Silver Quest Resources Ltd.
TSX VENTURE : SQI

Silver Quest Resources Ltd.

December 22, 2010 08:00 ET

Silver Quest Intersects Gold and Silver at Capoose, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2010) - Silver Quest Resources Ltd. (TSX VENTURE:SQI) (the "Company") is pleased to report assay results for diamond drill holes D-10-143, D-10-144, D-10-145 and D-10-146 recently completed on the Capoose Project ("Capoose") located in north central British Columbia, 185 km southwest of Prince George. The assay results confirm that gold and silver mineralization extends to the east of the west arm of the deposit and further confirms that mineralization is open at depth on the east arm of the deposit. Mineralization remains open at depth and in all directions.

Silver Quest is planning to update the current NI 43-101 inferred mineral resource estimate of 53.45 million tonnes grading 0.41 g/t gold and 23.93 g/t silver for 699,000 contained ounces of gold and 41,120,000 contained ounces of silver (see news release dated March 4, 2010) to include the drill results from this summer's exploration program in early 2011. For more information and property maps see the Company's website at www.silverquest.ca.

Gold and Silver Assay Intercepts  
Drill Hole From (m ) To (m ) Interval (m ) Gold (g/t ) Silver (g/t ) Gold Equivalent (g/t )
143 149.7   166.5   16.8   0.26   48.12   0.98  
144 28   32   4.0   0.45   2.55   0.48  
144 52   69   17.0   0.41   2.40   0.44  
144 105   109   4.0   1.06   13.60   1.26  
144 123   131   8.0   0.87   4.00   0.93  
144 178   184   6.0   1.00   7.82   1.12  
144 208   297   89.0   0.67   8.06   0.79  
including 240   254   12.0   1.46   10.93   1.63  
145 103   107   4.0   0.38   8.80   0.51  
145 170   176   6.0   0.23   16.20   0.47  
145 202   214   12.0   0.17   10.35   0.48  
145 228   256   28.0   0.26   16.49   0.51  
145 286   316   30.0   0.14   31.67   0.62  
146 109.1   112.5   3.4   0.44   74.03   1.55  
146 133   137   4.0   0.11   25.65   0.49  
146 145   149   4.0   0.19   45.75   0.87  
146 194   215   21.0   0.31   26.59   0.71  
146 223   227   4.0   0.36   13.75   0.56  
* Gold Equivalent cut-off grade of 0.40 g/t and a minimum interval length of 4 m. Gold equivalent (AuEq) is calculated as the sum of the gold content plus 0.015 times the silver content, based upon prices of US$1025/oz. for gold and US$15.50/oz. for silver. Interval values represent drill intersection lengths and may not represent true width. 
   
   
Zinc Assay Intercepts  
Drill Hole From (m ) To (m ) Interval (m ) Zinc (% )
143 13   17   4.0   0.42  
143 149.7   166.5   16.8   1.65  
144 26   75   49.0   0.56  
144 95   101   6.0   0.40  
144 109   135   26.0   0.42  
144 198   204   6.0   0.42  
144 230   264   34.0   0.92  
144 336   350   14.0   0.56  
145 236   256   20.0   0.36  
145 284   329   45.0   0.39  
146 194   213.3   19.3   0.37  
146 262   266   4.0   0.57  
146 280   284   4.0   0.31  
* Zinc cut-off grade of 0.30% and a minimum interval length of 4 m. Interval values represent drill intersection length and may not represent true width. 

Drill holes D-10-143 and D-10-146 were designed to test the downdip extension of mineralization within the east arm of the deposit. Both holes were inclined to the east and drilled to a depth of 245 m and 338 m respectively. Drill holes D-10-144 and D-10-145 were designed to test for mineralization along the eastern side of the west arm. These holes were inclined to the west and drilled to a depth of 350 m and 344 m respectively.

Drill core analysis and assaying is being conducted by Eco Tech Laboratory in Kamloops, British Columbia, which is an International Standard ISO 9001:2000-certified laboratory. The core samples were analyzed using a 28-element ICPMS package with a 30-gm fire assay with AA finish for over limit (plus 1.0 g/t) gold, (plus 30 g/t) silver and (plus 10,000 g/t) zinc concentrations. 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 the best possible practices.

David Pawliuk, P.Geo., Vice President Exploration for Silver Quest is the Qualified Person, as defined by NI 43-101 for the Capoose 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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