CMQ Resources Inc. Announces Commencement of North Sleeper Drilling Program and Grant of Stock Options

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CALGARY, May 8, 2012 /CNW/ - CMQ Resources Inc. (TSXV: NV) ("CMQ") is pleased to report that it has begun a drilling program at the North Sleeper (S310 claims) epithermal gold project in Humboldt County, Nevada.  The project is being explored under an Exploration and Option to Enter Joint Venture Agreement with C3 Resources, Inc.

Montezuma Mines Inc. ("Montezuma"), a wholly owned subsidiary of CMQ, plans to drill six core holes totaling approximately 5,400 feet (1,645 meters).  Montezuma is targeting a pronounced deflection of the Sleeper Fault.  There is evidence in multiple data sets of a significant north-northwest trending structural zone striking N20-30°W that intersects the Sleeper Fault near this location.  An embayment in the gravity high is present in the target area, and the vertical derivative of the gravity shows a low at the location of the intersection.  This is also coincident with a magnetic low that extends southeast across the Sleeper Fault.  A deep low-resistivity zone strikes to the southeast.  Coincident gravity gradient, low magnetic intensity and chargeability highs extend to the northwest of this location, suggestive of a zone of major structural intersection and intense alteration.

Twenty-one sites have been permitted under a Notice with the BLM.

Project Details

The North Sleeper (S310 claims) project in Humboldt County, Nevada, includes 50 unpatented lode mining claims (1.5 square miles/2.4 square kilometers) lying 2 miles (3.2 kilometers) north of the Sleeper Mine.  The targets are bonanza-grade veins, marcasite-cemented breccias and stockwork.

Option Grants

CMQ also announces the issuance of incentive stock options to certain consultants and directors and officers of CMQ to acquire up to an aggregate of 1,445,000 common shares of the Corporation.  All of the 1,445,000 options were granted with an exercise price of $0.10 and expire on August 31, 2014.   All of the options granted vest on the earlier of (i) July 31, 2014 and (ii) the attainment of certain milestones established by the CMQ board of directors.  Of these options granted, 50,000 were granted to consultants, 775,000 were granted to non-executive directors and 620,000 were granted to officers of CMQ.

CMQ currently has 44,188,682 Common Shares issued and outstanding.  CMQ's website is located at www.cmqresources.com

John Hogg, CEO, CMQ Resources Inc., is the qualified person, as defined by National Instrument 43-101, who has reviewed and verified the data disclosed in this press release.

The TSX Venture Exchange 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 including with respect to the timing and details of the referenced drilling program. 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.

please contact Ryan Jennings, Corporate Secretary, CMQ Resources Inc., Tel: [phone].