Silver Quest Increases Capoose Property, British Columbia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/19/10 -- Silver Quest Resources Ltd. (TSX VENTURE: SQI) (the 'Company') is pleased to announce that it has entered into a purchase option agreement (the 'Agreement') to acquire a 100% interest in twenty mineral claims (the 'Claims') that are contiguous to the Company's Capoose property, increasing the size of the property by approximately 5,900 hectares.
The Agreement also covers an additional ten claims (3,225 hectares) that are contiguous to the Company's 3Ts property, approximately 32 km south-southeast of the Capoose property.
Pursuant to the terms of the Agreement, the Company can acquire a 100% interest in the thirty claims, subject to a 1.5% net smelter returns royalty ('NSR') by paying $10,000 and issuing a total of 250,000 common shares on or before October 13, 2011 (the 'Exercise Date'). The Company may, at any time following the Exercise Date, purchase two-thirds of the NSR for a cash consideration of $2 million.
The Agreement is subject to regulatory acceptance. All securities issued pursuant to the Agreement will be subject to a four month hold period trading restriction.
The claims are located on the Nechako Plateau, approximately 185 km southwest of Prince George, British Columbia. See the Company's website at www.silverquest.ca for property location and project detail information.
SILVER QUEST RESOURCES LTD.
Randy Turner, President
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.
Contacts:
Silver Quest Resources Ltd.
Investor Relations
604-687-3959
604-687-1448 (FAX)
info@silverquest.ca
www.silverquest.ca