Silver Quest Earns 100% Interest in Capoose Claim, Drilling Continues
NEWS RELEASE
October 14, 2010 TSX Venture: SQI-V
SILVER QUEST EARNS 100% INTEREST IN CAPOOSE CLAIM, DRILLING CONTINUES
Vancouver, BC – Silver Quest Resources Ltd. (SQI-TSX.V) (the "Company") is pleased to announce that it has incurred expenditures in excess of $1,667,000 and has therefore earned an additional 40% interest in the Capoose claim from Bearclaw Capital Corporation (BRL.V) bringing the Company’s interest to 100%. Bearclaw Capital will retain a 2.25% net smelter return royalty interest. The Company has the right, exercisable at any time, to purchase four-ninths (i.e., 1%) of the royalty interest from Bearclaw Capital for $2,000,000.
The Capoose claim, located on the Nechako Plateau in central British Columbia, is the key claim in the group of 71 claims covering approximately 30,765 hectares that comprise Capoose property. The current National Instrument 43- 101 inferred mineral resource on the Capoose property is 1.32 million ounces of gold equivalent or 53 million tonnes at a grade of 0.77 grams per tonne (g/t) gold equivalent, including 699,999 ounces of gold at a grade of 0.41 g/t and 41.1 million ounces of silver at a grade of 23.93 g/t (see news release dated March 4, 2010).
During the current field season, the Company completed 34 core holes with plans to complete two more holes, weather permitting, before suspending field operations for the winter. Pending assays will be reported as they are received by the Company.
SILVER QUEST RESOURCES LTD.
“Randy Turner”
Randy Turner, President
For further information please contact Investor Relations at 604-687-3959 or [email protected] 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.
P.O. Box 11584, Suite 1410 - 650 West Georgia Street, Vancouver, British Columbia V6B 4N8 Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]