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Silver Quest Resources Ltd.

Published : August 31st, 2011

Approves A 75 Hole Diamond Drill Program At The Davidson Joint Venture Claims

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News Release - Wednesday, August 31, 2011
Silver Quest Approves A 75 Hole Diamond Drill Program At The Davidson Joint Venture Claims
Vancouver, BC - Silver Quest Resources (TSX.V: SQI) ("Silver Quest" or "the Company") is pleased to report that the Davidson Joint Venture Management Committee has approved a budget covering work to be completed over the next six to nine months. The planned activities include drilling on the Davidson Joint Venture Claims (the "Claims"), together with the preparation of a Preliminary Economic Assessment Report ("PEA") and work on certain infrastructure items that will benefit both the Claims and the overall Blackwater Project. Silver Quest's share of the budget will be approximately $5.1 million.

A 26,250 metre Diamond drill program comprised of 75 drill holes designed to expand the resources on the Claims has commenced. One drill rig is currently on-site with five rigs planned to be drilling on the Claims by the end of September. This drilling is anticipated to be completed by year-end.

This drill program will be a combination of in-fill and step-out drill holes designed to delineate resources for use in the PEA Report. An updated resource estimate is targeted for early 2012 and the PEA report is scheduled for completion in mid-2012. This drill program is a follow-on to the 20,000 metre drilling program completed on the Claims during the Second Quarter (for drill results, see news releases dated April 19, 2011, May 10, 2011, June 27, 2011 and August 9, 2011).

The Davidson Joint Venture Claims are located approximately 110 kilometres southwest of Vanderhoof, BC. Silver Quest holds a 25% joint venture interest in the Claims. New Gold Inc. holds a 75% joint venture interest in the Claims and a 100% interest in the overall Blackwater Project, and is the Operator of the Davidson Joint Venture. Silver Quest funds 25% of the drilling and related costs incurred on the Claims, and currently funds 12.5% of those expenditures that are for the benefit of the Claims and the overall Blackwater Project.

David Pawliuk, P. Geo., Vice-President Exploration for Silver Quest is the Qualified Person, as defined by NI 43-101, for the Claims and has reviewed the technical information in this release.

SILVER QUEST RESOURCES LTD.

"Randy Turner"

Randy Turner, President


For further information please contact Investor Relations at 604-687-3959 or info@silverquest.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

View the News Release in PDF Format: http://www.silverquest.ca/i/pdf/11au31pr.pdf
166 KB in size, approx. 32 seconds to download at 56.6Kbps
Copyright � 2011 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 ..

Silver Quest Resources Ltd.
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.
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In the News and Medias of Silver Quest Resources Ltd.
1/21/2008Company Interview
Annual reports of Silver Quest Resources Ltd.
2008 Annual report
2007 Annual Report
Annual Report 2006
Financings of Silver Quest Resources Ltd.
7/21/2011Closes First Tranche of Private Placement for Gross Proceeds...
8/9/2010Announces $5.5 Million Private Placement
12/30/2009Closes Private Placements totaling $1.4M
9/18/2009Closes Private Placements - CORRECTION
9/16/2009Closes Private Placements totaling $1.05M
8/10/2009Announces $ 1.3 Million Private Placement
2/29/2008$2.25 Million Non-Brokered Private Placement
8/31/2007Cancellation of Private Placement
8/7/2007$1.2 Million Non-Brokered Private Placement
Option Grants of Silver Quest Resources Ltd.
2/27/2011GRANT OF 2.300.000 OPTIONS
6/5/2010500,000 Options Granted
3/12/20101.000.000 options granted
12/21/2009900,000 Options Granted
11/2/2009Grants 100,000 options to Grandich Publications
9/30/2009Grant of 1.000.000 stock options
4/24/2008GRANT OF 1.660.000 OPTIONS TO DIRECTORS AND EMPLOYEES
4/18/2007GRANT OF 100.000 OPTIONS TO A NEW DIRECTOR
1/13/2006GRANT OF 1.160.000 STOCK OPTIONS TO DIRECTORS AND OFFICERS
Nominations of Silver Quest Resources Ltd.
2/27/2011APPOINTMENT OF MR. LOUIS MONTPELLIER AS NEW BOARD MEMBER, G...
8/9/2010Appoints Investor Communications Manager
4/22/2010Appoints New Director
12/3/2009Announces Senior Appointments
11/2/2009Announces PR & Marketing Contract
9/29/2009 appointment of Randy Turner as President and CEO
4/19/2007Appoints New Director
Project news of Silver Quest Resources Ltd.
8/31/2011(Davidson)Approves A 75 Hole Diamond Drill Program At The Davidson Joi...
8/30/2011Exploration Update On Silver Quest's BC Programs
7/26/2011(3ts)Discovers Mineralized Vein Float On The 3Ts Project, BC
6/8/2011(3ts)Commences Exploration on the 3Ts Project, B.C.
5/12/2011(3ts)Announces Amended Terms to Tsacha Agreement, 3Ts Project, BC
5/10/2011(Davidson)Announces 23m of 9.14g/t gold and 15m of 9.30g/t gold interc...
4/19/2011(Davidson)Reports 82 metres of 3.29 g/t Gold Intercepted at Davidson P...
4/8/2011(Capoose)Reports Significant Geochemical Results from Capoose Project...
4/5/2011(Davidson)Commences Drilling on Davidson Property, BC
3/29/2011(Davidson)Executes Formal Joint Venture Agreement on Davidson Property...
3/29/2011(Boulevard)Acquires 80 Claims to Expand the Boulevard Property, Yukon
3/22/2011(Wit Yukon)Acquires WIT Gold Property, Yukon
3/3/2011(Capoose)2010 N 43-101 technical report
3/3/2011(Capoose)Files 43-101 Report on Capoose Property
1/21/2011(Prospector Mountain)Intercepts Gold Mineralization at Prospector Mountain, Yukon
8/6/2010(Capoose)Intercepts Gold And Silver At Capoose, BC
7/15/2010(Capoose)Provides Drilling Update On Capoose Project, BC
7/13/2010(Boulevard)Defines New Anomalies at Boulevard and Increases Land Positi...
6/16/2010(Boulevard)Commences Drilling At Boulevard, Yukon
6/15/2010(Capoose)Commences Drilling at Capoose Project, BC
6/3/2010(Boulevard)Begins Yukon Exploration Program
5/7/2010(Davidson)Davidson Property Drill Results
4/21/2010(Davidson)Follow-up Drilling Commenced on Davidson Property
4/1/2010(Capoose)Approves $2.2 Million for Capoose Project
3/4/2010(Capoose)Announces NI43-101 Resource Estimate for Capoose Project
2/24/2010(Davidson)Davidson Property 2010 Exploration Program Announced
1/16/2010(Capoose)intersects 24 metres of 46.7 g/t Silver at the Capoose Proje...
1/6/2010(Davidson)Drilling Update on the Davidson Property - 329 metres of 1.2...
11/30/2009(Capoose)Intersects Gold and Silver on Capoose Project, BC
11/17/2009(Boulevard)Reports Gold Values from Boulevard Project, Yukon
11/3/2009(Capoose)Samples 55.3 g/t Silver in Soil at Capoose-Silver Trend, BC
10/29/2009(Davidson)Partners Intersect Gold and Silver on the Davidson Property,...
10/27/2009(Capoose)Earns 60% in Capoose Property
10/14/2009(Capoose)Drilling Completed on Capoose-Silver Trend Property
10/1/2009(Davidson)Drilling Update on Davidson Property
9/21/2009(Capoose)Drill Program Commences on the Capoose-Silver Trend Project
9/16/2009(Boulevard)Exploration Update on the Yukon Projects
8/5/2009(Capoose)Drill Permitting on Capoose-Silver Trend Project
7/24/2009(Boulevard)Acquires the Boulevard Property, Yukon
12/12/2008(Capoose)New Drill Results from the Capoose-Silver Trend Project
8/1/2008(Capoose)Expands Capoose-Silver Trend Property
6/14/2008(Santa Rosa - Mexico)Santa Rosa Project and Capoose-Silver Trend Project
6/3/2008(Santa Rosa - Mexico)Phase 2 Drill Program Commences on Santa Rosa Property, Mexi...
7/4/2007(Santa Rosa - Mexico)Santa Rosa Update and Results of the AGM
Corporate news of Silver Quest Resources Ltd.
12/16/2011Shareholders of Silver Quest Resources Ltd. Approve Plan of ...
9/19/2011(Davidson)Announces Updated Gold Resource Estimate at Davidson Propert...
9/12/2011Continues to Explore the White Gold District, Yukon
8/9/2011(Davidson)Intersects 278 Metres of 2.8 Grams per Tonne Gold at Davidso...
7/11/2011Provides Update on Yukon Exploration Programs
7/6/2011Provides Update on BC Exploration Programs
6/27/2011(Davidson)Announces 4.0 Metres Averaging 165.4 g/t Au in Step-Out dri...
8/4/2010Defines New Soil Anomalies At Prospector Mountain, Yukon
7/30/2010Expands Mineralization On Capoose Project, BC
4/1/2010Getting Ready For Its Biggest Year! - by Peter Grandich
3/30/2010Acquires Chuchi North Gold Property, BC
1/20/2010Provides Technical Summary of Prospector Mountain Property, ...
12/18/2009Acquires Strategic Claims in the Dawson Range, Yukon
12/15/2009Acquires the Prospector Mountain Property, Dawson Range, Yuk...
11/4/2009Superb Management and Strong Projects Potential
10/15/2009White Gold Area, Yukon - Exploration Programs Completed
9/23/2009Warrant Extension
8/21/2009Acquires Additional Properties In The White Gold Area, Yukon
7/8/2009Acquires Properties in the White Gold Area, Yukon
7/25/2008AGM Results & Property Option Cancelled
4/5/2008 Closes $2.5 Million Financing
9/20/2007Plans Drill Program at Santa Rosa Silver-Lead Property, Mexi...
8/17/2007Compliance
2/21/20073Ts Drill Update - Ted Vein Results
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