The de-watering and
construction activity, including clearing of obstructions in the North
Shaft of the Foley Gold Mine at Mine Centre, Ontario, has been suspended
for the winter, pending the receipt of a Category 2 Permit to Take Water
and a Certificate of Approval from the Ontario Ministry of the Environment.
Trow Associates Inc. (Thunder Bay), has been engaged to prepare the
necessary documentation to submit with the permitting application, conduct
the necessary consultations with affected parties and prepare the design
for any settling pond, aeration and water treatment facilities which may be
required.
Receipt of the above permits will allow an increased pumping rate for the
de-watering process, facilitating the clearing and rehabilitation
activities in the Foley North Shaft so as to permit underground exploration
of the mine to the 400' level (Phase I). Phase II will extend dewatering,
rehabilitation and underground exploration operations to the 850' level,
hopefully by the Fall of 2008.
In the interim, construction of an 1800 square foot auxiliary building at
the mine site has been initiated which will contain mine and geologic
offices, lunch and dry rooms, a core shack and equipment storage. Refurbishing of a
Trailer Camp purchased by Q-Gold in 2007 continues in anticipation of the
full-scale resumption of de-watering and mine construction activities in
the Spring after the requisite permits have been obtained.
Iron Ridge Prospect
The Company has received a report entitled "Progress Report on Bad
Vermilion Lake Bedrock Mapping Project, Geology and Geochemical Sampling,
Mine Centre - Fort Frances Area, Ontario", from consulting geologist
and petrologist, Svetlana R. Tikhomoriva, dated August 11, 2007. The report
describes the results of a 3-months long mapping and sampling program
covering Q-Gold's 2,500 acre Iron Ridge claim group located near Mine
Centre, Ontario. The property is largely underlain by a large (100+ sq.
mi.) Archean Gabbro/Anorthosite complex. This Gabbro/Anorthosite complex is
known to contain a large iron/vanadium/titanium deposit located on the west
shore of Bad Vermilion Lake. The area is currently being explored for
deposits that may contain copper, nickel, platinum, palladium, and gold and
silver.
The program consisted of detailed geologic mapping and geochemical sampling
over traverses at 100m intervals. Three hundred thirty surface (grab)
samples sent for geochemical analysis at Activation Laboratories Ltd. in
Thunder Bay, Ontario, and 28 to Swastika Laboratories in Swastika, Ontario,
for gold assay.
Some of the higher assay values obtained from the sampling program for
three of the mafic/ultramafic rock types mapped on the Company's Iron Ridge
property are shown below:
These three rock types are also encountered at the Lac des Iles (Ontario)
mine, where they contain platinum, palladium and gold values, with the
highest assays achieved at Lac des Iles in the clinopyroxenite and
melanogabbro units.
In addition, seven "grab" surface samples from Q-Gold's claims on
the eastern shore of Bad Vermilion Lake, which was also part of the
traverses and geologic report, yielded the following assay values:
The next stage of the exploration program, based on interpretation of the
results of the mapping and sampling, will consist of additional mapping,
grid line cutting, trenching and follow-up diamond drilling.
Rainy River
At Rainy River, where the Company holds 7,634 acres of mining claims and
options on patented land, Q-Gold's winter ground exploration program was
deferred due to the onset of extreme weather in the area. Currently,
Q-Gold's consulting geologist is reviewing area geology and geophysical
surveys and he will be preparing geologic maps and a report with
recommendations for prospective targets for the 2008 exploration program.
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.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently exploring
for precious and base metals and platinum group elements on its extensive
Ontario holdings in the historic Gold Camp at Mine Centre of 32,585 acres
and 7,634 acres in the Rainy River Greenstone Belt.
For all future Q-Gold investor relations needs, investors are asked to
visit the Q-Gold IR Hub at http://www.agoracom.com/IR/Q-Gold
where they can post questions and receive answers within the same day, or
simply review questions and answers posted by other investors. Alternatively,
investors are able to email all questions and correspondence to QAU@agoracom.com where they can also
request addition to the investor email list to receive all future press
releases and updates in real time.
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 form the Company's expectations
and projections.
The TSX Venture Exchange has not reviewed this press release and neither
approved nor disapproved the information contained in this press release.
CONTACT INFORMATION:
Corporate Inquiries
Q-Gold Resources Ltd.
J. Bruce Carruthers II
President
1-888-779-0166
Website: http://www.qgoldresources.com
or
Investor Relations
AGORACOM Investor Relations
Email: QAU@agoracom.com
Website: http://www.agoracom.com/IR/Q-Gold