FORT FRANCES, ONTARIO - Feb. 1, 2008 - Q-Gold Resources Ltd. (TSX VENTURE:QAU) (FRANKFURT:QX9) announced the following updates to its exploration programs:
Foley Mine Re-entry
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: www.qgoldresources.com
or
Investor Relations
AGORACOM Investor Relations
Email: QAU@Agoracom.com
Website: www.agoracom.com/IR/Q-Gold
