Get the No. 14 Shuttle to Portimão first.
Timetable here on cubsur's excellent site:
http://thomasallen.home.sapo.pt/travel/052.htm
Frota Azul operate bus services between Portimão and Silves which takes 45 minutes.:
Their web site is here but only in Portuguese.
Summary of timetable as follows;
Portimao 07:30 Weekdays Only
Silves 08:15
Portimao 08:30 Daily
Silves 09:05
Portimao 10:45 Weekdays Only
Silves 11:20
Portimao 12:00 Daily
Silves 12:35
Portimao 14:15 Weekdays Only
Silves 14:50
Portimao 15:50 Daily
Silves 16:25
Portimao 16:30 Weekdays Only
Silves 17:05
Portimao 17:45 Daily
Silves 18:20
Portimao 19:10 Daily
Silves 19:45
Weekday Services do not run on Public Holidays.
There are an equivalent number of return services.
Return Tickets Cost € 4:90.