Silver Quest Resources Ltd. Acquires the Rude Creek Gold Property, Yukon
19.11.2010 | Marketwire
Vancouver, British Columbia -- (Marketwire) -- 11/19/10 -- Silver Quest Resources Ltd. (TSX VENTURE: SQI) (the 'Company') is pleased to announce that it has entered into an option agreement to acquire a 100% interest in 316 quartz mineral claims covering approximately 6,400 hectares known as the Rude Creek Property (the 'Property'). The Property, located approximately 140 kilometres northwest of Carmacks, Yukon increases the Company's land holdings in the White Gold Area to over 4,800 quartz mineral claims covering in excess of 100,000 hectares. For a location maps and property details see the Company's website www.silverquest.ca.Pursuant to the terms of the option agreement, the Company can acquire a 100% interest, subject to a 2% percent net smelter return royalty ('NSR'), in the Property by making aggregate cash payments of $325,000 and issuing a total of 700,000 common shares over a two year period, and incurring $1,850,000 in exploration expenditures over a three year period. At any time following the completion of the option, the Company may purchase one-half of the NSR for a cash consideration of $1.5 million. The option agreement is subject to regulatory acceptance. All securities issued pursuant to the option agreement will subject to a four month hold period trading restriction.
A summer 2011 exploration program will be planned to include geological mapping, geochemistry and trenching, directed towards drill target definition.
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