SILVER QUEST PROVIDES UPDATE ON YUKON EXPLORATION PROGRAMS

Silver Quest Resources Ltd. has increased its 2011 field season exploration budget for the White gold district, Yukon, to $7-million. The budget increase will expand the previously announced exploration programs which include soil sampling, geological mapping, airborne geophysical surveying and diamond drilling (see news release from June 1, 2011).

The Company has also commenced exploration activities on two of its projects in the District and is pleased to provide the following update.

Prospector Mountain Project

Exploration activities commenced in early June and approximately 1,000 rock and soil samples have been collected from the property. Initial diamond drilling will commence in mid-July on the Bonanza Zone of Prospector Mountain, where select rock samples collected in previous sampling campaigns returned up to 109 grams per tonne ("g/t") gold, 543 g/t silver and 1.63% copper (see news release from August 4, 2010). Diamond drilling will also test four previously known mineralized zones on the western side of the property. Further geophysical surveying and sampling are planned within the project area. The Prospector Mountain Project is located 90 kilometres northeast of Carmacks and is comprised of 271 contiguous mineral claims covering approximately 5,500 hectares.

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