Q2 Gold Resources Inc.

Q2 Gold Resources Inc.

December 09, 2009 14:07 ET

Q2 Gold Resources Inc.: Extension of Maturity Date for Convertible Loan

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Dec. 9, 2009) - Q2 Gold Resources Inc. (the "Company") announces that Corriente Resources Inc. ("Corriente"), the lender under a $1,500,000 convertible loan agreement dated April 23, 2007 with the Company, has agreed to extend the maturity date of the loan. Pursuant to an amending agreement dated as of December 3, 2009 (the "Amendment") between Corriente and the Company, the loan will now mature on the earlier of December 31, 2010 and the first date on which the Company has filed a prospectus with respect to any of its securities with a securities regulatory body in any province of Canada and obtained a receipt for it. No payment was made to Corriente by the Company in exchange for the extension.

Although Corriente does not currently own any shares of the Company, the Amendment is a "related party transaction" as defined in Multilateral Instrument 61-101 because Corriente has the right under the original loan agreement, as amended, to convert its existing loan into more than 10% of the outstanding shares of the Company. The Company's material change report in respect of the Amendment will be filed under the Company's profile on SEDAR.


Q2 Gold acquired the Caya 36 and Piedra Liza gold exploration targets from Corriente Resources Inc. as a result of a Plan of Arrangement. The resulting spin-off transaction related to these properties closed on June 18, 2007. Q2 Gold holds a 100% interest in approximately 7,000 hectares of gold concessions located in the Zamora-Chinchipe Province in southeastern Ecuador. The Caya 36 property is situated directly south of Corriente Resources Inc.'s Mirador concessions and north of Aurelian Resources Inc.'s Fruta del Norte gold deposit.

Kenneth R. Shannon, President and CEO

Certain statements contained in this News Release, including with respect to the amendment of the Company's convertible loan agreement with Corriente Resources Inc., constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com.

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