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Silver Quest Acquires 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 with Hinterland Metals Inc.
and three private individuals (the "Vendors") to acquire a 100%
interest in both the CC and the TAK gold properties. Both the
properties are located in the newly recognized White Gold Area,
approximately 120 kilometres south of Dawson City, Yukon. See
www.silverquest.ca for property locations and further information.
Pursuant to two separate option agreements, the Company can acquire a
100% interest in each property for cash payments of $60,000 ($15,000
upon signing), the issuance of 800,000 shares (200,000 upon signing)
and work commitments of $500,000 ($50,000 in the first year) over a
three year period. The Vendors retain a 2% net smelter royalty ("NSR")
on each property, with the Company having the right to buyback 1% of
each NSR for $1.0 million within three years of the exercise of the
option. In addition, should the Company complete a 43-101 compliant
resource estimate on either property 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 an additional 75,000 shares to
the Vendors.
The principal target on each property is a near surface, bulk tonnage
gold deposit similar to new discoveries on Underworld Resources Inc.'s
White Gold Property. Underworld has identified two deposits, including
the Golden Saddle zone with intercepts of 3.39 grams per tonne gold
over 104.0 metres in hole WD09-31, and 3.16 grams per tonne gold over
44.5 metres in hole WD09-32, and the Arc Zone which returned 1.51 g/t
Au over 78.0 metres in holes WD09-39.
The CC property comprises 32 claims (665 ha) and is strategically
located between Underworld's Thistle and Black Fox properties,
approximately 20 kilometres southeast of the Golden Saddle deposit. The
claims, located due east of Kaminak Gold Corporation's Kirkman
property, cover the ridge between Kirkman Creek to the south and Lulu
Creek to the north. Lulu Creek drains into Thistle Creek, an area that
has been active in placer gold production since 1978 and has produced
in excess of 63,000 ounces of gold (Yukon Geological Survey Records,
2008).
The TAK property comprises 16 claims (332 ha) and is located
approximately 40 kilometres southeast of Underworld's Golden Saddle
discovery, approximately 20 kilometres southeast of the CC property.
Based on the knowledge and experience of one of the vendors of both
placer and hard rock gold mineralization in the district, the Company
has staked an additional 66 claims (1,398) to be included in the
property. The property is interpreted to be underlain by a
coarse-grained leucocratic quartz monzonite to syenite, within the
regional gneiss units. The claims are staked to cover the drainage
basin of a silt sample taken by one of the vendors, which returned 70
ppb (parts per billion) gold from a fine sieved fraction of the sample.
This sample is interpreted to be strongly anomalous for gold.
Silver Quest is pleased to have acquired these strategically located
and prospective properties in this emerging gold area. A summer 2009
exploration program will include geological mapping, geochemistry and
trenching, directed at the definition of drill targets. Robert
Weicker, PGeo, 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.
The agreements are subject to regulatory acceptance and all securities
issued pursuant to the agreements will be subject to a four month hold
period trading restriction from the date of issuance.
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. |