Silver Quest Resources Ltd.

Silver Quest Resources Ltd.

March 24, 2009 18:36 ET

Silver Quest Options the Davidson Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2009) - Silver Quest Resources Ltd. ("Silver Quest" or "the Company") (TSX VENTURE:SQI) is pleased to announce that it has arranged an option with Richfield Ventures Corp. ("Richfield") to explore and advance the Davidson property, whereby Richfield can earn up to a 75% interest in the Davidson Property.

Richfield may acquire an initial 60% interest in the Davidson Property by making aggregate cash payments of $90,000, issuing a total of 350,000 shares and incurring an aggregate $1,000,000 in exploration expenditures within three years of TSX-Venture acceptance of the agreement. After vesting of a 60% interest, Richfield may acquire an additional 15% interest in the Davidson Property by making an additional cash payment of $150,000, issuing an additional 400,000 shares and incurring an additional $500,000 in exploration expenditures on the property in the fourth year.

The Davidson property covers 891 hectares in the Nechako Plateau, located approximately 100 kilometres southwest of Vanderhoof in central British Columbia. The property has been the subject of several major exploration programs between the late 1970's and 2006. Between 1987 and 1994, 34 rotary drill holes and 31 diamond drill holes were completed. The 1987 and 1994 drilling defined two zones, named the Gold and Silver Zones, within an area 800 by 300 metres across.

The Gold Zone, covering an area of about 500 by 200 metres, returned gold values in all 11 holes drilled, with the best intersection grading 14.28 g/t gold and 26.7 g/t silver across 6.3 metres in hole DAV-11.

The Silver Zone returned a number of long intervals of silver mineralization, including 94.9 metres grading 20.6 g/t gold in hole DAV-15, 41.6 metres grading 33.0 g/t silver in hole DAV-16 and 83.9 metres grading 29.1 g/t silver in hole DAV-17.

During 2005, Silver Quest drilled five holes to test geophysical and geochemical targets for epithermal gold and silver mineralization, and discovered a new mineralized zone located 500 metres south of the Silver Zone and 500 metres west of the Gold Zone. Hole DAV-05-02 returned 140.5 metres grading 1.43 g/t gold and 3.4 g/t silver, including 14.0 metres grading 4.93 g/t gold and 17.1 g/t silver.

Two subsequent holes drilled by Silver Quest in the winter of 2006 returned 8.0 metres grading 10.7 g/t gold and 42.8 g/t silver, including 2.0 metres grading 35.5 g/t gold and 153.0 g/t silver, and the second hole, 12.3 metres grading 1.25 g/t gold and 46.1 g/t silver. This mineralization is associated with a zone of strong fracturing and alteration, hosted in altered felsic volcanic rocks that likely belong to the Hazelton Group. Historic ground electromagnetic geophysical survey results indicate a possible west-northwest trending structural control to the mineralization within this area.

Richfield plans a systematic diamond drilling program to test the area between the Gold, Silver and new zones. The main target in this area is centered on an IP resistivity anomaly, which may indicate silica alteration within the same strongly altered felsic volcanic rocks which host mineralization elsewhere on the property.

The Nechako Plateau hosts a number of precious metal occurrences, two of which are under active investigation by Silver Quest. The Capoose property located 25 kilometres to the northwest, is a porphyry related base-precious metal occurrence with historic (non NI 43-101 compliant) resources of 28.22 million tonnes averaging 36.0 g/t silver and 0.34 g/t gold. A number of gold-bearing veins are known on Silver Quest's 3Ts property located 15 kilometres southwest of Davidson; here the Ted and Tommy veins contain NI 43-101 compliant resources of 942,600 tonnes grading 4.89 g/t gold and 77.8 g/t silver. These veins are hosted within felsic volcanic rocks of the Hazelton Group.

The scientific and technical information contained in this news release was prepared under the supervision of David Pawliuk P.Geo., the "Qualified Person" as defined under National Instrument 43-101 for Silver Quest.


Randy Turner, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

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