Silver Quest Resources Ltd.
TSX VENTURE : SQI

Silver Quest Resources Ltd.

January 17, 2011 08:00 ET

Silver Quest Identifies Soil Anomalies at Boulevard, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 2011) - Silver Quest Resources Ltd. (TSX VENTURE:SQI) (the "Company") is pleased to announce the identification of the 20km long Boulevard Trend comprised of numerous gold, arsenic, antimony and molybdenum (Au, As, Sb, Mo) soil geochemical anomalies on the Company's Boulevard Project ("Boulevard"). Boulevard is located 135km south of Dawson City and contiguous on the southwest to Kaminak's Coffee Gold Project in the White Gold District, Yukon. See www.silverquest.ca for more information.

The Boulevard Trend is a northwest-southeast corridor that extends from the eastern to western property boundaries and includes the Sunset, Hollywood and Vegas trends defined earlier this year by Silver Quest (see news release July 13, 2010). The western 5km of the Boulevard Trend is along strike of the projected extension of the large mineralized zone on Kaminak's adjacent Coffee Gold Project. Soil sampling across the western part of the Boulevard Property is sparse, and therefore it is unclear if these anomalies are related to the Boulevard Trend, Kaminak's mineralized zone or possibly the intersection of both.

This newly identified Boulevard Trend is the result of a reconnaissance and detailed soil sampling program that collected more than 4,400 soil samples from the "B horizon" during the 2010 field season. Sample spacing varies from 25m to 100m along lines 100m to 500m apart. Anomalous values are calculated using probability plots of a larger (15,000+) proprietary soil sample database from across the region. Anomalous values are 10 ppb Au (90th percentile), 11 ppm As, 0.8 ppm Sb and 2.0 ppm Mo. Due to the lack of glaciation within the White Gold District, the composition of the soil samples are generally indicative of underlying bedrock.

The discovery of the 20km long Boulevard Trend is an important step in the property's progress and in advancing next year's drill program. A detailed sampling program is currently being planned for this year's exploration season and will focus on in-fill sampling, sampling of north facing slopes and sampling in areas that Silver Quest has identified as high priority targets.

Sample analysis was conducted by ALS Laboratory Group in Vancouver, BC, which is an ISO/IEC 17025:2005-accredited laboratory. Samples were analyzed using a 51 element combination ICP-MS and ICP-AES package and a 30g fire assay for gold. Samples returning >1.0 g/t Au were reanalyzed using a 30g fire assay with gravimetric finish. The Company has implemented a quality assurance and quality control program to ensure that the sampling and analysis of all samples is conducted in accordance with best practices.

Darcy Baker, P.Geo., President of Equity Exploration Consultants Ltd. is the Qualified Person, as defined by National Instrument 43-101, for the Boulevard Project and supervised the preparation of the technical information in this release.

SILVER QUEST RESOURCES LTD.

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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