Mr. Robert Dickinson reports

QUARTZ ADOPTS SEMI-ANNUAL FINANCIAL REPORTING

Quartz Mountain Resources Ltd. has elected to rely on Coordinated Blanket Order 51-933 -- Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers and move to semi-annual financial reporting (SAR).

The blanket order allows eligible venture issuers listed on the TSX Venture Exchange to voluntarily move from a quarterly to a semi-annual financial reporting framework. The company's fiscal year ends on July 31. Under the SAR pilot program, the company will be exempt from filing interim financial reports and related management discussion and analysis (MD&A) for its first and third quarters as follows:

• Interim periods: The company will not file interim reports for the first quarter ending Oct. 31 of each year and the third quarter ending April 30 of each year.
• Continuing reporting: The company will continue to file audited annual financial statements (due within 120 days of July 31 of each year) and six-month interim financial reports (due within 60 days of Jan. 31 each year).

Quartz confirms that it meets the eligibility criteria to move to SAR, which include being a venture issuer with annual revenues of less than $10-million and maintaining a clean 12-month continuous disclosure record.

This news release is being filed pursuant to the blanket order.

About Quartz Mountain Resources Ltd.

Headquartered in Vancouver, Canada, Quartz Mountain Resources is a well-financed public company whose successful mine-finding management team is focused on discovering and transacting important-scale gold, silver and copper projects in B.C. The company owns 100 per cent of the Maestro gold-silver project and 100 per cent of the Jake porphyry copper-gold-silver project. Both projects are permitted by the B.C. government for drilling activities with access to infrastructure and high potential for the development of substantial resources for significant future transactions. Quartz is associated with Hunter Dickinson Inc. (HDI), a company with over 35 years of successfully discovering, developing and transacting mineral projects in Canada and internationally. Former HDI projects in British Columbia included Mount Milligan, Kemess South and Gibraltar, all of which are porphyry copper plus or minus gold deposits that are currently producing or formerly producing mines. Recently, Amarc Resources, an HDI associated company, with funding from Freeport McMoran Inc., announced the exciting discovery of the Tier 1 Aurora gold-copper porphyry deposit also in British Columbia. Other well-known projects with HDI involvement include Sisson, Duke and Prosperity in Canada, Pebble and Florence in the United States, and Xietongmen in China. Quartz is committed to the advancement of important-scale, critical and essential mining assets while following responsible mineral development principles, including a mandate to employ best-practice approaches in the engagement and involvement of local communities and meeting rigorous environmental standards.

Qualified person

Farshad Shirmohammad, MSc, PGeo, a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Minerals Projects, who is not independent of Quartz Mountain Resources, has reviewed and approved the scientific and technical information contained in this news release

We seek Safe Harbor.