Q-Gold Resources Ltd.

Q-Gold Resources Ltd.

November 16, 2006 09:00 ET

Q-Gold Resources Ltd. Again Hits High Grade Gold and Silver at Mine Centre

FORT FRANCES, ONTARIO--(CCNMatthews - Nov. 16, 2006) - Q-Gold Resources Ltd. (TSX VENTURE:QAU)(FRANKFURT:QX9) announced today that the first assays received in connection with its additional 3,000 metre trenching program in the historic Foley gold/ quartz vein complex at Mine Centre, Ontario have returned high-grade gold and silver values.

Six trenches in the "Lucky Joe" vein over a total strike length of 90 metres graded an average of 14.78 grams/ tonne (g/t) gold, 13.09 g/t silver and 0.27% zinc by weight. The Company previously reported (Press Release dated 22 November 2005) that it had encountered average high-grade gold values of 4.809 g/t and 15.6 g/t silver from over a total strike length of 213 metres from trenches in the "Jumbo Vein".

Individual Lucky Joe trench results are as follows:

Trench # Width (m) Length (m) Au (g/t) Ag (g/t) Zn (%)
LJ-71 0.60 12.00 5.29 6.8 0.149
06-5 0.60 12.10 4.28 2.2 0.082
06-4 0.50 7.85 1.43 1.7 0.054
06-3 0.18 20.10 0.49 1.2 0.012
06-2 0.22 20.15 23.87 11.1 0.014
06-1 0.30 17.60 54.20 55.0 1.140

Total Strike Length: 89.8 m

Weighted Averages:
Trench Width = 0.35 m
Au Grade = 14.78 g/t
Ag Grade = 13.09 g/t
Zn Grade = 0.271%

The Lucky Joe Vein is located at the south end of the Foley Mine Complex, joining the "North Sulfide" Vein 40 metres to the north and remaining "open" to the south. It contains a shaft (now flooded) sunk in the 1890's to the 200 foot level where a 324 foot "cross cut" connects to the Foley South Shaft.

Trenching, sampling and assaying on over 2,900 metres of additional surface veins remains in progress.

In connection with the possible reopening of the Foley Mine to underground exploration, assays on samples taken from surface mine dumps at the North Shaft representing the segregated "ore pile" resulting from material removed from shaft sinking and drifting activities in the 1890s and 1920s also recorded good gold and silver values. Fifteen representative surface samples taken on a grid pattern on 5 metre centers averaged 3.63 g/t gold, 3.80 g/t silver and 0.1014% zinc by weight. Having established that this is the "ore pile", which on rough measurement contains an estimated 4,700 metric tons of gold and silver bearing material, further testing and surveying of the pile will be undertaken. This will determine the precise average grade and tonnage prior to a decision whether to process the gold and silver bearing material at a custom smelter in the near term.

All of the above assays were performed by Swastika Laboratories Ltd. of Swastika, Ontario, using the "pulp metallics" assay method.

Q-Gold also reported that it has received the final evaluation report from Condor Consulting Inc. on the Company's 1,516 line-kilometre helicopter Fugro EM/Mag geophysical survey, flown over the entire Mine Centre area in May of this year. After review, the highest priority targets will be selected for further ground geophysical surveys and inclusion in an upcoming winter drilling program on the Company's 100% owned 26,820 acres of Mining Claims and Leases.

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.

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.

SEC 12g 3-2(b) Exemption # 82-4931

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

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