Silver Quest Resources Ltd.
TSX VENTURE : SQI

Silver Quest Resources Ltd.

August 09, 2011 08:00 ET

Silver Quest Intersects 278 Metres of 2.8 Grams per Tonne Gold at Davidson Gold Project, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2011) - Silver Quest Resources (TSX VENTURE:SQI) ("Silver Quest" or "the Company") is pleased to report drill results from 11 holes (BW-171 through BW-179, BW-181 and BW-182) drilled in the current 20,000 metre drill campaign to expand the resources on the Davidson Gold Project claims, a joint venture with New Gold Inc., which is the operator of the joint venture. Silver Quest has a 25% interest in the joint venture. The project is approximately 110 kilometres southwest of Vanderhoof, BC.

The best results were 278 metres that averaged 2.78 grams/tonne ("g/t") gold in hole BW-179 and 35 metres that averaged 2.37 g/t gold in hole BW-176. In addition, intercepts grading 5 g/t gold or better over widths of at least one metre occurred in several holes.

The holes reported here include in-fill and step-out holes drilled within and around the currently defined mineral resource on the Davidson Gold Project claims. Highlights include:

August 2011 - Highlights
Drill Hole From To Interval Weighted Average Gold Grade (g/t )
BW-176 42 77 35 2.37
BW-179 83 364 278 2.78

Assay information on the 11 holes reported in this press release is set forth in the following table. Widths reported are drill widths, true widths are unknown. Assays are uncut, length-weighted averages.

Drill Hole From To Interval Au g/t Comments
BW-171 0 3 3 n/a No sampling
3 97 94 0.03
97 102 5 0.38
102 121 19 0.07
121 143 22 0.62
143 156 13 0.29
156 174 18 0.61
174 197 23 0.05
197 221 24 0.70
221 237 16 0.19
237 296.57 59.57 0.06
BW-172 0 7 7 n/a No sampling
7 81 74 0.13
81 87 6 0.38
87 98 11 0.08
98 113 15 0.27
113 200 87 0.09
200 207 7 0.36
207 220 13 0.17
220 271 51 0.39
271 324 53 0.19
324 395 71 0.34
395 403 8 0.11
403 425.2 22.2 0.54
BW-173 0 31.8 31.8 n/a No sampling
31.8 104 72.2 0.09
104 177 73 0.53
177 179 2 10.95
179 185 6 0.52
185 249.8 64.8 0.08
BW-174 0 3 3 n/a No sampling
3 78 75 0.04
78 80 2 2.51
80 91 11 0.06
91 93 2 3.65
93 108 15 0.42
108 233.17 125.17 0.05
BW-175 0 3 3 n/a No sampling
3 25 22 0.11
25 27 2 1.12
27 298.09 271.09 0.06
BW-176 0 3.5 3.5 n/a No sampling
3.5 30 26.5 0.13
30 35 5 1.56
35 42 7 0.12
42 77 35 2.37
77 79 2 37.25
79 119 40 0.74
119 137 18 0.31
137 138 1 4.45
138 164 26 0.43
164 207 43 0.27
207 251 44 0.10
251 261 10 0.77
261 286 25 0.35
286 299 13 0.72
299 340 41 0.10
340 361 21 0.33
361 580 219 0.07
BW-177 0 84.12 84.12 n/a No sampling
84.12 186 101.88 0.03
186 187 1 5.78
187 491.64 304.64 0.02
BW-178 0 83.21 83.21 n/a No sampling
83.21 202 118.79 0.07
202 217 15 0.54
217 374.3 157.3 0.03
BW-179 0 34 34 n/a No sampling
34 83 49 0.10
83 364 278 2.78
83 116 33 0.99
116 139 23 3.06
139 177 38 8.79
177 208 31 1.47
208 218 10 0.45
218 220 2 8.50
220 268 48 1.02
268 286 18 6.07
286 307 21 1.20
307 327 20 0.07
327 328 1 3.13
328 338 10 0.32
338 339 1 58.00
339 364 25 0.87
BW-181 0 4 4 n/a No sampling
4 26 22 0.07
26 38 12 0.40
38 54 16 0.20
54 291.69 237.69 0.02
BW-182 0 1 1 n/a No sampling
1 43 42 0.02
43 45 2 0.89
45 58 13 0.04
58 59 1 1.01
59 286.51 227.51 0.04

Assays are pending on eight additional holes recently completed on the Davidson Gold Project claims. It is anticipated that assay results on these holes will be available prior to month end.

A total of four holes were completed in four separate areas of the Blackwater deposit for the purpose of generating representative samples for metallurgical testing. Two of the four holes (BW-MET01 and BW-MET04) were drilled on the Davidson Gold Project claims. The assays for these two holes are shown in the following table.

Drill Hole From To Interval Au g/t Comments
BW-MET1 0 4 4 n/a No sampling
(BW-140) 4 7 3 1.17
7 27 20 0.14
27 28 1 4.50
28 34 6 0.28
34 58 24 0.62
58 78 20 0.35
78 92 14 2.23
92 138 46 0.16
138 142 4 1.08
142 161 19 0.26
161 196 35 0.09
196 197 1 29.00
197 209 12 0.23
209 325.53 116.53 0.10
BW-MET4 0 94 94 0.06
(BW-158) 94 107 13 0.21
107 134 27 1.03
134 154 20 0.31
154 179 25 0.82
179 180 1 6.80
180 240 60 0.37
240 254 14 1.74
254 279 25 0.41
279 308 29 0.17
308 318 10 0.57
318 338 20 0.13
338 343 5 0.96
343 389.53 46.53 0.15

David Pawliuk, P. Geo., Vice-President Exploration for Silver Quest is the Qualified Person, as defined by NI 43-101, for the Davidson Gold Project and has reviewed 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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