News Releases

December 23, 2009

Silver Quest Closes Private Placements totaling $1.4M

Silver Quest Resources Ltd. (the "Company") is pleased to announce it has closed a private placement of 4,000,000 flow-through units (the "Units") at a price of $0.35 per Unit for total gross proceeds of $1,400,000. Each Unit consists of one flow-through common share and one half of one non-transferable common share purchase warrant Each full Warrant entitles the holder to purchase one additional common share until December 23, 2010 at a price of $0.60. The Company paid Finders' Fees totaling $79,200 representing 6% of a portion of the gross proceeds raised and issued aggregate finders warrants of 226,285, representing 6% of Units sold. Each of the finders' warrants are exercisable for a period of one year at a price of $0.60 per share.

The funds raised from the issuance of the Units shall be used for expenditures which will constitute Canadian exploration expenditures. All securities issued in connection with the two placements are subject to a standard four month hold period, expiring April 24, 2010.