Re: News Release - Thursday, December 17, 2009
Title: Silver Quest Acquires Strategic Claims in the Dawson Range, Yukon
Vancouver, BC - Silver Quest Resources Ltd. (SQI-TSX.V)(the "Company") is pleased to announce that it has entered into a Mineral Claims Sales Agreement (the "Agreement") to acquire 11 claim blocks, comprising 234 quartz mineral claims (49 square kilometres) from ATAC Resources Ltd. ("ATAC") located in the Dawson Range, Yukon Territory. See www.silverquest.ca for property locations and further information.
Under the terms of the Agreement, the Company will acquire a 100% interest in the 11 claim blocks, by making a one time cash payment of $115,000 and issuing 250,000 common shares. The claims were initially staked by ATAC based on anomalous gold silt and soil geochemical surveys undertaken by Archer, Cathro & Associates (1981) Limited, the Yukon Geological Survey and the Geological Survey of Canada. The Agreement is subject to regulatory acceptance and the securities issued pursuant to the Agreement will be subject to a four month hold period trading restriction from the date of issuance.
The Company is also pleased to announce that it has recently staked two additional claim blocks (232 mineral claims) in the Dawson Range. The claims, on Wolf Creek (the "Flow Property") and Independence Creek (the "Solitude Property"), are subject to a bonus share clause under the Company's July 20, 2009 Option Agreement (the "Boulevard Agreement") with Rimfire Minerals Corporation ("Rimfire"), a wholly-owned subsidiary of Kiska Metals Corporation, and Northgate Minerals Corporation ("Northgate") (see News Release July 23, 2009). Under the terms of the Boulevard Agreement the Company will issue 100,000 common shares, subject to a four month hold period trading restriction, to each of Rimfire and Northgate.
The Company has assembled one of the largest land packages in the Dawson Range, controlling approximately 236 square kilometres of mineral claims.
A detailed geochemical sampling and trenching exploration program is currently being planned for these properties.
SILVER QUEST RESOURCES LTD.
"Randy Turner"
Randy Turner, 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.
Copyright � 2009 SILVER QUEST RESOURCES LTD. (SQI) All rights reserved. For more information visit our website at
http://www.silverquest.ca/ or send email to
info@silverquest.ca ..
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Silver Quest Resources Ltd.
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CODE : SQI.V |
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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. |