Silver Quest Announces Amended Terms to Tsacha Agreement, 3Ts Project, BC

Silver Quest Resources (TSX VENTURE:SQI) ("Silver Quest" or "the Company") is
pleased to announce that an agreement has been reached with Teck Resources
Limited ("Teck") to amend the terms of a property option agreement dated April
2, 2002. Pursuant to that agreement Teck granted the Company the sole and
exclusive right and option to acquire an undivided 100% right, title and
interest in and to five mineral tenures located in the Omineca Mining Division
of British Columbia (the "Tsacha Property"). Silver Quest's acquisition of
Teck's interest in the Tsacha Property was subject to a two-tier net smelter
return ("NSR") royalty (which at present gold prices, range from a minimum of
4.0% to a maximum of 4.5% payable on all metals produced) as well as a back-in
right reserved to Teck on the Tsacha Property and adjacent lands held by the
Company.


The Tsacha Property and adjacent lands now held by the Company are commonly
referred to as the "3Ts Project". Silver Quest has completed all of its
obligations under the April 2, 2002 option agreement and holds a 100% interest
in the Tsacha Property, subject to the terms of the amended property option
agreement.


Pursuant to the amendment, following acceptance of the transaction by the TSX
Venture Exchange, the NSR royalty payable on gold and other metals produced from
the 3Ts project will be reduced from the previous range of 4.0% to 4.5% to a
flat 2.0% and the back-in right will be extinguished.


As consideration for Teck agreeing to the amendments referred to above, Silver
Quest will: (i) issue one million of its common shares to Teck; (ii) make a
one-time payment to Teck upon the project achieving commercial production of an
amount equal to $5.00 per ounce of gold multiplied by the number of ounces of
gold in the reserve and resource categories reported in the feasibility study
used to make the decision to place the project into commercial production; (iii)
pay a flat 2% NSR royalty on gold and all other metals produced from the
project; and (iv) if before December 31, 2013, Silver Quest sells, leases or
options the property to a third party, Silver Quest will pay to Teck 10% of the
gross proceeds received by Silver Quest from such sale, lease or option.


The shares issuable following acceptance by the TSX Venture Exchange will be
subject to a hold period of four months and one day from the date of issuance.
Following acceptance, Silver Quest intends to implement an exploration program
on the 3Ts project involving an expenditure of approximately $550,000 during the
2011 field season.


The 3Ts project covers an epithermal quartz-carbonate vein system within which
12 individual mineralized veins have been identified to date, ranging from 80
metres to 650 metres in strike length. A number of high grade drill intercepts
have been encountered to date. On the Ted Vein, the best intersection reported
to date is 8.88 grams/tonne ("g/t") gold and 393.6 g/t silver over 15.4 metres
(true width) and on the Tommy Vein 8.83 g/t gold and 62.6 g/t silver over 8.07
metres (true width). A National Instrument 43-101 compliant resource estimate
was completed on a portion of the Ted and Tommy veins, reporting 942,600 tonnes
@ 4.89 g/t gold and 77 g/t silver or 148,100 ounces of gold and 2.36 million
ounces of silver.


A minimum 2,000 metre drilling program is proposed for the 2011 field season to
test several of the veins at depth and along strike. Drilling will also be
carried out to delineate the source of a cluster of large boulders, referred to
as the Ringer Zone. The mineralized quartz-carbonate vein boulders at the Ringer
Zone are up to two metres in maximum dimension and eight of these boulders
returned an average of 19 g/t gold and 140 g/t silver (see the Company's news
release of September 24, 2003). The exploration program also includes
prospecting and mapping.


The 3Ts project consists of four contiguous properties - the Tsacha, Tam, Taken
and Tommy Lakes properties located in the Nechako Plateau region of central
British Columbia, approximately 120 kilometres southwest of Vanderhoof.
Collectively, the project consists of nine mineral claims totaling 2,853
hectares.


David Pawliuk, P.Geo., Vice President Exploration for Silver Quest is the
Qualified Person, as defined by National Instrument 43-101, for the 3Ts Project
and supervised the preparation of the technical information in this release.


SILVER QUEST RESOURCES LTD.

Randy Turner, President

Silver Quest Resources Ltd (TSXV:SQI)
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