Silver Quest Resources Ltd. TSX VENTURE: SQI

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 4, 2006) - Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI) is pleased to announce an update on exploration activities in Nevada, including the commencement of a diamond drill program on the Corcoran Canyon Silver project and the staking of the newly acquired Wildhawk Silver Property.

Corcoran Canyon Update

There has been no drill activity on the property since 1989, and the current program will focus on confirming and extending the multiple silver-rich mineralized structures. Previous exploration has reported at least fifteen individual vein structures, associated with intense silification, drusy quartz-adularia veining and dark gray microbreccias hosting significant silver (and gold) mineralization. The proposed drill program will be carried out by Connors Drilling LLC, based in Montrose, Colorado.

The Company has an Option/Joint Venture Agreement with Bullion River Gold Corp. ("Bullion River") to acquire up to a 75% interest in the Corcoran Canyon Silver Project located in Nye County, 80 km north of Tonopah and 19 km east of the Round Mountain gold mining operations, owned jointly by Barrick Gold Corp. and Kinross Gold Corp. As noted (Press Release June 26, 2006) the Corcoran Canyon property includes a historical geologic resource estimate of 1.61 million metric tonnes, grading 175 g/tonne of silver and 0.86 g/tonne of gold as reported by Bullion River. This historical resource estimate was completed by Echo Bay Exploration Inc, in March 1988, using extensive technical data and economic parameters, but was not compiled within the definitions and standards outlined in National Instrument 43-101.

The proposed drill program will be managed out of the historic townsite of Belmont, Nevada located approximately 12.5 kilometers to the southwest of the property. Silver production from the Belmont mines prior to 1885, was estimated to have a minimum silver grade of 25 ounces per ton (857 grams per tonne) resulting in greater than 10 million ounces of silver produced. Only minor historic mining activity occurred on the Corcoran Canyon property, with modern exploration in the 1970's comprising a rotary drill program discovering significant buried silver mineralization.

Wildhawk Silver Property

The Company is also pleased to announce the acquisition, by staking, of the Wildhawk Silver Property, located north of Hawthorne and east of Walker Lake, Nevada. The Property is 100% by the Company with no underlying royalties, and covers two known silver occurrences, with limited silver production in the 1980's.

The historic workings were focused on the contact zones of a shallow dipping thrust zone with associated calcite (minor quartz) veining, and steeply dipping shears within the structural zone. The thrust zone is observed on both sides of the canyon over a strike length of greater than 500 meters, with widths of calcite veining in excess of 25 meters, with scattered galena and pyrite, and rare silver chlorides observed. No production or assay data are available at this time, on these targets.

The second occurrence comprises a poorly defined shear zone in a medium grained diorite intrusive unit. It is reported that during 1982-83 Maco Mining Co. operated a small heap leach for silver. The operation consisted of a sodium cyanide heap leach of dump and mine run oxidized rock. Several old road cuts on the shear zone and a small heap leach dump in the canyon floor, were observed at this occurrence.

There is no evidence of any drilling on either silver occurrence although one hole is reported to have been drilled in the canyon based on an Induced Polarization anomaly, directed at the peripheral zone of a possible porphyry copper type mineralization target associated with a magnetic low. The Company has completed an initial sampling program on the Wildhawk Silver property, and further work is planned over the fall and winter, directed at permitting an initial Phase 1 drill program in 2007.

Mr. Robert Weicker is the Qualified Person, as defined by National Instrument 43-101, for the Corcoran Canyon Silver property and the Wildhawk Silver property, and is responsible for the preparation of the technical information in this release and verified the scientific and technical information and opinions contained herein by reviewing the underlying data.

Silver Quest is an established Canadian junior exploration company with a focus on silver and gold projects, with ten mineral properties in B.C., Ontario, Yukon, and Sonora, Mexico. For Silver Quest property locations and information, visit the Company's web site at www.silverquest.ca.

SILVER QUEST RESOURCES LTD.

Robert Weicker, President


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