Quincy Energy Corp.
TSX VENTURE : QUI
OTC Bulletin Board : QCYE
FRANKFURT : QIY

Quincy Energy Corp.

March 22, 2006 09:00 ET

Quincy Initiates Drilling Program on Millers Gold Property, NV

TORONTO, ONTARIO--(CCNMatthews - March 22, 2006) - The Board of Directors of Quincy Energy Corp. (TSX VENTURE:QUI)(OTCBB:QCYE)(FRANKFURT:QIY) is pleased to announce the mobilization of field crews and equipment for commencement of a reverse circulation drilling program on the Millers Project located in Esmeralda County near Tonopah, NV. It is anticipated that approximately 4-6 holes for a total of 4,000 feet of drilling will be completed to test for high-grade, bonanza-type gold mineralization at depth beneath auriferous veins exposed on the surface.

Millers Property

This road accessible property is in an area of numerous small prospects dating back to the 1880s. Dickenson-Nevada held the property in the late 1980s and conducted extensive soil sampling that identified a large anomalous area in excess of one mile in length. Six holes totalling 2,470 feet (753 m) were drilled ranging from 355 feet (108 m) to 505 feet (154 m) in depth. This drilling targeted mineralization in the hanging wall of the veins and as a result, only two of the holes intersected vein material. Drill hole MS-1 intersected the quartz veining at about 115 feet with a high assay of 0.03 opt; whereas drill hole MS-2 hit a 40-foot thick zone of chalcedonic veining at 160-200 feet, which ran 0.01 opt.

A large chalcedonic, pyrite-bearing vein has been traced along surface on the property for more than a mile. This vein ranges from 5 to more than 30 feet (9.1 m) in width and displays classic high level, low temperature quartz textures. The main vein is the largest of at least 5 parallel to sub-parallel veins occurring in a broad vein zone measuring up to 400 feet (122 m) in width. The veins cut a number of rock types including Jurassic granite and sedimentary and metasedimentary rocks of Cambrian age intruded by and partially covered by a variety of Tertiary rhyolitic intrusions and volcanic rocks.

Rock chip sampling by Quincy geologists in 2004 returned assays that ranged from less than 0.005-4.65 ppm gold and averaged 0.30 ppm from 56 grab samples collected to characterize quartz-carbonate vein material exposed on the southern portion of the claims. Fluid inclusion work commissioned by Quincy on three vein samples resulted in confirmation of the boiling process at an interpreted maximum depth of 180 m below the paleo-water table. This compares favourably with field observations of vein textures and suggests a boiling zone could be present at depths of from 300 (92 m) - 700 feet (213 m) below the surface. The boiling zone would be the preferred target for bonanza style gold mineralization and will be the target of the current drilling.

In January 2004 Quincy entered into a Mining Lease and Agreement with Pacific Intermountain Gold Corporation, a subsidiary of Seabridge Gold (AMEX:SA)(TSX VENTURE:SEA), pursuant to which Quincy leased 21 unpatented lode claims located in Esmeralda County known as the "Millers Property". Under the Mining Lease and Agreement, Quincy is to pay a series of escalating annual advance royalty payments capped at $50,000 per year and perform a series of annual work requirements capped at $100,000 per year until commencement of commercial production. The property is subject to a sliding scale NSR royalty ranging from 2% for gold prices under $300.00/oz to 5% for gold prices in excess of $500.00/oz. Advance royalty payments are credited against the sliding scale NSR royalty. The pending work program is intended to satisfy Quincy's work requirements (excluding property holding costs) until January 23, 2007.

National Instrument 43-101 Disclosure

This work will be performed under the supervision of Dr. Art Ettlinger, P. Geo., the Company's President and COO and a Qualified Person as defined by NI 43-101. Dr. Ettlinger also provided the information and statements on the historical exploration.

Quincy Energy Corp. and Energy Metals Corporation

As announced on March 13, 2006 Quincy and Energy Metals Corporation (TSX VENTURE:EMC) (www.energymetalscorp.com) have agreed to a business combination whereby Quincy will become a wholly-owned subsidiary of Energy Metals, with shareholders of Quincy receiving 0.20 shares of Energy Metals for each Quincy share.

Energy Metals is involved in developing resources to power the 21st century. Energy Metals has adopted a corporate strategy to focus on the acquisition and development of uranium assets in politically favorable and mining-friendly jurisdictions within the United States to take advantage of the continuing growth in the U.S. and worldwide of demand for electrical energy. This increasing consumption is occurring at a time when uranium mine supplies are dwindling and inventories are being depleted.

Energy Metals is targeting advanced uranium properties in Wyoming, Texas and New Mexico that are amenable to ISL (in-situ leaching). This form of uranium mining was pioneered in Texas and Wyoming. It utilizes water wells and oxygen-fortified groundwater to mine the uranium in place. Energy Metals is also actively advancing other conventional mining and ISL opportunities for uranium properties in the States of Utah, Nevada, Oregon and Arizona.

To find out more about Quincy Energy Corp. visit our website at www.quincyenergy.com

THIS PRESS RELEASE WAS PREPARED BY QUINCY ENERGY 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.

Contact Information