Quincy Gold Corp.

Quincy Gold Corp.

March 21, 2005 11:06 ET

CORRECTION FROM SOURCE: Quincy Signs Option Agreement to Acquire Uranium Properties in New Mexico and Colorado


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: QUINCY GOLD CORP.

TSX VENTURE SYMBOL: QGO
OTC Bulletin Board SYMBOL: QCYG

MARCH 21, 2005 - 11:06 ET

CORRECTION FROM SOURCE: Quincy Signs Option Agreement
to Acquire Uranium Properties in New Mexico and
Colorado

TORONTO, ONTARIO--(CCNMatthews - March 21, 2005) - The following
corrects and replaces the release sent earlier today on March 21, 2005 @
9:16amET.

Further to the company's news release of November 29, 2004, the Board of
Directors of Quincy Gold Corp. (TSX VENTURE:QGO)(OTCBB:QCYG) is pleased
to announce that it has entered into a definitive option agreement with
NZ Uranium LLC pursuant to which Quincy can earn up to a 65% interest in
three separate uranium properties, namely the Hosta Butte and McKinley
properties in New Mexico and the Hansen (Tallahassee Creek) property in
Colorado. Combined, the Hosta Butte and Hansen properties have
historical resources that could bring approximately 21.7 million pounds
of U3O8 to the credit of Quincy if all of the options are fully
exercised.

Extensive exploration work has been conducted on the Hosta Butte and
Hansen properties by previous operators who have established historical
uranium resources. At Hosta Butte, it is reported that Uranium
Resources Inc. (1992) and the Stoller Corp. (1996) each identified a
resource amenable to in situ leaching (ISL) of 14 million and 13 million
pounds of U3O8, respectively. In addition, Kilborn Engineering (1980)
estimated 27.7 million pounds of U3O8 were present at the Hansen
property with a grade of 0.102% U3O8. Finally, the McKinley property
covers 5,700 hectares (14,080 acres) of lands which are highly
prospective for uranium development.

Readers are cautioned that while the resource estimates are considered
to be reliable and relevant they do not use categories as defined in
National Instrument 43 - 101. All resource estimates quoted herein are
based on prior data and reports obtained and prepared by previous
operators, and the reader is cautioned that none of the calculations
conform to National Instrument 43-101 requirements for reporting
reserves and resources. Quincy has not done the work necessary to verify
the classification of the mineral resource estimates. Quincy is not
treating the mineral resource estimates as a National Instrument 43-101
defined resource verified by a qualified person. The historical
estimates should not be relied upon. The properties will require
considerable further evaluation which Quincy's management and
consultants intend to carry out in due course.

As consideration for the options, Quincy will issue to NZ Uranium LLC
3,000,000 shares of common stock. In order to exercise the options,
Quincy will be required to spend a total of USD $4,150,000 on
exploration and development of the properties over a four year period,
of which USD $400,000 would be a firm commitment, and issue to NZ
Uranium LLC an additional 1,050,000 shares of common stock per property.

Quincy has the right to increase its interest in any or all of the
properties to 80% if it elects to fund one or more of the properties to
a bankable feasibility study for the intended mining and processing
operation, in which case Quincy would be required to issue to NZ Uranium
LLC an additional 250,000 shares of common stock per property.

As part of the option agreement, Quincy has agreed to appoint Robert M.
Worsley, the principal of NZ Uranium, LLC to its Board of Directors.
Mr. Worsley is also the principal of New Mexico and Arizona Land
Company, LLC. Mr. Worsley was previously a principal of SkyMall, Inc.,
the largest in-flight catalog company in the United States, which he
founded in 1989. From 1985 to 1989, Mr. Worsley was a principal of
ExecuShare, Inc., an executive services firm that provided time-shared
financial executives for small companies and from 1980 to 1985 he was an
Audit Manager with Price Waterhouse. Mr. Worsley received a bachelor's
degree in accounting from Brigham Young University in 1980. Mr. Worsley
has been granted an option to acquire 100,000 shares of the Company's
common stock at a price of CAD $0.72 per share, subject to vesting over
two years and expiring in 2010. The grant is subject to shareholder
approval.

The agreement is subject to Quincy receiving an acceptable title report
and the finalization of a formal operating agreement to govern the
relationship of the parties on exercise of the options, as well as the
approval of the TSX Venture Exchange.

Quincy is excited to be planning an aggressive work program for these
properties that will include the completion of National Instrument
43-101 complaint geology reports covering the Hansen and Hosta Butte
properties followed by pre-feasibility and feasibility reports.
Concurrent with feasibility, Quincy will initiate discussion with
regulatory authorities and local residents to prepare for the permitting
process at Hosta Butte.

National Instrument 43-101 Disclosure

The information and statements on the historical estimates were provided
by Art D. Ettlinger, Ph. D., P. Geo., Quincy's President and Chief
Operating Officer and a Qualified Person as defined by National
Instrument 43-101.

To find out more about Quincy Gold Corp visit our website at
www.quincygold.com.

THIS PRESS RELEASE WAS PREPARED BY QUINCY GOLD CORP., WHICH ACCEPTS THE
RESPONSIBILITY AS TO ITS ACCURACY. THE TSX VENTURE EXCHANGE DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Information Regarding Forward-Looking Statements: Except for historical
information contained herein, the statements in this Press Release are
forward-looking statements that are made pursuant to the safe harbor
provisions in the Private Securities Legislation Reform Act of 1995.
Forward-looking settlements involve known and unknown risks and
uncertainties, which may cause Quincy's actual results in future periods
to differ materially from forecasted results. These risks and
uncertainties include, among other things: volatility of natural
resource prices; product demand; market competition and risks inherent
in Quincy's operations. These and other risks are described in the
Company's Annual Report or Form 10-K and other filings with the
Securities and Exchange Commission.

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