Mr. J. Bruce Carruthers reports

SUSPENSION OF TRADING/CEASE TRADE ORDER

The TSX Venture Exchange has suspended trading in Q-Gold Resources Ltd.'s securities as a result of a cease trade order issued by the British Columbia Securities Commission due to the company's inability 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 did not meet the filing deadline for 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 in June.

Reinstatement of trading can occur only when the CTO is revoked and the exchange has concluded its reinstatement review to ensure the company has satisfactorily complied with exchange requirements.