Q-GOLD ACQUIRES OPTION ON HISTORIC ARIZONA PECK AND ORIENTAL SILVER MINES
FLAGSTAFF, AZ, May 3 /PRNewswire-FirstCall/ - Q-Gold Resources Ltd. (TSX VENTURE: QGR) (http://www.qgoldresources.com) announced today that it has signed a 5-year Purchase Option Agreement with private parties for 5 patented mining claims containing the historic Peck and Oriental Silver Mines. The mines are located in the Southern Bradshaw Mountains, near Crown King, in the Peck Mining District of Yavapai County, Arizona. The Company has also recently staked 12 BLM mining claims totalling 240 acres adjoining the mines.
Q-Gold has previously announced the optioning of three additional historic silver mines in Crown King, the "Silver King" (Pine Grove Mining District), "Black Warrior" and a portion of the "Silver Prince" (both in the Peck District), all of which were high-grade historic silver producers at the end of the 19th Century (Press Release dated 10/13/10). Q-Gold has recently staked 10 additional BLM claims around the Silver Prince / Black Warrior Mines, for an additional 200 acres of silver prospects. In addition, the famous Tiger and the Hammond Riggs silver mines in Crown King's Tiger Mining District are already under option to Q-Gold.
The Company plans to launch an airborne geophysical survey over its entire "silver package" at Crown King to determine prospective drill locations for a combination reverse circulation / diamond drilling program later this summer.
The Option requires a series of semi-annual cash payments to Owners and gives Q-Gold the right to conduct exploration and mining operations and to purchase 100% interest in the Peck Mine Properties at any time during the Option Period for a payment of US$ 200,000 in cash and US$ 200,000 in Q-Gold Shares.
The Purchase Option Agreement is subject to the approval of the TSX-Venture Exchange.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its 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
SOURCE Q-Gold Resources Ltd.
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