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Q-GOLD ANNOUNCES LETTER AGREEMENT |
Q-GOLD ANNOUNCES LETTER AGREEMENT
SEC 12g 3-2(b) Exemption # 82-4931
Fort Frances, Ontario, February 11, 2011 – Q-Gold Resources Ltd. (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce that its wholly-owned subsidiary has executed a Letter Agreement with First Star Resources Inc. (“FS” - TSX Venture Exchange) ("First Star").
Under the terms of the Letter Agreement, First Star may earn a 43% interest in the McKenzie Grey Vein claims on the Nipigon property, located in northwest Ontario, Canada.
The McKenzie Grey property, covering a total of 1,143.2 acres, is located near the historic (1890’s) gold camp of Mine Centre.
Upon approval of the TSX Venture Exchange, and pursuant to the Letter Agreement, the Company will receive an initial payment of $25,000. In addition, to exercise its option, First Star must make payments totalling $800,000 and incur expenditures of $3,150,000 over a four year period.
This Agreement is subject to TSX Venture Exchange approval. Q Gold and First Star share common directors.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its 26,000 acres of Ontario holdings in the historic Gold Camp at Mine Centre, including 5 historic gold mines. In addition, the Corporation holds options on historic gold and silver mines in the historic Arizona gold camp of Crown King, and copper prospects in eastern and western Arizona.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION |
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Corporate Inquiries |
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Q-Gold Resources Ltd. |
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J. Bruce Carruthers II, Chairman |
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1-888-779-0166 or info@qgoldresources.com |
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http://www.qgoldresources.com |
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