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Re: News Release - Wednesday, February 27, 2008
$2.25 Million Non-Brokered Private Placement
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Silver Quest Resources Ltd. (the "Company") is pleased to announce that
it has arranged a non-brokered private placement of up to 11,250,000
units (the "Units"), at a price of $0.20 per Unit, to raise total gross
proceeds of up to $2,250,000 (the "Offering"). Each Unit will consist
of one common share of the Company ("Share") and one-half of one
transferable common share purchase warrant. Each full warrant
("Warrant") will be exercisable to acquire one additional share for a
period of 18 months from closing at an exercise price of $0.30 per
share. The Company will pay certain persons who locate subscribers for
the Offering (the "Finders"), a cash finders' fee of 7% of the gross
proceeds of the Offering attributable to that Finder, and compensation
warrants (the "Compensation Warrants") entitling the Finders to
purchase such number of common shares as is equal to 10% of the number
of common shares attributable to the Finders. Each Compensation Warrant
will entitle the Finders to purchase one common share of the Company at
an exercise price $0.30 for a period of 12 months following the
closing. The proceeds of the Offering are intended to fund exploration
activities on the Company's projects and for working capital and
general corporate purposes.

The Offering will not be qualified for sale to the public by way of
prospectus, therefore all securities issued in connection with the
Offering will be subject to a four-month hold period in Canada from the
closing of the Offering. The Offering and the Finder Fees are subject
to completion and execution of appropriate documentation and acceptance
for filing by the TSX Venture Exchange of the Offering.

This press release does not constitute an offer to sell, or a
solicitation of an offer to sell, any of the foregoing securities in
the United States. None of the foregoing securities have been and, nor
will they be, registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is
available.

Certain of the statements made and information contained herein
constitutes "forward looking information" within the meaning of the
Ontario Securities Act and the Alberta Securities Act. This includes
statements regarding the timing of future activities by the Company,
the Company's plans at its mineral properties which involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking information. Forward-looking information is typically
identified by words such as: believe, expect, anticipate, intend,
estimate and similar expressions, or are those, which, by their nature,
refer to future events. Forward-looking information is subject to a
variety of risks and uncertainties which could cause actual events or
results to differ from those reflected in the forward-looking
information, including, without limitation, the availability of
financing for activities, risks and uncertainties relating to the
interpretation of drill results and the estimation of mineral resources
and reserves, the geology, grade and continuity of mineral deposits,
the possibility that future exploration, will not be consistent with
the Company's expectations, metal price fluctuations, environmental and
regulatory requirements, availability of permits, risk of title loss,
the effects of accidents, equipment breakdowns, labour disputes or
other unanticipated difficulties with or interruptions in exploration,
the potential for delays in exploration activities, the potential for
unexpected costs and expenses, commodity price fluctuations, currency
fluctuations, expectations and beliefs of management and other risks
and uncertainties, including those described under Risk Factors in the
each of the Company's management's discussion and analysis. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements.
Accordingly, readers are advised not to place undue reliance on
forward-looking information. Except as required under applicable
securities legislation, the Company undertakes no obligation to
publicly update or revise forward-looking information, whether as a
result of new information, future events or otherwise.

SILVER QUEST RESOURCES LTD.

"Randy Turner"

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. Not for
distribution to the US or to US wire services.

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Copyright (c) 2008 SILVER QUEST RESOURCES LTD. (SQI) All rights
reserved. For more information visit our website at
http://www.silverquest.ca/ or send mailto:info@silverquest.ca
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