Silver Quest Resources Ltd.

Silver Quest Resources Ltd.

July 15, 2010 08:00 ET

Silver Quest Provides Drilling Update on Capoose Project, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 15, 2010) - Silver Quest Resources Ltd. (TSX VENTURE:SQI) (the "Company") is pleased to update shareholders on the 2010 exploration program on the Capoose Project ("Capoose") in central British Columbia. For property location maps and detailed property information please see the Company's website

Silver Quest commenced the 2010 diamond drill program at Capoose in June (see news release dated June 15, 2010) to further define and expand the area of the known resource. The Capoose deposit hosts a NI 43-101 inferred resource of 699,999 ounces of gold and 41.1 million ounces of silver (see news release dated March 4, 2010). To date, the Company has completed approximately two-thirds of the planned 10,000 m drill program, twenty-two drill holes totaling approximately 6,600 m. Drilling has focused on the areas with elevated gold values, as well as the central untested portion of the resource area. Drill core is being logged, split and sent to Eco Tech Laboratory in Kamloops, BC for analysis. Assays are pending and will be released when received by the Company.

Drill core is geologically similar to the core recovered in the 2008 and 2009 drill programs completed by Silver Quest. Host rocks are ryholite tuffs and breccias underlain by andesitic tuffs. Sulphide mineralization is disseminated throughout both the ryholites and andesites and found in greater abundances as fracture filling and locally as massive sulphide stringers. The main sulphide minerals found in core are pyrite, sphalerite, chalcopyrite, covellite, pyrrhotite, pyrargyrite, tetrahedrite, arsenopyrite and galena. The rocks have undergone numerous fluid flow events that have resulted in the core being brecciated and re-cemented; this is also evident by the abundance of clay alteration primarily in the form of sericite and chlorite.

A 115 line km ground magnetic survey covering 914 ha was also completed over the Capoose deposit area this year. The survey results are being interpreted.

Mr. David Pawliuk, P. Geo. is the qualified person as defined by National Instrument 43-101 for the Capoose Project and has and supervised the preparation of the technical information in this release.


"Randy Turner"

Randy Turner, President

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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