57
Path East PA-07 Rock 2.69 83

A total of 21 samples were taken from veins and their adjacent altered wall rocks with gold values ranging from 0.009 grams per ton (g/t) in sample PA-05 to 177.24 g/t in sample TR-01. Assay results confirm historical high grade gold mineralization at these 3 main mineralized zones. Historical samples assayed up to 25.0 ounces per ton (875.0 g/t) gold (see news release dated June 22, 2009).

Silver Quest is planning a winter drill program (approximately 1,000 m) for January 2011 to test underlying bedrock for gold mineralization and the continuity of structural trends between the known mineralized zones. The Sanderson, Trail and Path Zones are east-west trending shear zones hosted in mafic volcanic rocks and intruded by porphyritic dykes.

Samples were submitted to Accurassay Laboratories Ltd. in Thunder Bay, Ontario, which is an International Standard ISO/IEC 17025-accredited laboratory. Samples were analyzed for gold by a 30 g fire assay with atomic absorption finish, and for a suite of 30 major and trace elements (including silver) by multi-acid digestion with ICP-OES finish.

David Pawliuk, P.Geo., Vice President Exploration for the Company is the Qualified Person, as defined by NI 43-101 and has supervised the preparation of the technical information in this release.


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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