3Ts

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In February 2007 Silver Quest announced results from four additional drill holes completed in December 2006, on the Lower Ted Vein at the 3Ts property.

Highlights of the drill program, which was directed at the Lower Ted Zone (below a flat-lying, microdiorite sill that cuts the near-vertical vein structure) include hole TT06-40, which returned an intercept grading 1.71 grams per tonne gold (g/t Au) and 271.1 grams per tonne silver (g/t Ag) over an estimated true width of 10.0 metres, with a higher grade section assaying 2.78 g/t Au and 450.2 g/t Ag, over an estimated 3.1 metres true width.

All four holes successfully intercepted the Lower Ted Vein, with the significant results summarized in the tables below:

Hole	from	To	Drill Width (m)	Est.True Width (m)	Au (g/t)	Ag (g/t)	Au (Oz/t)	Ag (Oz/t)
TT06-40	250.51	269.14	18.63	10.0	1.71	271.1	0.050	7.91
including	257.29	263.01	5.72	3.1	2.78	450.2	0.081	13.13
Lower Zone	275.65	277.04	1.39	0.7	5.64	15.1	0.164	0.44
TT06-41	380.84	383.59	2.75	2.0	1.45	53.4	0.042	1.56
TT06-41	399.12	401.96	2.84	2.1	1.13	102.8	0.033	3.00
TT06-43	280.60	314.94	34.34	20.0	1.19	101.2	0.035	2.95
including	292.46	314.94	22.48	13.1	1.41	132.5	0.041	3.86
TT06-44	257.60	260.60	3.00	1.4	1.64	131.7	0.048	3.84
TT06-44	260.60	267.60	7.00	3.4	0.46	24.3	0.013	0.71
TT06-44	267.60	271.60	4.00	1.9	0.79	75.3	0.023	2.20
combined	257.60	271.60	14.00	6.7	0.81	61.9	0.024	1.80

"The drilling continues to expand the size of the Lower Ted Vein target as well as confirming geometry of the system which remains open to the south, north and at depth," says President & CEO Robert F. Weicker. "The Ted Vein is a robust, silver-rich epithermal system, with remarkable continuity and width. While at an early stage of exploration with only six holes completed, we have already partially outlined a panel measuring approximately 300 metres along strike and 225 metres vertically below the microdiorite sill, with significant precious metals in all holes drilled."

The results to date indicate a higher-grade precious metal zone adjacent and proximal to the upper and lower contacts of the microdiortite sill (Longitudinal Section to be posted on the Company's website: www.silverquest.ca), and this will be a focus of future drilling. In addition to expanding the resource area, this drill program has indicated important base metal zonations, which may also be targeted with further drilling. Hole TT06-40 intersected 1.50 metres grading 3.41 g/t Au, 795.0 g/t Ag, 0.46 % copper (Cu), 1.35 % lead (Pb), and 2.83 % zinc (Zn).

History

Following the discovery of gold-bearing quartz veins by the BC Geological Survey in 1993, this previously unknown area was quickly staked by Teck, Cogema, and Phelps Dodge. The properties were explored to varying degrees (including some drilling programs) between 1994 and 1998. Teck drilled approximately 16,000 metres and identified 7 mineralized veins, including the Tommy Vein which contains a resource of 112,000 ounces of gold and 987,000 ounces of silver (470,700 tonnes at a grade of 7.40 g/t gold and 65.22 g/t silver). Elsewhere, limited drilling by Phelps Dodge encountered encouraging intersections including DDH-9 which intersected 22 metres grading 8.9 g/t gold and 394 g/t silver.

Due largely to a negative political climate and declining metal prices, all three properties fell dormant toward the end of the 90s allowing the Company to acquire the most prospective ground through staking and the remaining ground through option agreements.

In 2000, political changes, improved mining legislation, and the implementation of favourable new tax incentives allowed the Company to commence exploration of the 3Ts Project with all 3 properties now consolidated under one management. Excellent access and logistics, favourable terrain, a network of logging and forestry roads, and a skilled local work force allow Silver Quest to comprehensively and systematically explore this developing precious metal camp.

Ted Vein

Prior to the drilling announced in February 2007, the Company announced initial results from a November 2006 program. Two holes targeting the Lower Ted Vein (below the microdiorite sill unit) returned wide zones of quartz-carbonate veining (+25 metres, core intersections).

The Company has drilled the Ted Vein target previously, with a NI 43-101 compliant resource within the portion of the vein above a flat-lying microdiorite sill that is 75 to 85 metres in thickness. Limited previous drilling by the Company (Press Release April 25, 2006) on the Ted Vein below the sill, included hole TT-06-38, which returned 2.68 grams per tonne gold and 152.1 g/t silver (5.21 grams per tonne gold equivalent, based on 60:1 Ag:Au ratio) over a core length of 30.9 metres and an estimated true width of 17.2 metres. Based on gold and silver values, and estimated true width, this represented the best drill intersection to date, drilled by the company on the Ted vein zone.

The Ted Vein has been the target for several drill programs at the 3Ts Project with significant continuity of significant mineralization extending at depth and along strike. Following the 2004 drill intersection (Hole-TT-04-37) representing the first drilling beneath the underlying microdiorite sill at Ted. The hole tested below the sill, approximately 200 metres below the known mineralization, and intersected a 17.4 metre interval of quartz-carbonate veining from 384.0 to 401.4 metres (estimated true width 10.0 metres). An 11 metre interval from 388.3 to 399.3 (estimated true width 6.47 metres) grades 3.74 g/t gold and 59.3 g/t silver, or 4.73 g/t gold equivalent using a 60:1 gold to silver ratio. Subsequent drilling has focused on testing the extension of this mineraliation both at depth and along strike.

Ringer Target

A prospecting program during the summer of 2003 identified several high-grade boulder occurrences. The most significant to date being the Ringer Zone where eight samples from the Ringer cluster assayed an average of 19.01 g/t gold and 140.1 g/t silver.

In an attempt to locate the bedrock source of the high-grade boulders, seven holes totalling 713.5 metres were completed in the vicinity of the high-grade Ringer Boulders. The drilling discovered two new vein systems, the "Hidden" and "H-East" Veins located 50 to 55 metres west of the Ringer boulders. The best of six drill intercepts through the Hidden Vein and the parallel H-East Vein assayed 2.07 g/t gold and 17.2 g/t silver (2.36 g/t gold equivalent) across a true width of 1.2 metres.

The Hidden and H-East veins are the first new in-situ vein discoveries on the 3Ts property since 1995, and indicate that there is excellent potential to discover additional vein and stockwork zones on the property.

While new veins have been discovered with significant, anomalous gold and silver values in the Ringer area, it is the view of the geological team that these veins are not the source of the Ringer Boulders. Additional drilling is required to further delineate the new Hidden Vein system and to continue exploring for the source of the high-grade Ringer boulders.

The previous program of drilling at the 3Ts Project provided data to complete a resource calculation for the Ted Vein, expanded the known strike length and depth of the Tommy Vein, discovered two new veins in the vicinity of the Ringer boulder occurrence, expanded the depth of the Larry Vein, and provided increased confidence for additional drilling at depth beneath the microdiorite sill throughout the project area.

NEXT PHASE

Future drilling will focus on the extensions of the Lower Ted Vein, the Mint Vein (above and below the microdiorite sill), and the Ringer target. As time and data permit, an updated NI 43-101 inferred geological resource estimate will be completed. For more information and maps - please click on the following links:

• Summary Report on Ted Vein Diamond Drilling Program, November 2003 - January 2004

Maps & Figures