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Extension of Promissory Notes |
Q-Gold Extends Terms of Promissory Notes
SEC 12g 3-2(b) Exemption # 82-4931
Fort Frances, Ontario, May 9, 2008
Q-Gold Resources Ltd. (TSX VENTURE:QAU) (FRANKFURT:QX9) (http://www.qgoldresources.com)
announced today that, pursuant to Section 2.5 (u) of TSX Venture Exchange Policy 3.5, its Board of Directors has extended the maturity date for payment of the balance owing on two “non-arms length” promissory notes (the “Notes”) for a period of one-year to March 1, 2009.
The Notes, which represent monies owned to a predecessor company prior to a reverse takeover (RTO) by Q-Gold in 2005, were issued as the result of amounts previously paid to a director and officers that were determined to be in excess of amounts allowable as a result of the Company's shares being designated as inactive for trading purposes on September 25, 2001. These amounts were considered repayable to the Company and on March 1, 2003, the Company received executed Notes from a private company that Q-Gold’s President and Chief Executive Officer J. Bruce Carruthers II is a director, officer and shareholder and Vice President and Chief Financial Officer Eric A. Gavin in the amount of $105,840 and $16,447, respectively. Monthly principal and interest payments total $750 and $200, respectively. The promissory notes have an interest rate of 3% and were originally due on March 1, 2008, a date that was unable to be met by the Parties.
Monthly payments on the Notes are current and the parties have assured the Board that they will make every effort to retire the Notes on new maturity date.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals and platinum group elements on its extensive Ontario holdings in the historic Gold Camp at Mine Centre of 32,585 acres, including 5 historic gold mines, 7,634 exploratory acres in the Rainy River Greenstone Belt and six historic gold and silver mines near Crown King, Arizona.
For all future Q-Gold investor relations needs, investors are asked to visit the Q-Gold IR Hub at http://www.agoracom.com/IR/Q-Gold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to QAU@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
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. The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.
CONTACT INFORMATION
Corporate Inquiries
Q-Gold Resources Ltd.
J. Bruce Carruthers II President
1-888-779-0166
Website: www.QGoldResources.com
Investor Relations
AGORACOM Investor Relations
http://www.agoracom.com/IR/Q-Gold
QAU@Agoracom.com
