Q-GOLD RESOURCES LTD.

c/o Mineral Creek Resources Inc.

Bank of America Building

Suite 508, 121 East Birch Avenue

Flagstaff, Arizona 86001

Ph: (928) 779-0166/ Fax: 779-0107

www.QGoldResources.com

Q-GOLD ENCOUNTERS HIGH-GRADE GOLD IN MINE CENTRE, ONTARIO


Vancouver, British Columbia, October 18, 2012 � Q-Gold Resources Ltd. (the "Company") (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce that assays from its 9-hole Phase II delineation drilling program at the Company�s 100%-owned historic gold-producing Foley Mine complex near Mine Centre, Ontario have yielded a number of additional high-grade gold-rich zones shown in the accompanying table.

Highlights of Drill Intersections
The interval drilled in the Bonanza Vein in hole QBV-12-06 was particularly significant, intersecting a weighted average of 12.76 grams per tonne (g/t) of gold (Au) (uncut) over a 3.1 metre(m) interval at a depth of 122.20 m, below the levels where historic production occurred.  Included in this zone was 1.05m (core length) intersection assaying 33.38 g/t Au (uncut).
Visible gold (VG) was logged in all four of the holes shown below. True width of the intersected zones is unknown.

The Phase II program consisted of a series of �fan� holes from single locations into the Vowel and Bonanza gold veins at various depths up to a drill length of 170 m.

The Bonanza Vein produced an �officially recorded� 5,267 ounces of gold (Au) from 1898-1900before a forest fire destroyed all the surface mining facilities at Mine Centre.  The Vowel Vein, although established as gold-bearing from previously reported surface sampling and trenching, was never developed for ore production.

Phase II amplified the results of Foley delineation drilling programs completed by Q-Gold in 2005 and2010 whereby a total of 20 holes were drilled into the block constituting the existing Foley mine workings from surface to 122 m, from which historic Bonanza Vein gold production occurred.  All this drilling has established the Foley as a large deposit of  widely spaced gold-bearing veins .  Thus, an excellent picture is now available of the mine�s gold potential from surface to the 122 m level.  Future drilling will target the block below122 m to the 260 m level, the deepest of the mine�s seven drifted levels, which were established in 1923-27, but never produced due to the onset of the Great Depression.

Drill Intersections � Bonanza and Vowel Veins
Phase II drill intersections for the Bonanza (QBV) and Vowel (QVV) veins are shown below. 

Assays were performed by Accurassay Laboratories in Thunder Bay, Ontario using the lab�s AL PM1 pulp metallics assay procedures for gold and ALFA8 procedure for silver and all other gold assays.

The Company holds over10,000 contiguous acres of exploratory acreage at Mine Centre, including the historic Foley, Golden Star (10,758 oz. Au production in 1898-1900), Manhattan,Decca and Ferguson gold mines.  The last three mines were partially developed but never commercially produced and remain to be fully explored.

The technical content of this release was reviewed and approved by Richard E. Beard, P.Eng., a �Qualified Person� as defined by National Instrument 43-101.

Historical reports referenced in this release, although thought to be accurate, have not been reviewed by a Qualified Person and therefore should not be relied on for any purpose.

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.