QGX Ltd.

QGX Ltd.

March 11, 2005 12:42 ET

QGX Assesses Coal Potential of South Gobi Licence 22 kms West of Tavan Tolgoi Coal Deposit


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: QGX LTD.

TSX SYMBOL: QGX

MARCH 11, 2005 - 12:42 ET

QGX Assesses Coal Potential of South Gobi Licence 22
kms West of Tavan Tolgoi Coal Deposit

WATERDOWN, ONTARIO--(CCNMatthews - March 11, 2005) - QGX LTD. (TSX:QGX)
wishes to provide the following update on the evaluation of the coal
occurrences on the Baruun Naran Licence.

Baruun Naran Licence

In 2002 QGX Ltd acquired the Baruun Naran licence which is located 22
kms west of Tavan Tolgoi the largest, undeveloped coal deposit in Asia.
The Baruun Naran licence is on strike of and within the same synclinal
basin that hosts Tavan Tolgoi. Historical work by the Mongolian/Russian
geologic expeditions identified a prominent coal seam that extends for
9.5 kms within the Baruun Naran licence. QGX recently acquired an
historical data set based on the work completed by the earlier
Mongolian/Russian expeditions. They have also retained the services of
an independent, coal consultant Mr. John Clarke to assess the
significance of the coal occurrence. On receipt of Mr. Clarke's report
QGX will update shareholders on his findings.

David Anderson, Chief Executive Officer of QGX Ltd., commented as
follows:

"QGX holds a large targeted land position that hosts a wide range of
commodities. Given the recent interest in coal and the proximity of the
lease to both Tavan Tolgoi and the Chinese border we thought it was
appropriate to complete an assessment of the Baruun Naran licence in
order to better understand the potential significance of the coal
occurrences on this licence."

David Anderson, President/CEO of QGX Ltd., is the Qualified Person as
defined by NI 43-101, and has verified that the results presented in
this press release have been accurately summarized from the historical
data obtained by the Company.

QGX is a Canadian-based company that has been exploring for mineral
deposits in Mongolia since 1994. The Company holds a large area of
exploration licenses throughout Mongolia and is currently conducting
drill programs on two targets (Golden Hills and Shuteen). QGX also has a
carried interest through to production in two advanced exploration
prospects in the south Gobi desert of Mongolia (Kharmagtai -10% and
Ovoot Hyar - 20%) that are being explored by Ivanhoe Mines Ltd. Barrick
Gold Corp. holds a 9.5% equity interest in QGX as part of a strategic
relationship between the companies.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    QGX Ltd.
    David Anderson
    CEO
    (905) 689-9442
    or
    QGX Ltd.
    Paul Zweng
    COO
    (925) 855-0505
    Website: www.qgxgold.com
    The TSX has not reviewed and does not accept responsibility for the
    adequacy or accuracy of this release.