VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2010) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Silver Quest Resources Ltd. (TSX VENTURE:SQI) (the "Company") is pleased to announce that it has arranged a non-brokered private placement of up to 3,500,000 flow-through common shares (the "Shares"), at a price of $0.75 per Share, to raise total gross proceeds of up to $2,625,000 (the "Offering").

The Company will pay certain persons who locate subscribers for the Offering (the "Finders"), a cash finders' fee of 6% of the gross proceeds of the Offering attributable to that Finder and compensation warrants (the "Compensation Warrants") entitling the Finders to purchase such number of common shares as is equal to 6% of the number of Shares attributable to the Finders for a period of 12 months from closing at an exercise price of $0.75 per share.

The funds raised from the issuance of the Shares shall be used for general exploration expenditures, which will constitute qualified Canadian exploration expenditures, as defined in the Income Tax Act (Canada) and flow-through mining expenditures on the Company's prospects.

The Offering will not be qualified for sale to the public by way of prospectus, therefore all securities issued in connection with the Offering will be subject to a four-month hold period from the closing of the Offering. The Offering and the Finder Fees are subject to completion and execution of appropriate documentation and acceptance for filing by the TSX Venture Exchange of the Offering.

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.