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Re: News Release - Friday, August 21, 2009
Silver Quest Acquires Additional Properties In The White Gold
Area, Yukon
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Silver Quest Resources Ltd. (the "Company") is pleased to announce that
the Company has signed option agreements to acquire a 100% interest in
the Sizzler and VO gold properties. The properties are located in the
newly recognized White Gold area, approximately 120 kilometres south of
Dawson City, Yukon. The principal target on each property is a near
surface, bulk tonnage gold deposit, similar to the new discoveries on
Underworld Resources Inc.'s White Gold property.
Pursuant to the two option agreements, the Company can acquire a 100%
working interest in each property by making cash payments of $60,000
and issuing 800,000 shares per property to the Optionor. The initial
$15,000 payment and first tranche of 200,000 shares on each property
will be made following acceptance by the Exchange. The Optionor has
retained a 2% net smelter return ("NSR") royalty on each property, with
the Company having the right to buyback one-half of each royalty for
$1,000,000 within three years of the exercise of the option. In
addition, should the Company complete a National Instrument 43-101
compliant resource estimate on either property reporting in excess of
100,000 ounces of gold in an indicated category, the Company will be
required to make a one-time payment of $100,000 and issue 75,000 shares
to the Optionor for such property. The option agreements are subject to
acceptance by the TSX Venture Exchange ("Exchange"). All shares to be
issued will be subject to a four month hold period trading restriction.
The Sizzler property comprises 36 claims (750 ha) and is located
approximately 65 kilometres southeast of Underworld's Golden Saddle
discovery, just north of Cripple Creek. The Sizzler property was
previously explored by Kerr Addison Mines Ltd. in 1985-86. Kerr Addison
discovered quartz stringers, quartz stockworks and silicified breccias
over a 1.7 square kilometer area, hosted in rhyolitic quartz feldspar
dykes. Limited rock and soil sampling was completed with values in rock
up to 1.06 grams per tonne (g/t) gold and up to 60 parts per billion
(ppb) gold in soil samples.
The VO property also consists of 36 claims (750 ha) and is located on
the north side of the Yukon River, approximately 15 kilometres
northwest of the Golden Saddle discovery. The property is interpreted
to be underlain by the same geological setting as the White Gold
property.
Silver Quest is pleased to have acquired these additional prospective
properties in this emerging gold district. A fall 2009 exploration
program is planned to include geological mapping, geochemistry and
trenching, directed at the definition of drill targets. Robert Weicker,
P.Geo., is the Qualified Person as defined by National Instrument
43-101 for these projects and has verified and supervised preparation
of the scientific and technical information in this release.
SILVER QUEST RESOURCES LTD.
"Robert Weicker"
Robert Weicker, President
For further information please contact Investor Relations at
604-687-3959 or info@silverquest.ca
The TSX Venture Exchange has not reviewed and does not accept
responsibility for
the adequacy or accuracy of the contents of this news release.
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Copyright (c) 2009 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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Silver Quest Resources Ltd.
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CODE : SQI.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Silver Quest Res. is a silver exploration company based in Canada. Silver Quest Res. is listed in Canada. Its market capitalisation is CA$ 128.7 millions as of today (US$ 127.6 millions, € 91.8 millions). Its stock quote reached its lowest recent point on December 24, 2008 at CA$ 0.02, and its highest recent level on November 04, 2011 at CA$ 1.28. Silver Quest Res. has 109 983 000 shares outstanding. |