Silver Quest Resources Ltd. Defines New Soil Anomalies At Prospector Mountain, Yukon by 24hgold

Keywords : Antimony | Bismuth |

Re: News Release - Wednesday, August 04, 2010
Title: Silver Quest Defines New Soil Anomalies At Prospector Mountain, Yukon

Vancouver, BC -- Silver Quest Resources Ltd. (SQI-TSX.V) (the "Company") is pleased to report assay results from rock and soil samples collected at Prospector Mountain, Yukon. A total of 84 rock samples and 221 soil samples were collected throughout the Bonanza Zone at Prospector Mountain. The sampling program defined three new gold-in-soil geochemical anomalies with a northwest trend, 1,000 metres (m) long with a total width of up to 550 m. Prospector Mountain is located 90 kilometres northeast of Carmacks, Yukon. For further details please visit the Company's website www.silverquest.ca.

Select rock samples collected during the Phase I exploration program within the Bonanza Zone at Prospector Mountain confirm highly anomalous assays reported in 2009, which returned gold values up to 82.8 grams per tonne (g/t), silver values up 1,375 g/t and copper values up to 11.65% (see news release dated January 18, 2010). The 2010 sampling program returned two select rock samples which assayed 109 g/t gold and 53 g/t gold. Select rock samples also returned elevated values for silver, arsenic, bismuth, copper, antimony and lead. Samples taken are predominantly "float" samples collected within a felsenmeer environment.

Significant Rock Samples Include:

*Sample ID*	*Gold (g/t)*	*Copper* *(%)*	*Silver (g/t)*
I031029	109.0	1.63	543
I031039	53.0	2.20	470
I031040	20.3	0.15	29.6
I031047	12.6	0.21	56.6
I031033	6.42	3.16	509
I034464	3.43	-	47.0
I031026	2.93	0.02	36.3
I034470	1.62	0.16	153.0

Gold assays from rock samples range from below detection to 109 g/t, copper values range from 2 ppm to 3.16% and silver values range from less than 0.1 g/t to 543 g/t.

In addition, 221 soil samples were collect over a 1,000 m by 550 m area of the Bonanza Zone. Samples were collected every 25 m along 100 metre-spaced lines in and around the Bonanza Zone. Three new zones with anomalous values for gold, silver and bismuth occur within this area.

Significant Soil Samples Include:

*Sample ID*	*Gold (ppm)*	*Copper (ppm)*	*Silver (ppm)*
I033013	0.375	58.7	0.3
I030829	0.336	248.0	1.18
I030877	0.291	20.5	0.08
I034423	0.215	21.8	1.46
I030831	0.139	152.5	0.94
I030928	0.124	71.6	0.41
I030830	0.108	375.0	2.51
I034411	0.106	49.3	0.17
I034430	0.105	47.4	0.19

Gold-in-soil assays vary from below detection to 0.38 g/t, copper varies between 15 ppm and 375 ppm and silver varies between less than 0.1 g/t and 2.5 g/t. Soil development within the survey area is variable with locally poor zones due to the presence of relatively fresh felsenmeer. The distribution of gold within the Bonanza vein system is not homogenous and requires further definition work.

Silver Quest plans to further explore the Bonanza Zone with a Phase II exploration drill program in September. The planned drill program will consist of approximately 10 shallow drill holes, each approximately 100 m in depth to test for mineralization at depth below the Bonanza Zone.

Analysis and assaying was conducted by ALS Laboratory Group in Vancouver, BC, which is an International Standard ISO 9001:2000-certified laboratory. Samples were analyzed using a 41-element ICP-MS package and a 30-gram fire assay with AA finish. Over limit analyses for gold include 30 g fire assay with gravimetric finish (plus 1.0 g/t) and screen metallic fire assay (plus 10.0 g/t). Over limit analysis for silver (plus 100 g/t) was a 30 gram fire assay with gravimetric finish. The Company has implemented a quality assurance and quality control program to ensure that sampling and analysis of all samples is conducted in accordance with the best possible practices.

Darcy Baker, P.Geo., President of Equity Exploration Consultants Ltd. is the Qualified Person, as defined by National Instrument 43-101, for the Prospector Mountain Property and supervised the preparation of 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.

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