Silver Quest Provides Update on Yukon Exploration Programs

Silver Quest Resources (TSX VENTURE:SQI) ("Silver Quest" or "the Company") is
pleased to announce that it has increased its 2011 field season exploration
budget for the White Gold District, Yukon to $7 million. The budget increase
will expand the previously announced exploration programs which include soil
sampling, geological mapping, airborne geophysical surveying and diamond
drilling (see news release from June 1, 2011).


The Company has also commenced exploration activities on two of its projects in
the District and is pleased to provide the following update.


Prospector Mountain Project 

Exploration activities commenced in early June and approximately 1,000 rock and
soil samples have been collected from the property. Initial diamond drilling
will commence in mid-July on the Bonanza Zone of Prospector Mountain, where
select rock samples collected in previous sampling campaigns returned up to 109
grams per tonne ("g/t") gold, 543 g/t silver and 1.63% copper (see news release
from August 4, 2010). Diamond drilling will also test four previously known
mineralized zones on the western side of the property. Further geophysical
surveying and sampling are planned within the project area. The Prospector
Mountain Project is located 90 kilometres northeast of Carmacks and is comprised
of 271 contiguous mineral claims covering approximately 5,500 hectares.


The Boulevard Project 

Soil sampling commenced in early June and approximately 2,300 samples have been
collected to date. Diamond drilling is scheduled to commence in early August to
test the Boulevard Trend, which is a 20 kilometre long trend comprised of
numerous gold-, arsenic-, antimony- and molybdenum-in-soil geochemical anomalies
identified from 2010 soil sampling (see news release dated January 17, 2011).
The Boulevard Project is located 135 kilometres south of Dawson City and 35
kilometres south of Kinross' Golden Saddle gold deposit, and adjoins the western
border of Kaminak's Coffee Gold Project. It is comprised of 1,020 contiguous
mineral claims covering approximately 20,328 hectares.


The Company has also initiated a 7,500 line-kilometre airborne geophysical
survey, which includes radiometric and magnetic surveying over the Prospector
Mountain, Rude Creek, Boulevard and Henderson project properties. For further
details on property locations, please visit the Company's website
www.silverquest.ca.


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


SILVER QUEST RESOURCES LTD. 

Randy Turner, President