Acquisition Of Quartz Mountain Gold Exploration Project

TORONTO – Q-Gold Resources Ltd. on the indirect acquisition of an option to acquire the advanced-stage Quartz Mountain gold exploration project located in south-central Oregon. The Acquisition was completed pursuant to the previously announced share exchange agreement through the purchase of all issued and outstanding shares of 0975828 B.C. Ltd. from its sole shareholder, Alamos Gold Inc.
The Quartz Mountain Project comprises of two contiguous properties – the Angel’s Camp property and the Quartz Mountain property – which together consist of approximately 4,823 acres in south-central Oregon. The Target’s indirect wholly owned subsidiary, Quartz Mountain Gold Ltd., holds: (i) a 50% unincorporated joint venture interest in the Angel’s Camp property, with an option to acquire the remaining 50% interest, and (ii) an option to acquire a 100% interest in the Quartz Mountain property, in each case from the properties’ owner, Seabridge Gold Inc. The exercise of both options and ultimate acquisition of a direct 100% interest in the Assets are subject to the completion by the Target of (i) permitting and (ii) a feasibility study on the Quartz Mountain Project. To date, approximately 100,000 metres of drilling has been completed on the Quartz Mountain Project.
Peter Tagliamonte, President and CEO, said, “We are pleased to announce the closing of the Quartz Mountain Project acquisition, marking a significant milestone in QGold’s ultimate strategy to become a North American-based gold producer. I would like to thank Alamos, the QGold team, and everyone who contributed to making this acquisition a reality. We are excited to provide details of the updated mineral resource estimate as well as other exciting updates to our shareholders as we continue advancing our gold projects.”