QGX Files NI 43-101 Preliminary Economic Assessment for Baruun Naran on SEDAR
NPV @10% (after tax): US$481 million

September 6, 2007 (Waterdown, Ontario). QGX Ltd. (TSX: QGX) is pleased to announce receipt of the NI 43-101 preliminary economic assessment ("PEA") prepared independently by Minarco-MineConsult ("MMC") and McElroy Bryan Geological Services Pty. Ltd. ("MBGS"), both headquartered in Sydney, Australia.  This report has been posted on SEDAR and is now available to read. 

The PEA, first summarized in the July 19th press release, defines a conventional, truck-and-shovel, open-cut mining operation starting in 2011 with coal processed on site using a wash plant to produce both coking and thermal coal products.  The PEA concludes that the Project is financially robust with an estimated after-tax NPV @10% of US$481 million and a discounted cash flow-internal rate of return (DCF-IRR) of 39%.

Paul Zweng, President and CEO of QGX Ltd., commented as follows:

"The PEA confirms that the Baruun Naran project has the potential to deliver strong financial returns on a long-term basis through the extraction and sale of premium coking and thermal coal products to the Asian market.  It also highlights the quality of the assets underlying the Company.

The on-going pre-feasibility is on track and expected to be completed in December.  Already we are seeing opportunities to improve upon various aspects of the Project.

The fundamentals underpinning this project remain strong.  The Chinese government's National Development and Reform Commission reported that coal consumption grew 12.2% year over year during the first half of 2007.  This rapid growth in coal demand was driven mainly by the power sector, the largest coal-consuming sector in China, in which the generating capacity, thermal power generating capacity, and hydropower generating capacity rose 16%, 18.3% and 1.7%, respectively.  China's coal supply shortfall may reach 100 Mt by the end of 2010, according to the China Coal Transport and Distribution Association.  The timing for the development of this project looks favorable."

Qualified Person

Mr. John Thompson, Vice President Operations of QGX Ltd. and a qualified person as defined by NI 43-101, has reviewed and approved the information contained in this release.

About QGX

QGX is a Canadian-based company that has been exploring for mineral deposits in Mongolia since 1994.  QGX's two most advanced properties are the Baruun Naran and the Golden Hills projects.  In July 2007 QGX announced that an independent 43-101 preliminary economic analysis for Baruun Naran showed a net present value (discounted at 10%) of US$481 million on an after-tax basis. QGX announced in August 2007 an independent NI 43-101 resource for coking and thermal coal at Baruun Naran comprised of 93.3 Mt of measured and 159.6 Mt of indicated (252.9 Mt contained in measured and indicated) and 11.1 Mt of inferred resources. QGX filed in April 2007 an independent NI 43-101 report outlining a positive preliminary economic assessment for its copper-gold-silver project at Golden Hills. Barrick Gold Corp. holds an approximate 9% equity interest in QGX as part of a strategic relationship between the two companies.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For more information, please contact:

David Anderson, Executive Chairman          or           Paul Zweng, President/CEO          
(905) 689-9442                                                        (925) 855-0505

or visit our website at www.qgxgold.com

Renmark Financial Communications Inc.
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Tel.: (514) 939-3989 
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www.renmarkfinancial.com

THIS PRESS RELEASE INCLUDES CERTAIN "FORWARD-LOOKING STATEMENTS". ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, INCLUDED HEREIN, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING POTENTIAL MINERALIZATION, RESULTS AND FUTURE PLANS AND OBJECTIVES OF THE COMPANY ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENT.