Silver Quest Acquires WIT Gold Property, Yukon
3/22/2011 8:04:29 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Mar 22, 2011 (MARKETWIRE via COMTEX News Network) --
SilverQuest Resources (TSX VENTURE: SQI) ("Silver Quest" or "the Company") ispleased to announce that it has entered into an option agreement withBullrun Prospecting Incorporated, a private company controlled by RauniMalhi and Paul Dadwal, (the "Vendors") in an arm's length transaction toacquire a 100% interest in 304 quartz mineral claims coveringapproximately 6,340 hectares located in the central Yukon, approximately30 kilometres north of Keno City, known as the WIT property (the"Property").
Under the terms of the agreement, the Company canacquire a 100% working interest in the Property by making aggregate cashpayments of $75,000 and issuing an aggregate of 600,000 common sharesto the Vendors over a three year period.
The Vendors haveretained a 2% net smelter return ("NSR") royalty on the Property, withthe Company having the right to buy-back one-half of the royalty for acash payment of $1,000,000 at any time after exercising the option.
Theoption agreement is subject to regulatory acceptance. All securitiesissued pursuant to the option agreement will be subject to a four monthhold period trading restriction.
The WIT claims cover an area ofCarboniferous age Keno Hill Quartzite underlain by granitic schist.These rock units have undergone regional-scale folding, and also havebeen intruded by prospective volcanic rocks. The WIT claims area isdrained by five streams. Geochemical stream sediment samples from thesedrainages contain anomalous metal concentrations: up to 23 parts perbillion (ppb) gold, 7.4 parts per million (ppm) silver, 40 ppm tungsten,210 ppm copper and up to 640 ppm zinc.
Property-scale geological mapping and geochemical sampling are planned for the 2011 exploration program.
DavidPawliuk, P. Geo., Vice-President Exploration for Silver Quest is theQualified Person, as defined by NI 43-101, for the property and hasreviewed the technical information in this release.
SILVER QUEST RESOURCES LTD.
Randy Turner, President
Neitherthe TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Contacts: Silver Quest Resources Ltd. Investor Relations 604-687-3959604-687-1448 (FAX) info@silverquest.ca www.silverquest.ca
SOURCE: Silver Quest Resources Ltd.
mailto:info@silverquest.ca https://www.silverquest.ca
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