News Releases

October 16, 2009

New Acquisition -- Capoose Area, B.C.

Vancouver, BC -- Silver Quest Resources Ltd. (SQI-TSX.V) is pleased to announce that it has entered into an option agreement with North Bay Resources of Skippack, PA to acquire a 75% interest in the Fawn and Buck Properties (four claims totaling 406.78 ha). These claims are situated approximately 10 kilometres south of the Capoose Property (see news release dated October 14, 2009) in Central, B.C. (see www.silverquest.com for property location). Under the terms of agreement Silver Quest may acquire a 75% interest by making aggregate cash payments of $100,000, issuing 150,000 shares and incurring $1,500,000 in exploration expenditures over four years. Of the aggregate payments and commitments due, $25,000 in cash and 50,000 shares are due upon receipt of regulatory acceptance, and $250,000 in exploration expenditures must be expended in the first 12 months. The agreement is subject to acceptance by the TSX Venture Exchange.

Previous exploration on the Fawn Property has consisted of soil geochemistry, mag and VLF-EM, trenching and limited drilling. A total of 2,469 metres of drilling in 13 holes has been completed on the property with the best assays reported of 1.08 g/t gold and 23.3 g/t silver over 10.2 metres (Minfile 093F 043).

On the Buck Property, soil geochem and geophysics has outlined a 3,500 metre long silver-lead-zinc anomaly with assays up to 541 g/t silver, 2.3% lead and 7.4% zinc reported in chip samples (Minfile 093F 050).

A program of detailed sampling, geophysics and drilling is proposed for the 2010 field season to further define these zones of mineralization.

Randy Turner, P.Geo and Director, has reviewed and approved the content of this press release.