Mr. Bruce Carruthers reports

Q-GOLD ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT OFFERING

Q-Gold Resources Ltd., further to its news release dated March 19, 2013, has completed the first tranche of a non-brokered private placement of 4,416,666 units at a price of six cents per unit for gross proceeds of approximately $265,000.

Each unit consists of one common share and one non-transferable share purchase warrant of the company. Each warrant will entitle the holder to acquire one share of the company at a price of 10 cents until April 26, 2014.

No finders' fees were paid in connection with the closing of this tranche.

Three insiders of the company subscribed for 2.35 million (aggregate) units of the private placement.

The shares and warrants issued pursuant to the private placement, and any shares issued on exercise of the warrants, are subject to a four-month resale restriction that expires on Aug. 27, 2013.

The proceeds raised will be used for continued gold and silver exploration on the company's properties, and for general corporate purposes.