Silver Quest Resources Ltd. has signed option agreements to acquire a 100-per-cent interest in the Sizzler and VO gold properties. The properties are located in the newly recognized White Gold area, approximately 120 kilometres south of Dawson City, Yukon. The principal target on each property is a near-surface, bulk-tonnage gold deposit, similar to the new discoveries on Underworld Resources Inc.’s White Gold property.

Pursuant to the two option agreements, the company can acquire a 100-per-cent working interest in each property by making cash payments of $60,000 and issuing 800,000 shares per property to the optionor. The initial $15,000 payment and first tranche of 200,000 shares on each property will be made following acceptance by the exchange. The optionor has retained a 2-per-cent net smelter return (NSR) royalty on each property, with the company having the right to buy back one-half of each royalty for $1-million within three years of the exercise of the option. In addition, should the company complete a National Instrument 43-101-compliant resource estimate on either property reporting in excess of 100,000 ounces of gold in an indicated category, the company will be required to make a one-time payment of $100,000 and issue 75,000 shares to the optionor for such property. The option agreements are subject to acceptance by the TSX Venture Exchange. All shares to be issued will be subject to a four-month hold period trading restriction.

The Sizzler property comprises 36 claims (750 hectares) and is located approximately 65 kilometres southeast of Underworld’s Golden Saddle discovery, just north of Cripple Creek. The Sizzler property was previously explored by Kerr Addison Mines Ltd. in 1985-1986. Kerr Addison discovered quartz stringers, quartz stockworks and silicified breccias over a 1.7-square-kilometre area, hosted in rhyolitic quartz feldspar dikes. Limited rock and soil sampling was completed with values in rock up to 1.06 grams per tonne (g/t) gold and up to 60 parts per billion (ppb) gold in soil samples.

The VO property also consists of 36 claims (750 hectares) and is located on the north side of the Yukon River, approximately 15 kilometres northwest of the Golden Saddle discovery. The property is interpreted to be underlain by the same geological setting as the White Gold property.

Silver Quest is pleased to have acquired these additional prospective properties in this emerging gold district. A fall 2009 exploration program is planned to include geological mapping, geochemistry and trenching, directed at the definition of drill targets. Robert Weicker, PGeo, is the qualified person as defined by National Instrument 43-101 for these projects and has verified and supervised preparation of the scientific and technical information in this release.

Silver Quest Resources is pleased to announce that it has entered into an agreement with Rimfire Minerals and Northgate Minerals to acquire a 100% interest in the Boulevard property located in the Whitehorse mining district, Yukon.

Pursuant to the Agreement, the Company can acquire a 100% interest in the Property by making staged cash payments totaling $200,000 ($40,000 upon regulatory acceptance), the issuance of an aggregate of 1,000,000 shares (200,000 upon regulatory acceptance) and work commitments of $3,000,000 ($200,000 in the first year) over a five year period. The Vendors retain a 2% net smelter royalty (”NSR”) on the property, with the Company having the right to buyback 0.5% of the NSR for $750,000. In addition, should the Company complete a National Instrument 43101 compliant resource estimate on the Property in excess of 1,000,000 ounces of gold in an indicated category, the Company will be required to make a one-time bonus payment of an additional 1,000,000 shares of its capital stock to the Vendors.

Under the terms of the Agreement, Silver Quest will also purchase from the Vendors proprietary data pertaining to soil, silt and rock sampling completed in areas around or near the Property. If the Company acquires open ground by staking within these defined areas, it will be required to issue additional common shares, up to a maximum of 500,000, and the additional property, if any, will be further subject to a 2% NSR in favor of the Vendors. The Company will be entitled to buyback 1% of the NSR for $1,000,000.

The Boulevard property comprises 238 contiguous claims and was the site of a significant new gold discovery by the Vendors in 2008. The property is located approximately 135 kilometres south of Dawson City, Yukon and approximately 35 kilometres due south of the newly discovered Golden Saddle zone of Underworld Resources Inc. The initial Boulevard area was selected from a much larger regional compilation and reconnaissance silt sampling program by the Vendors that led to the identification of anomalous gold and pathfinder elements in creeks. Detailed soil sampling in 2007 outlined the multielement geochemical anomaly that was the focus of a 2008 trenching program.

Gold mineralization was discovered in the first of three trenches designed to investigate portions of the 2.0kilometreby0.4-kilometre arsenicantimonygold soil geochemical anomaly in an area of sparse outcrop. The discovery trench TRV0801, returned 7.04 grams per tonne (g/t) gold over 6.0 metres. One hundred metres southeast, trench TRBV0802 returned 6.43 g/t gold over 2.0 metres. A third trench located 200 metres northwest of trench TRBV0801 appears to have been located off trend.

The Vendors subsequently completed an initial limited diamond drilling program, comprising seven short holes (524.9 metres). Gold mineralization was encountered in five of seven holes (totaling 524.9 metres), with hole BV0803 returning the best intersection of 0.9 g/t gold over 18 metres, including 1.9 g/t gold over 3.5 metres, approximately 45 metres down dip from trench TRV0801. Two holes tested beneath a second mineralized trench (TRV0802), returned 0.8 g/t gold over 4.2 metres and 0.5 g/t gold over 5.5 metres at approximately 20 and 30 metres down dip respectively. Two additional holes targeted anomalous arsenic-gold-antimony geochemistry located 220 metres and 1,110 metres along trend from the discovery area. Drill hole BV0807 returned 1.0 g/t gold over 3.3 metres in a subtle style of mineralization not observed in previous drill holes or trenches.

Gold mineralization is hosted in strongly sericite plus/minus clayaltered schists with disseminated pyrite, arsenopyrite and stibnite. Sulphide mineralization is finely disseminated in the wall rock of quartz vein arrays or occurs as massive sulphide veins within the arrays. Mineralizationhosting quartz vein arrays follow regional northwesterly structures along major contacts between lithological packages.

Silver Quest president, Robert Weicker indicates; “Through a change of focus and a merger of companies, both Vendors’ interests in the Boulevard property, have become available to the Company, which represent an exciting opportunity to expand on the 2008 gold discovery in this emerging exploration area.” To date, drilling and trenching have focused on a relatively small portion of a large multielement geochemical anomaly, resulting in the discovery of buried gold mineralization, with numerous other targets to be trenched and drilled tested.

The above scientific and technical information has previously been reported by Rimfire Minerals Corp., and reviewed by their qualified person Mark Baknes, MSc, PGeo, VP, exploration, a qualified person for the purpose of National Instrument 43101. Robert Weicker, P. Geo., is the qualified person as defined by National Instrument 43101 for Silver Quest resources Ltd., and has verified and reviewed the inclusion of the scientific and technical information in this release. A summer 2009 exploration program will include geological mapping, geochemistry and trenching, directed at the definition of further drill targets.

The agreements are subject to regulatory acceptance and all securities issued pursuant to the agreements will be subject to a four month hold period trading restriction from the date of issuance.