Q-Gold Resources Ltd. (the "Company") (TSXV: QGR) (http://www.qgoldresources.com) is pleased to announce that further to its news release dated August 19, 2011, it has completed a non-brokered private placement of 6,300,000 flowthrough units ("FT Units") at a price of $0.10 per FT Unit for gross proceeds of $630,000 with the MineralFields Group.

Concurrently, the Company completed a non-brokered private placement of 900,000 non-flow-through units ("NFT Units") at a price of $0.09 per NFT Unit and 150,000 FT Units at a price of $0.10 per FT Unit for aggregate gross proceeds of $96,000.

Each FT Unit consists of one common share issued on a "flow-through" basis under the Income Tax Act (Canada) and one-half of one common share purchase warrant ("Warrant") of the Company. Each whole Warrant will entitle the holder to acquire one common share of the Company at a price of $0.14 per common share until August 25, 2013.

Each NFT Unit consists of one common share and one-half of one common share purchase Warrant of the Company.

The Company issued to a finder under the private placement a total of 630,000 finder's options to purchase up to 630,000 NFT Units at a price of $0.10 per NFT Unit for a period of two years. In addition, the Company paid a cash commission to Limited Market Dealer Inc. in the amount of
$31,500.

The common shares and warrants issued pursuant to the private placement and any common shares issued on exercise of the warrants are subject to four-month resale restriction that expires on December 26, 2011.

"We are very pleased to be renewing our relationship with MineralFields Group", said Robert Gardner, President of the Company. "This is an important milestone in the growth of the Company and we look forward to working with MineralFields Group as we develop our holdings in Ontario and Arizona."

The proceeds raised will be used for continued gold and silver exploration on the Issuer's properties at Mine Centre, Ontario and Crown King, Arizona and for general corporate purposes.

About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its Alaska, Ontario and Arizona prospects.

About MineralFields Group
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. The sector focus is on gold and precious metals, base metals, rare earths and lithium, potash, uranium, oil, coal and gas. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities � (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities �, and have raised over $1 billion in their 10 year history.