Mr. J. Bruce Carruthers reports

MANAGEMENT CEASE TRADE ORDER

Q-Gold Resources Ltd. has determined that it will not be able to file its annual audited financial statements for the year ended Dec. 31, 2012, its related management's discussion and analysis, and chief executive officer and chief financial officer certifications by the prescribed filing deadline of April 30, 2013. Despite its efforts, the company is currently not in a position to file the required filings, primarily as a result of the time and costs required for the company's auditors to complete the audit of the annual financial statements. The company has satisfied its financial obligations to the auditors and the audit is in progress. The company's required filings will be made as soon as its auditors deliver their audit report, which is expected to be received within two weeks from the filing deadline. The company has made an application to the B.C. Securities Commission for a management cease trade order, which would restrict all trading in securities of the company, whether direct or indirect, by management of the company. The MCTO would be in effect until the required filings are filed. The company intends to comply with the provisions of the alternative information guidelines as set out in the National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults for as long as it remains in default, including the issuance of biweekly default status reports, each of which will be issued in the form of a news release.