Q-Gold Resources Ltd.
TSX VENTURE : QAU
FRANKFURT : QX9

Q-Gold Resources Ltd.

April 19, 2007 09:00 ET

Q-Gold Completes $1,202,500 Flow-Through Financing

FORT FRANCES, ONTARIO--(CCNMatthews - April 19, 2007) - Q-Gold Resources Ltd. (TSX VENTURE:QAU)(FRANKFURT:QX9) ("Q-Gold" or the "Corporation") is pleased to announce that it has completed a non-brokered flow-through private placement (as previously announced in its press release of March 14, 2007) for gross proceeds of $1,202,500 (the "Offering").

Pursuant to the Offering, the Corporation issued 4,810,000 units ("Units") at a price of $0.25 per Unit. Each Unit consisted of one "flow-through" common share of the Corporation (a "Flow-Through Share") and one-half of one common share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder to purchase one additional common share of the Corporation (a "Common Share") at a price of $0.35 for a period of 24 months from the date of issuance.

MineralFields Group ("MineralFields"), a Toronto-based mining fund, and its clients have subscribed for $902,500 of the Offering (3,610,000 Units). Pursuant to the subscription by MineralFields, Q-Gold has paid Limited Market Dealer Inc. ("LMDI") a cash finder's fee of $41,375 and granted LMDI 331,000 finder's fee warrants (the "Finder's Warrant"). Each Finder's Warrant entitles the holder to acquire one Unit at an exercise price of $0.25 for a period of 24 months from issuance. The Units issuable upon exercise of the Finder's Warrant have the same terms as the Units under the Offering, except that they consist of Common Shares rather than Flow-Through Shares. The Corporation also paid a cash due diligence fee of $27,075 to LMDI.

Furthermore, Q-Gold paid additional finder's fees of $24,000 in cash and granted 120,000 warrants to acquire Common Shares at an exercise price of $0.35 per share to other finders participating in the Offering. These warrants have a term of two years from issuance.

All securities issued in connection with the Offering will be subject to a four month restriction from resale as stipulated under applicable securities legislation and the TSX Venture Exchange. It is contemplated that the Flow-Through Shares will entitle the holders to a 100% CEE tax deduction as set forth under the Income Tax Act (Canada).

Proceeds from the Offering will be used by Q-Gold at Mine Centre, Ontario for the dewatering and reentry of the past producing (1898-1900) Foley Gold Mine to conduct underground exploration and to drill a series of deep structural holes through the four principal large, gold-bearing quartz veins comprising the Foley Gold Mine Complex to confirm their presence at depth.

The transaction is the second financing that Q-Gold has completed with MineralFields, having previously completed one "flow-through" private placement at a price of $0.18 per Unit for aggregate proceeds, including this financing, totaling $1,802,500 since December 2006.

About MineralFields:

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com

About the Corporation:

Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its extensive holdings at Mine Centre, Ontario of over 32,000 acres.

This release may contain forward looking statements implying an assessment that the resources described can be produced profitably in the future. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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