Granting of Incentive Stock Options

Q-Gold Announces Grant of Incentive Stock Options

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

February 8, 2007

Q-Gold Resources Ltd. (TSXV: QAU; Frankfurt: QX9) announced today that, pursuant to the Corporation’s Stock Option Plan (approved by shareholders in June 2006), it has granted 525,000 incentive stock options to Officers and Directors of the Corporation.  The incentive stock options will be exercisable for a period of five years from the date of the grant at a price of $0.27 per share.

About the Corporation:

Q-Gold is a Canadian based mineral exploration company currently exploring for precious and base metals on its extensive holdings in the historic Gold Camp at Mine Centre, Ontario totaling 27,260 acres (100% owned) of Mining Claims, Crown Leases and Patents.  The Corporation is presently preparing for a 5,000 metre drill program at Mine Centre, which is expected to commence early next month.

 

For more information, please contact: J. Bruce Carruthers II, President at 888-779-0166.

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.

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