Silver Quest Resources Ltd.
TSX VENTURE : SQI

Silver Quest Resources Ltd.

August 31, 2007 15:23 ET

Silver Quest Resources Ltd.: Cancellation of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2007) -

NOT FOR DISTRIBUTION TO THE US OR TO US WIRE SERVICES

Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI) advises that due to current market conditions, the private placement financing announced on August 7, 2007 has been cancelled.

The Company also announces the resignation of Mr. Lindsay Bottomer as a director effective August 27, 2007. The Company thanks Lindsay for his service.

SILVER QUEST RESOURCES LTD.

Randy C. Turner, Director

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

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