FORT FRANCES, ONTARIO - July 19, 2007 - Q-Gold Resources Ltd. (TSX VENTURE:QAU) (FRANKFURT:QX9) (http://www.qgoldresources.com) is pleased to announce that it has purchased an option to acquire five additional mining claims from private parties covering a total of 1,000 acres adjoining its recently acquired option on the 1,520 acre "Iron Ridge" prospect (See Press Release dated March 8, 2007). Iron Ridge is located on the western shore of Bad Vermilion Lake about 5 kilometres southwest of Mine Centre, Ontario. It is contiguous to the Company's other extensive holdings at Mine Centre and is part of a 10+ km linear magnetic anomaly containing pockets of conductivity as determined by airborne surveys.
The mafic-ultramafic intrusive complex hosting Iron Ridge has been named the "Bad Vermilion Lake Intrusive". It consists of a 4 x 15 kilometre gabbro/ anorthosite suite of intrusive rocks containing gabbros and pyroxinites with lenses of magnetite and ilmenite. These in turn, are underlain by zones of massive sulfides, including chalcopyrite. Iron Ridge has the potential for both platinum group elements (PGE's) and a copper/ nickel/ cobalt suite of mineralization.
Since May, a Q-Gold geological team has been mapping, trenching and sampling the Iron Ridge prospect. A large number of grab samples from Iron Ridge have been prepared and sent off for two groups of mineral assays; for copper/ nickel/ cobalt and for platinum/
palladium. An Iron Ridge exploration program scheduled for the Fall will include an induced polarization geophysical survey and
Diamond drilling.
In return for granting the option, Q-Gold paid cash to the owners and, subject to the TSX-Venture Exchange approval, will issue them 75,000 Q-Gold common shares. Additional cash payments and issuances of 100,000 and 125,000 common shares are payable on the first and second anniversaries respectively, after which Q-Gold may exercise the Option. This will entitle the Company to acquire a 100% interest in the claims, subject to a 2% Net Smelter Return (NSR) production royalty.
FOLEY GOLD MINE REHABILITATIONPaul Whelan Mining Contractors of Kirkland Lake, Ontario, are currently repairing the collar of the Foley Mine's North Shaft. They are also installing permanent pumping facilities in preparation for the de-watering, inspection, and re-entry of the Mine to conduct underground exploration, expected to begin late in the year. Q-Gold recently purchased an existing mining camp at Mine Centre and is re-furbishing it in preparation for occupation by mine crews in the next phase of the Foley Gold Mine's rehabilitation.
Richard C. Beard, P.Eng., Consulting Geologist, a Qualified Person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this press release.
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About Q-Gold Resources Ltd.Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals and PGE's on its extensive Ontario holdings in the historic Gold Camp at Mine Centre of over 32,000 acres and over 4,000 acres in the Rainy River greenstone belt.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.SEC 12g 3-2(b) Exemption # 82-4931
The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.For more information, please contactCorporate Inquiries
Q-Gold Resources Ltd.
J. Bruce Carruthers II
President
1-888-779-0166
Website:
http://www.qgoldresources.comor
Investor Relations
AGORACOM Investor Relations
Email:
QAU@agoracom.comWebsite:
http://www.agoracom.com/IR/Q-Gold