Quincy Gold Corp.

Quincy Gold Corp.

March 21, 2005 09:14 ET

Quincy Signs Option Agreement to Acquire Uranium Properties in New Mexico and Colorado


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: QUINCY GOLD CORP.

TSX VENTURE SYMBOL: QGO
OTC Bulletin Board SYMBOL: QCYG

MARCH 21, 2005 - 09:14 ET

Quincy Signs Option Agreement to Acquire Uranium
Properties in New Mexico and Colorado

TORONTO, ONTARIO--(CCNMatthews - March 21, 2005) - Further to the
company's news release of November 29, 2004, the Board of Directors of
Quincy Gold Corp. (TSX VENTURE:QGO)(OTCBB:QCYG) is pleased to announce
that it has entered into a definitive option agreement with NZ Uranium
LLC pursuant to which Quincy will earn up to a 65% interest in three
separate uranium properties namely the Hosta Butte and McKinley
properties in New Mexico and the Hansen (Tallahassee Creek) property in
Colorado. Both the Hosta Butte and Hansen properties have historical
(non NI43-101 compliant) resources that could bring approximately 21.7
million pounds of U3O8 to the credit of Quincy Gold if all of the
options are fully exercised.

Extensive exploration work has been conducted on the Hosta Butte and
Hansen properties by previous operators who have established the
historical uranium resources. At Hosta Butte, it is reported that
Uranium Resources Inc. in 1992 and the Stoller Corp. in 1996, each
identified a resource amenable to in situ leaching (ISL) of 14 million
and 13 million pounds of U3O8, respectively. While at Hansen, it is
reported that Kilborn Engineering in 1980 estimated 27.7 million pounds
of U3O8 were present at a grade of 0.102% U3O8. Finally, the McKinley
properties cover 5,700 hectares (14,080 acres) of highly prospective
lands for uranium development within much larger land holdings held by
NZ Uranium. The option agreement provides for flexibility in identifying
which of these prospective lands Quincy may include in the option
agreement.

As consideration for the options, Quincy will issue to NZ Uranium LLC
3,000,000 shares of common stock. In order to exercise the options,
Quincy will be required to spend a total of USD $4,150,000 on
exploration and development of the properties over a four year period,
of which USD $400,000 would be a firm commitment, and issue to NZ
Uranium LLC an additional 1,050,000 shares of common stock per property.

As part of the agreement, Quincy has agreed to appoint Robert M.
Worsley, the principal of NZ Uranium, LLC to its Board of Directors. Mr.
Worsley is also the principal of New Mexico and Arizona Land Company,
LLC. Mr. Worsley was previously a principal of SkyMall, Inc., the
largest in-flight catalog company in the United States, which he founded
in 1989. From 1985 to 1989, Mr. Worsley was a principal of ExecuShare,
Inc., an executive services firm that provided time-shared financial
executives for small companies and from 1980 to 1985 he was an Audit
Manager with Price Waterhouse. Mr. Worsley received a bachelor's degree
in accounting from Brigham Young University in 1980. Mr. Worsley has
been granted an option to acquire 100,000 shares of the Company's common
stock at a price of CAD $0.72 per share, subject to vesting over two
years and expiring in 2010. The grant is subject to shareholder approval.

Quincy would have the right to increase its interest in any or all of
the properties to 80% if Quincy elects to fund one or more of the
properties to a bankable feasibility study for the intended mining and
processing operation, in which case Quincy would be required to issue to
NZ Uranium LLC an additional 250,000 shares of common stock per property.

The agreement is subject to Quincy receiving an acceptable title report
and the finalization of a formal operating agreement to govern the
relationship of the parties on exercise of the options, as well as the
approval of the TSX Venture Exchange.

Quincy is excited to now be planning an aggressive work program for
these properties that will include the completion of geology reports
(NI43-101 compliant) covering the Hansen and Hosta Butte properties
followed by pre-feasibility and feasibility reports for Hansen and Hosta
Butte, respectively. Concurrent with feasibility, Quincy will initiate
discussion with regulatory authorities and local residents to prepare
for the permitting process at Hosta Butte.

To find out more about Quincy Gold Corp visit our website at
www.quincygold.com

THIS PRESS RELEASE WAS PREPARED BY QUINCY GOLD 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.

-30-

Contact Information