Silver Quest Resources Ltd.
TSX VENTURE : SQI

Silver Quest Resources Ltd.

January 18, 2011 08:00 ET

Silver Quest Intersects Gold Mineralization at Boulevard, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2011) - Silver Quest Resources Ltd. (TSX VENTURE:SQI) (the "Company") is pleased to announce gold mineralization has been intersected in drill core, including 10.55 m of 1.65 grams per ton (g/t) gold, from the Boulevard Project ("Boulevard"), located 135 km south of Dawson City and 10 km southwest of Kaminak's Coffee gold discovery in the White Gold District, Yukon. See www.silverquest.ca for more information.

Silver Quest's first drill program at Boulevard was designed to test for mineralization in bedrock below three gold-arsenic-antimony soil geochemical anomalies defined earlier this year (news release July 13, 2010). Drilling to date has explored 1.5 km of strike length of the 20 km long Boulevard Trend (news release January 17, 2010). A total of 20 drill holes (3,006m) were completed; all inclined at minus 50 to minus 85 degrees to the northeast except BV10-19 which was drilled to the southwest. Results from 6 drill holes testing the Vegas Zone were announced on September 15, 2010. The remaining 14 drill holes all intercepted favourable alteration and weak gold mineralization. Highlights are below:

Drill Hole   From (m)   To (m)   Interval (m)   Au (g/t)
BV10-08   27.30   44.80   17.50   0.20
   Including   36.60   44.80   8.20   0.30
BV10-09   55.50   59.70   4.20   0.67
BV10-10   57.00   62.80   5.80   0.35
BV10-11   110.90   113.10   2.20   0.92
BV10-15   29.21   39.76   10.55   1.65
BV10-16   18.10   22.60   4.50   0.48
BV10-17   28.60   32.60   4.00   0.72
BV10-20   95.05   100.05   5.00   0.74
BV10-26   52.05   56.73   4.68   0.44
BV10-26   134.50   136.50   2.00   1.12
*Note: True widths are estimated to be 80 to 90% of the mineralized intervals. Significant mineralization was classified as greater than 0.2 g/t gold and greater than 2.0 in a grade times width calculation.

Gold mineralization occurs within quartz-carbonate vein stockworks and adjacent chlorite-biotite schist wall rock. Individual gold-bearing veins are planar, un-deformed and range from 0.5 to 2 cm in thickness. The vein stockwork zones are 9 to 18 m wide and dip approximately 40 degrees to the southwest. Drilling to date has demonstrated that these stockwork zones extend for 1,450 m along strike.

Drill core analysis and assaying was conducted by ALS Laboratory Group in Vancouver, BC, which is an ISO/IEC 17025:2005-accredited laboratory. Core samples were analyzed using a 51 element combination ICP-MS and ICP-AES package and a 30 g fire assay for gold. Samples returning >1.0 g/t Au were reanalyzed using a 30 g 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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