Mr. Brett New reports

QMX ENTERS FORBEARANCE AGREEMENT WITH SECURED CREDITOR

QMX Gold Corp. has entered into a binding term sheet with Third Eye Capital Inc., acting on behalf of secured creditors, as the administrative agent, in respect of a note purchase agreement with the company and its subsidiaries, dated Nov. 28, 2012 (NPA). The term sheet sets out the key terms of a forbearance agreement in respect of the NPA, and remains subject to the execution by the company and the administrative agreement of a definitive agreement. On Oct. 8, 2014, the administrative agent delivered to the company a notice of intention to enforce security pursuant to Section 244 of Bankruptcy and Insolvency Act (Canada), but has not taken any action under the act. The amount of the company's indebtedness under the NPA is $16,061,774.41 (U.S.). A confidential material change report was filed with the regulatory authorities on Oct. 9, 2014.

Subject to the terms of the forbearance agreement, for a period until March 31, 2015, the administrative agent will forbear against the enforcement of its security relating to defaults by the company of the NPA. During the forbearance period, the company will co-operate in an orderly sales process for its Snow Lake property in Manitoba, as the agreement to sell the Snow Lake property to Northern Sun Mining Corp. was not extended at its expiry on Sept. 30, 2014. In addition, the company is engaged in a strategic review of all options available in respect of its Quebec operations.