Bank of America Building

Q-GOLD RESOURCES LTD. c/o Mineral Creek Resources Inc. Bank of America Building Suite 508, 121 East Birch Avenue Flagstaff, Arizona 86001 Ph: (928) 779-0166/ Fax: 779-0107 www.QGoldResources.com

Q-GOLD WITHDRAWS PRIVATE PLACEMENT

Vancouver, British Columbia, July 17, 2012 – Q-Gold Resources Ltd. (the "Company") (TSX VENTURE: QGR) (http://www.qgoldresources.com) announces that the prospective financing announced in the Company’s press release of 11 June, 2012, is not proceeding due to the unit price of $0.08 not being allowable under the policies of the TSX Venture Exchange (the “Exchange”). At this time, the Company intends to announce a private placement at a later date when market conditions are favorable to the Company and on terms allowable under the Exchange policies.

About Q-Gold Resources Ltd.

Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its Ontario and Arizona prospects.

Contact Information:

J. Bruce Carruthers II, Chairman at 1-888-779-0166 or [email protected], Website: http://www.qgoldresources.com

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.