Silver Quest Resources Ltd.
TSX VENTURE : SQI

Silver Quest Resources Ltd.

November 24, 2006 16:01 ET

Silver Quest Resources Ltd.: Drill Update - Corcoran Canyon and 3Ts Projects

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 24, 2006) - Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI) is pleased to announce an update on two drill programs in progress on the Corcoran Canyon project in central Nevada, and the 3T's project in central British Columbia. To date, highlights include a silver intersection of 411.0 g/t Ag over 3.5 metres in the first hole on the Corcoran Canyon project, and a strong intersection of epithermal veining of the Ted Vein in two holes completed on the 3Ts project.

The current program is the first drill activity on the property since 1989 (Press Release October 4, 2006), and is focused on confirming and extending the multiple silver-rich mineralized structures. Initial assay results from the first hole include:



From To Interval m Ag g/t Au g/t Ag oz/t Au oz/t
359.4 362.9 3.5 m 411.0 0.27 11.99 0.008
Within a wider mineralized zone of:
357.5 365.2 7.6 m 196.7 0.16 5.74 0.005


The Company is very pleased with these initial high-grade silver intersections. This phase of the Corcoran Canyon drill program will be completed with the third drill hole to a depth of approximately 425 metres over the next two weeks. The Company has an option/joint-venture agreement with Bullion River Gold Corp. to acquire up to a 75-per-cent interest in the Corcoran Canyon silver project located in Nye county, 80 kilometres north of Tonopah and 19 km east of the Round Mountain gold mine.

The Company is also actively drilling on the 3Ts project with three holes completed comprising approximately 980 metres. Two holes targeting the Lower Ted Vein (below the microdiorite sill unit) have returned wide zones of quartz-carbonate veining (+25 metres, core intersections). Assays are pending and three additional holes are planned on the Ted Vein target during this program.

The Company has drilled the Ted Vein target previously, with a NI 43-101 compliant resource within the portion of the vein above a flat-lying microdiorite sill that is 75 to 85 metres in thickness. Limited previous drilling by the Company (Press Release April 25, 2006) on the Ted Vein below the sill, included hole TT-06-38, which returned 2.68 grams per tonne gold and 152.1 g/t silver (5.21 grams per tonne gold equivalent, based on 60:1 Ag:Au ratio) over a core length of 30.9 metres and an estimated true width of 17.2 metres. Based on gold and silver values, and estimated true width, this represented the best drill intersection to date, drilled by the company on the Ted vein zone.

Complete results from both ongoing drill programs will be issued as they become available.

Robert Weicker, PGeo, is the qualified person, as defined by National Instrument 43-101, for the Corcoran Canyon and 3T's project, and supervised the preparation of the technical information in this release and verified the scientific and technical information and opinions contained herein by reviewing the underlying data.

Silver Quest is an established Canadian junior exploration company with a focus on silver and gold projects, with ten mineral properties in B.C., Ontario, Yukon, Nevada USA and Sonora, Mexico. For Silver Quest property locations and information, visit the Company's web site at www.silverquest.ca.

SILVER QUEST RESOURCES LTD.

Robert Weicker, President


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