Foley Gold Mine Purchase

Q-Gold Resources Ltd. (“QAU”: TSX-V) Completes The Purchase Of The Foley Gold Mine

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

February 17, 2006
Q-Gold Resources Ltd. (“Q-Gold” or the “Corporation”) announced today that it has completed the purchase of the historic Foley Gold Mine and an associated gold/ quartz vein complex near Mine Centre, Ontario.  Included in the purchase were a total of 16 Crown Mining Claims covering 640 acres (the “Claims”), which were acquired from a private party for cash and shares, as announced on June 30, 2004. Q-Gold had obtained an option on the Claims in conjunction with a reverse takeover transaction that was completed in September 2005.

The Foley Mine produced 5,267 ounces of gold, principally in the 1890s, as reported in the Company’s NI 43-101 (filed on www.sedar.com).  The Ontario Geologic Survey, in its 2004 survey of Mineral Deposits in the Kenora Mining Division (“Open File Report 6146”) lists “proven/ probable gold reserves” remaining in the Foley Mine of 40,000 tons of ore at a grade of 0.5 ounces/ton, and “speculative reserves” of 400,000 tons, also at 0.5 ounces/ton, equivalent to a total of 220,000 ounces of gold. None of the above reserve figures are compliant with the definitions for resources/reserves required by NI 43-101 and remain to be confirmed by additional diamond drilling, sampling and assaying.

As permitted under the terms of the Foley Mine Option Agreement, Q-Gold conducted surface trenching and sampling operations in the Foley gold/quartz vein complex last Fall, resulting in the establishment of consistent gold grades ranging from 1.0 to 6.5 grams/tonne over a total strike length in excess of 1000 meters, as reported in a press release dated January 10, 2006.

In addition to the recently purchased claims, the Corporation owns an additional 18,100 acres of contiguous mining claims near Mine Centre, including the historic Golden Star Mine, which produced 10,758 ounces of gold in the 1890s (also reported in the NI 43-101 report), and its surrounding vein complex.

The Foley and Golden Star complexes will be the focus of the Company’s upcoming exploration work program.

For more information, please contact: J. Bruce Carruthers II, President at (928) 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.