CMQ PROVIDES UPDATE ON DEBT RESTRUCTURING

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, Dec. 15 /CNW/ - CMQ Resources Inc. ("CMQ") (TSXV:NV) is announcing that it will not be proceeding with the private placement financing and debt restructuring that were previously announced on September 1, 2010.  Since the date of the initial announcement of such private placement and debt restructuring, CMQ has been unable to obtain receipt of all necessary regulatory approvals in a manner satisfactory to CMQ and Matco Capital Ltd. ("Matco"), CMQ's principal creditor.

As a result of the failure of this proposal, CMQ remains in default under its existing funding agreement with Matco and does not have any source of capital to continue its operations. CMQ is currently indebted to Matco for approximately $2.7 million, including unpaid interest and as at September 30, 2010 had additional current liabilities of approximately $400,000 with current assets of only $43,000.  Matco has the contractual right, as at the date hereof, to enforce its security over all of CMQ's assets, including all of CMQ's exploration properties. 

CMQ is attempting to negotiate a funding and forbearance agreement with Matco in respect of such default. There can be no assurances that any such funding or forbearance agreement will be concluded. If a funding and forbearance agreement is reached, the terms may be punitive to CMQ and its shareholders.

CMQ's directors have not made a filing under the Companies' Creditors Arrangement Act ("CCAA") because the prospect of obtaining financing to fund a CCAA process is remote given the exploratory nature of CMQ's business and the uncertain value of its assets.

CMQ currently has 6,534,670 Common Shares issued and outstanding.

The TSXV does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements typically contain statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "intend", "may", "will", "shall", "project", "would", "should", or similar words suggesting future outcomes

Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to CMQ and shareholders. Forward-looking statements are based on management's current beliefs as well as assumptions made by, and information currently available to, management. Though management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that forward-looking statements will not be achieved. The forward-looking statements contained in this press release are made as of the date hereof and CMQ does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

This press release is not an offer to sell securities in the United States. Securities may not be offered or sold in the United States in the absence of registration or an exemption from registration.

For further information:

on CMQ visit CMQ website at (www.cmqresources.com) or please contact:  Ryan Jennings, CMQ Resources Inc., telephone number [phone].