Silver Quest Resources Ltd. reported consolidated earnings results for the third quarter and nine months ended August 31, 2009. For the quarter, the company reported loss before extraordinary items of CAD 120,481, loss and comprehensive loss of CAD 123,603 or CAD 0.01 per basic and diluted share against loss before extraordinary items of CAD 110,917, loss and comprehensive loss of CAD 112,489 or CAD 0.01 per basic and diluted share reported a year ago. Net cash used in operating activities was CAD 80,787 against net cash used in operating activities of CAD 130,543 reported a year ago. For the nine months period, the company reported loss before extraordinary items of CAD 168,603, loss and comprehensive loss of CAD 171,100 or CAD 0.01 per basic and diluted share against loss before extraordinary items of CAD 473,326, loss and comprehensive loss of CAD 1,255,952 or CAD 0.04 per basic and diluted share reported a year ago. Net cash used in operating activities was CAD 151,861 against net cash used in operating activities of CAD 240,516 reported a year ago.

Silver Quest Resources Ltd. reported assay results for diamond drill hole D-09-100, the first of thirteen holes completed during the 2009 fall drill program on the Capoose-Silver Trend ('Capoose') Project'. Diamond drilling was carried out by Driftwood Drilling of Smithers, BC. Drill hole D-09-100 intersected two zones of significant mineralization. An upper silver zone grading 67.9 g/t silver and 0.26 g/t gold across 16 metres was intersected from 54 to 70 metres depth. A second zone grading 23.1 g/t silver and 1.99 g/t gold across 30 metres, from 99 metres to 129 metres depth, was intersected. Within this zone, a higher grade zone yielding 61.8 g/t silver and 4.72 g/t gold across 9 metres, from 99 metres to 108 metres depth was intersected. Note that the above intersections are drill hole intercepts, and may not represent true widths. Assay values confirm the historic results reported for D-84-79 by Granges Inc. at Capoose. Drill hole D-84-79 located at the south end of Zone 1, reportedly intersected 12.2 metres of 21.53 grams per tonne (g/t) silver and 1.48 g/t gold. Drill hole D-09-100 drill hole was collared 19 metres due west of D-84-79 and inclined at-60 degrees to the west (270 degrees). The mineralized intercepts in drill hole D-09-100 indicate that Zone 1 at Capoose is open along strike to the south, and that the south end of Zone 1 contains higher than average gold concentrations for the zone.

North Bay Resources Inc. announced that it has agreed to terms on an earn-in joint venture with Silver Quest Resources Ltd. on North Bay's Fawn gold-silver property in central British Columbia, Canada. The Fawn property is situated on the Nechako Plateau of central British Columbia, approximately 120 kilometres southwest of Vanderhoof and 180 kilometres west of Quesnel. The property covers 1,005 acres, and includes the Buck claims 6 kilometres to the east. On the namesake Fawn claim, four subparallel, easterly-trending VLF-EM conductors have been defined along strike lengths of 700 to 2,200 metres, with each remaining open along strike in at least one direction. Each of the four VLF conductors is accompanied by silver-zinc-lead-arsenic soil geochemistry. The key area of interest is known as the Giver Zone, where assays up to 12.9 grams per tonne gold and 637 grams per tonne silver have been documented. Immediately east of the Fawn and included as part of the property, the Buck claims cover a 3,000 metre long zinc-arsenic-lead soil geochemical anomaly overlying Naglico Formation rocks, and referred to as the Rutt Zone. Stratabound sphalerite-pyrrhotite mineralization, grading up to 4.69% zinc, is present in felsic ash tuffs. A primary area of interest immediately south of the Rutt Zone is known as the Christmas Cake showing, where a 45 centimetre chip sample has assayed 542 grams per tonne silver, 7.38% zinc, and 2.25% lead. Upon TSX Venture Exchange acceptance of the terms of the agreement, Silver Quest may acquire an initial 75% interest in the Fawn Property by making aggregate cash payments of $100,000, issuing a total of 150,000 shares, and incurring an aggregate of $1,500,000 in exploration expenditures over four years.