Silver Quest Resources Ltd.: Final Drill Results from the Capoose-Silver Trend Project

• Press Release
• Source: Silver Quest Resources Ltd.
• On 12:29 pm EST, Monday January 12, 2009

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 12, 2009) - Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI - News) is pleased to report the remaining assay results from an eleven hole, 1,595 metre diamond drill program that was completed during fall 2008 on the Capoose-Silver Trend Project. The property is located approximately 185 kilometres west-southwest of Prince George, British Columbia.

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{"s" : "sqi.v","k" : "c10,l10,p20,t10","o" : "","j" : ""}

The most significant hole, D-91, included a 240.0 metre wide intersection beginning at 3.7 metres depth that averaged 0.76 grams per tonne (g/t) gold, 45.4 g/t silver, 0.03 percent (%) copper, 0.50% lead, and 0.58% zinc. This intersection includes a recently received, new intercept from 225.7 to 243.7 metres depth that assayed 0.64 g/t gold, 20.8 g/t silver, 0.01% copper, 0.26% lead and 0.53% zinc. A lower intersection from 277.7 to 289.7 meters depth in hole D-91 assayed 0.83 g/t gold, 15.8 g/t silver, 0.01% copper, 0.36% lead, and 0.56% zinc across 12 metres.

Hole D-91 was drilled on the west flank of Zone 1 (News Release December 11, 2008) and at 326.8 metres depth, was the deepest hole of the recent program. Note that all of the intersections are drill-hole intercepts, and may not represent true widths. The mineralization is disseminated in character and the mineralized zones have gradational boundaries. Most of the core samples are 2 metres in length.

The following table summarizes assay results from all of the drill holes from the recent program. Interpretive highlights include the following:

- Significant mineralization in ten of eleven holes with multiple zones of mineralization in several holes

- Extensions of the mineralized zones in both Zone 1 and Zone 2

- Indications of higher grades of both gold and silver such as hole D-91, from 3.7 to 21.7 metres depth averaging 0.59 g/t gold and 157.51 g/t silver across 18.0 metres; and hole D-99, from 6.1 to 28.0 metres depth averaging 1.23 g/t gold and 6.0 g/t silver across 21.9 metres.

- Distinct zoning patterns recognized for gold, silver, copper and zinc mineralization

- Based on gold and silver values over the width, hole D-91 represents the best mineralized hole drilled to date on the Capoose property, with a mineralized intercept 240.0 metres wide, from 3.7 to 243.7 meters depth

- Results from hole D-91 indicate that Zone 1 and Zone 2 may be connected at depth

- Better understanding of the geometry and nature of the mineralization in Zone 3, with the confirmation of multiple zones spatially related to the regional rhyolite dyke.

2008 Drill Results

Capoose Sliver-Trend Property

--------------------------------------------------------------------------
                                       Width    Au    Ag
Hole #   Zone-Target      From     To     (m)  g/t   g/t  Cu %  Pb %  Zn %
--------------------------------------------------------------------------
D-89 East flank
 of Zone 1                19.0   35.4   16.4  0.32  57.3  0.34  0.03  0.21
(News Release          ---------------------------------------------------
 November 24, 2008)       98.0  100.0    2.0  0.96  42.5  0.04  0.02  0.08
--------------------------------------------------------------------------

--------------------------------------------------------------------------
D-90 East flank
 of Zone 1                16.7   28.7   12.0  0.57  22.7  0.04  0.02  0.03
--------------------------------------------------------------------------
                          84.7  150.7   66.0  0.33  42.1  0.03  0.14  0.07
--------------------------------------------------------------------------

--------------------------------------------------------------------------
D-91 Zone 1 - Zone 2       3.7  243.7  240.0  0.76  45.4  0.03  0.50  0.58
--------------------------------------------------------------------------
Including new assays     225.7  243.7   18.0  0.64  20.8  0.01  0.26  0.53
--------------------------------------------------------------------------
Deeper zone              277.7  289.7   12.0  0.83  15.8  0.01  0.36  0.56
--------------------------------------------------------------------------

--------------------------------------------------------------------------
D-92 North
 Extension Zone 1         58.0   62.0    4.0  0.11  28.0  0.09  0.08  0.13
--------------------------------------------------------------------------
Upper Dyke Contact Zone   82.0   87.7    5.7  0.09  25.1  0.04  0.04  0.01
--------------------------------------------------------------------------
Lower Dyke Contact Zone  109.0  113.0    4.0  0.29  27.4  0.13  0.07  0.55
--------------------------------------------------------------------------
Lower Zone (hole ended
 in mineralization)      145.0  152.7    7.7  0.32  38.5  0.03  0.07  0.02
--------------------------------------------------------------------------

--------------------------------------------------------------------------
D-93 Zone 3               71.0   75.0    4.0  0.31  10.7  0.02  0.01  0.84
--------------------------------------------------------------------------
                         101.0  121.0   20.0  0.49  24.9  0.02  0.06  0.32
--------------------------------------------------------------------------

--------------------------------------------------------------------------
D-94 Zone 3                 No significant results, lower zone not tested,
                                    total depth (TD) 61.0 metres
--------------------------------------------------------------------------

--------------------------------------------------------------------------
D-95 Zone 3               43.0   55.0   12.0  0.67  11.2  0.03  0.01  0.70
--------------------------------------------------------------------------
                                lower zone not tested, TD 63.1 metres
--------------------------------------------------------------------------

--------------------------------------------------------------------------
D-96 North
 Extension Zone 2         63.0   73.0   10.0  0.34  41.1  0.02  0.36  0.27
--------------------------------------------------------------------------
D-97 North
 Extension Zone 2         39.0  127.0   88.0  0.20  40.3  0.01  0.24  0.36
(News Release
 November 24, 2008)
--------------------------------------------------------------------------
Including                 69.0  127.0   58.0  0.18  50.8  0.01  0.31  0.47
--------------------------------------------------------------------------

--------------------------------------------------------------------------
D-98 Zone 2               77.0  180.8  103.8  0.09  43.6  0.03  0.05  0.08
--------------------------------------------------------------------------
Including                 77.0   95.0   18.0  0.21  64.7  0.04  0.09  0.07
--------------------------------------------------------------------------
Including
 (hole ended in 
 mineralization)         163.0  180.8   17.8  0.15  86.5  0.05  0.11  0.09
--------------------------------------------------------------------------

--------------------------------------------------------------------------
D-99 South
 Extension Zone 2          6.1   46.0   39.9  1.14   4.5   nsv  0.01   nsv
(News Release          ---------------------------------------------------
 December 11, 2008)
--------------------------------------------------------------------------
Including                  6.1   28.0   21.9  1.23   6.0   nsv  0.01   nsv
--------------------------------------------------------------------------
Including                 36.0   46.0   10.0  1.41   2.7   nsv  0.01   nsv
--------------------------------------------------------------------------

Historical resources within Zone 1 and Zone 2 on the Capoose property (News Release January 17, 2008) are stated to be 28.22 million tonnes averaging 36.0 g/t silver and 0.34 g/t gold (for contained metal of 32.66 million ounces of silver and 308,500 ounces of gold), as reported by Pan American Silver Corp. (1999 annual report dated April 17, 2000, on SEDAR). This historical resource estimate by Pan American Silver Corp. was not compiled within the definitions and standards outlined in National Instrument 43-101 and the Company cautions that these historic resource estimates cannot be relied upon.

Drill core analysis and assaying is conducted by Alex Stewart - Eco Tech Laboratory in Kamloops, British Columbia which is an International Standard ISO 9001:2000-certified laboratory. The core samples were analyzed using a 35-element ICPMS package with a 30-gram fire assay with AA finish for over limit (plus one gram per tonne) gold and (plus 30 grams per tonne) silver concentrations. The Company has implemented a quality assurance and control program to ensure that sampling and analysis of all samples is conducted in accordance with the best possible practices. David Pawliuk, P.Geo., is the qualified person, as defined by National Instrument 43-101, for the Capoose-Silver Trend project and supervised the preparation of the technical information in this release.

Detailed drill information and a drill plan map will be posted on the company's website when all the data has been drafted and compiled.

SILVER QUEST RESOURCES LTD.

Randy Turner, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Investor Relations
Silver Quest Resources Ltd.
(604) 687-3959
(604) 687-1448 (FAX)
Email: info@silverquest.ca
Website: www.silverquest.ca