Q-Gold announces closing of private placement financing

SEC 12g 3-2(b) Exemption No. 82-4931

FORT FRANCES, ON, April 14 /CNW/ - Q-Gold Resources Ltd. (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce that it has closed the previously announced non-brokered private placement (the "Offering") for gross proceeds of $300,000.

Pursuant to the closing of the Offering the Corporation issued 1,200,000 units in the capital of Q-Gold at a price of $0.25 each (the "Units"). Each Unit consists of one common share (the "Common Share") and one-half of one common share purchase warrant (the "Warrant"). Each whole Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.30 for a period of 24 months from issuance.

In connection with the closing of the Offering, the Corporation paid a cash finder's fee of $24,000 to Canaccord Financial Ltd., and issued them 120,000 finder's fee warrants ("Finder's Warrants"). Each Finder's Warrant entitles the holder to acquire one Unit (a "Finder's Unit") at an exercise price of $0.25 for a period of 24 months from issuance. The Finder's Unit issuable upon exercise of the Finder's Warrant is composed of one common share and one-half of one Warrant.

All securities issued in connection with the Offering will be subject to a four month restriction from resale as stipulated under applicable securities legislation and the TSX Venture Exchange (the "Exchange"), expiring on August 14, 2010.

Closing of the Offering is subject to all regulatory approvals, including those of the Exchange.

Proceeds from the Offering will be used by Q-Gold for continued gold exploration on the Corporation's properties in the historic gold camps at Mine Centre, Ontario and Crown King, Arizona and for general corporate purposes.

    
    About Q-Gold Resources Ltd.
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Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its 26,000 acres of Ontario holdings in the historic Gold Camp at Mine Centre, including 5 historic gold mines. In addition, the Corporation holds options on seven historic gold and silver mines in the historic Arizona gold camp of Crown King, and two prospective copper porphyries and one copper/zinc prospect in 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 form 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.

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