=======================================================================
Silver Quest Earns 60% in Capoose Property
=======================================================================
Silver Quest Resources Ltd. (the "Company") is pleased to announce that
it has exercised its option to acquire a 60% interest in the Capoose
Property located on the Nechako Plateau of Central British Columbia
from Bearclaw Capital Corp. (BRL.V).
To earn its 60% interest the Company has paid a total of $240,000,
issued 1,040,000 shares and incurred $1 million in exploration
expenditures. The remaining 40% can be acquired over the next 24
months by a further cash payment of $2,500,000 with the option to pay
50% in shares. The Company has recently completed a 13 hole diamond
drill program with results from one hole (see Press Release October 20,
2009) reported. The results from the remaining 12 holes are pending.
The Capoose property covers three zones of disseminated silver and gold
mineralization. Historical resources on Zones 1 and 2 (previously
reported by Pan American Silver Corp. dated April 17, 2000 on SEDAR)
are stated to be 32.66 million ounces of silver and 308,500 ounces of
gold (consisting of 28.22 million tonnes averaging 36.0 grams per tonne
(g/t) silver and 0.34 g/t gold).
This historical resource estimate completed by Pan American Silver
Corp. was not compiled within the definitions and standards outlined in
National Instrument 43-101. As the Company has not completed an updated
resource estimation, it cautions that the historical resource estimate
cannot be relied upon.
The Company is also pleased to announce that is has renegotiated the
Jag Property Option Agreement (see Press Release August 1, 2008) to
acquire 100% of Jag on more favourable terms. The Company is to make
staged cash payments of $225,000 ($50,000 paid to date) and issuance of
200,000 shares (50,000 shares issued to date). The Jag property is
contiguous to the north and northeast of the Capoose - Silver Trend
Property.
Additionally, the Company has increased its land holdings by staking an
additional 14 claims, totaling 6,198 ha to the south of the Capoose
property, bringing Silver Quest's total contiguous land holdings in the
project area to 14,509 ha.
For more information on the property location and background please see
the Company's website at www.silverquest.ca.
Randy Turner, P. Geo., has reviewed this press release.
SILVER QUEST RESOURCES LTD.
"Randy Turner"
Randy Turner, President
For further information please contact Investor Relations at
604-687-3959 or info@silverquest.ca
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this
news release.
=======================================================================
Copyright (c) 2009 SILVER QUEST RESOURCES LTD. (SQI) All rights
reserved. For more information visit our website at
http://www.silverquest.ca/ or send mailto:info@silverquest.ca
=======================================================================
.
|
Silver Quest Resources Ltd.
|
|
|
CODE : SQI.V |
|
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Silver Quest Res. is a silver exploration company based in Canada. Silver Quest Res. is listed in Canada. Its market capitalisation is CA$ 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. |