SEC 12g 3-2(b) Exemption # 82-4931
FORT FRANCES, ON, Oct. 13 /PRNewswire-FirstCall/ - Q-Gold Resources Ltd. (TSX VENTURE: QGR) (http://www.qgoldresources.com) announced today that the Company has acquired exploration and purchase option rights on three historic silver mines in the Bradshaw Mountains of Yavapai County, near Crown King, Arizona. These mines include the "Silver King", "Black Warrior" and a portion of the "Silver Prince", all high-grade historic silver producers at the end of the 19th Century.
These new properties are in addition to the two large historic silver producing mines already under option to Q-Gold at Crown King, the famous Tiger and the Hammond-Riggs Silver Mines, the Tiger being one of the largest and most important of the 2,000 mines that occupied the Bradshaw Mountains from 1870 to 1903. Exploration on the Tiger Mine and its accompanying mine dumps and mill tailings was conducted this summer.
The quantity and quality of gold and silver ore produced from the mountainous Crown King area justified construction of a railroad completed in 1904, to haul the ore to the desert valley below for onward rail transport to area smelters. The advent of World War I and the exhaustion of the easiest ore to mine and process, the oxide zone, led to the shutdown of mining operations. Except for a few minor attempts in the 1920's and 1980's, no modern exploration program for gold and silver has been conducted despite the presence of largely unexplored silver and gold-bearing tracts and a large volume of prospective sulfide ore thought by geologists to exist at depths unreachable by miners in the 19th Century. Modern technology will allow these ores to be mined and successfully processed.
Q-Gold also holds exploration and purchase option rights on six additional historic gold producing mines at Crown King. These include the "Savoy", "New Savoy", "Rapid Transit", "Grey Eagle", Gazelle" and portions of the famous "Oro Belle" Mine. The "Silver King" Mine described above was also an important gold producer. A modern exploration program on several of these gold-bearing mines was initiated earlier this year.
Bruce Carruthers, President and CEO of Q-Gold remarked, "The extremely high grades of silver reported from the mines at Crown King, ranging from 10 to over 100 ounces per ton, can yield ore values that at today's record price levels often exceed those of ore from gold deposits. We are very excited to bring these properties into Q-Gold's portfolio and will be launching a comprehensive exploration program for all our important silver properties at Crown King, beginning next month."
The technical content of this release was reviewed and approved by Brian Beck, P.Geo., a Qualified Person as defined by National Instrument 43-101.
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.
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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.
SOURCE Q-Gold Resources Ltd.