Mr. Bruce Carruthers reports

Q-GOLD ANNOUNCES CLOSING OF PRIVATE PLACEMENT OFFERING AND EARLY WARNING REPORT

Further to its news release dated July 27, 2015, Q-Gold Resources Ltd. has completed a non-brokered private placement of 2.8 million units at a price of five cents per unit for gross proceeds of approximately $140,000.

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 per share until Oct. 26, 2017.

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

Robert Bryce (director), his wife and a private company that he controls subscribed for 2.8 million (total) units of the private placement.

All securities issued pursuant to the private placement are subject to a four-month resale restriction that expires on Feb. 27, 2016.

Early warning report

Robert C. Bryce of 465 Blvd. Sabourin, Val d'Or, Que., J9P 4W6, announces that he and his associates (as such term is defined under Multilateral Instrument 62-104) have acquired ownership and control of 2.8 million units of the company through the facilities of the TSX Venture Exchange at a price of five cents per unit on Oct. 26, 2015. Of these units, 456,920 units are held in the name of Abiting Inc., of which the offeror is the sole shareholder and director, and 600,000 units are held in the name of Lise Bryce, who is the spouse of the offeror. The 2.8 million common shares and 2.8 million share purchase warrants comprising the units acquired by Mr. Bryce represent 38.96 per cent of the company's issued and outstanding common shares on a non-diluted basis, or 53.5 per cent of the company's issued and outstanding common shares, calculated on a partially diluted basis, assuming the exercise of the subscriber's warrants and stock options, if any.

After giving effect to the acquisition referred to above, Mr. Bryce and his associates beneficially own a total of 6,806,035 shares, 4,040,186 warrants and zero stock options, which collectively represent 53.5 per cent of the company's issued and outstanding common shares, calculated on a partially diluted basis, assuming the exercise of such warrants.

Mr. Bryce and his associates acquired the units for investment purposes. Mr. Bryce and his associates each intend to evaluate their respective investments in the company and to increase or decrease their respective shareholdings as each may determine for investment purposes.

This press release is being disseminated as required by National Instrument 62-103, the Early Warning System and Related Takeover Bids and Insider Reporting Issues, in connection with the filing of an early warning report. A copy of the early warning report may be found on SEDAR under the company's profile. The proceeds raised will be used for continued gold and silver exploration on the company's properties and for general corporate purposes.