VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 29, 2010) - Silver Quest Resources Ltd. (TSX VENTURE:SQI)(the "Company") is pleased to report assay results for diamond drillholes D-10-113 and D-10-115 recently completed on the Capoose Project("Capoose") located in North Central British Columbia. Drill holesD-10-113 and D-10-115 have confirmed that precious and base metalmineralization extends to the southeast 100 metres (m) beyond thecurrent NI 43-101 inferred mineral resource of 1.32 million ounces ofgold equivalent or 53 million tonnes at a grade of 0.77 grams per tonne(g/t) gold equivalent, including 699,999 ounces of gold at a grade of0.41 g/t and 41.1 million ounces of silver at a grade of 23.93 g/t (seenews release dated March 4, 2010). Mineralization remains open in alldirections and at depth.
Silver Quest has completed 26 drill holes totaling 7,400 m ofdrilling in 2010 and has shipped approximately 3,700 core samples tothe assay lab for analysis. Under the current exploration program, theCompany plans to complete 10,000 m of drilling in approximately 35 drillholes at Capoose. The property is located 185 km southwest of PrinceGeorge, British Columbia. For further details and property maps, pleasevisit the Company's website www.silverquest.ca.
Drill holes D-10-113 and D-10-115 were designed to follow-upthe results from drill hole D-09-100, which was previously thesoutheastern-most hole within the Capoose deposit. D-09-100 intersected1.99 g/t gold and 23.1 g/t silver across 30 m, from 99 m to 129 m depth(see news release dated October 20, 2009). Drill holes D-10-113 andD-10-115 were drilled to the west at minus 60 degrees and were collared50 m and 100 m, respectively, south of D-09-100.
Significant Gold and Silver Assay Intercepts from D-10-113 and D-10-115
These holes intersected rhyolite tuff mineralized withgarnets and sulphides. Hole D-10-115 also intersected andesitemineralized with bands of massive sulphide stringers up to 25centimeters wide. These sulphide stringers may indicate the presence ofvolcanogenic massive sulphide (VMS)-style mineralization at Capoose.Hazelton Group rocks, which underlie the eastern side of the Capoosemineral claim, host VMS-style mineralization in other parts of BC. TheCompany is currently evaluating deep penetrating geophysical techniquesas well as other exploration techniques that will target VMS-stylemineralization.
Significant Zinc Assay Intercepts from D-10-113 and D-10-115
Drill core analysis and assaying is being conducted by EcoTech Laboratory in Kamloops, BC, which is an International Standard ISO9001:2000-certified laboratory. The core samples were analyzed using a28-element ICPMS package with a 30-gm fire assay with AA finish for overlimit (plus 1.0 g/t) gold, (plus 30 g/t) silver and (plus 10,000 g/t)zinc concentrations. The Company has implemented a quality assurance andquality control program to ensure that sampling and analysis of allsamples is conducted in accordance with the best possible practices.
David Pawliuk, P.Geo., Vice President Exploration for SilverQuest is the Qualified Person, as defined by National Instrument 43-101and supervised the preparation of the technical information in thisrelease.
SILVER QUEST RESOURCES LTD.
"Randy Turner"
Randy Turner, President