QGold Closes Acquisition of Option on Quartz Mountain Advanced Gold Project in Oregon, U.S.A and Satisfies Release Conditions for $11,500,000 Escrowed Financing

Core Points - Q-Gold Resources Ltd. has successfully closed the acquisition of the Quartz Mountain gold exploration project in Oregon, marking a significant step towards becoming a North American gold producer [1][4] - The acquisition includes an option to acquire a 100% interest in the Quartz Mountain property and a 50% joint venture interest in the Angel's Camp property, covering approximately 4,823 acres [2][5] - The company has completed around 100,000 meters of drilling on the Quartz Mountain Project to date [2] Acquisition Details - Q-Gold paid US$2,850,000 in cash and issued 13,924,702 common shares to Alamos Gold Inc. as part of the acquisition [6] - Additional payments to Alamos include US$3,150,000, US$2,500,000, and US$2,500,000 due on the first, second, and third anniversaries of the closing date, respectively [7] - A total of US$5,000,000 will be paid upon completion of a feasibility study or the decision to commence construction on the Quartz Mountain Project [7][8] Financial Structure - The total number of common shares issued for the acquisition and milestone payments is capped at 138,326,406 [9] - The company intends to use proceeds from a recent offering to fund exploration and engineering studies at the Quartz Mountain Project, among other purposes [15] Company Overview - Q-Gold Resources Ltd. is focused on advancing gold projects in North America, particularly in safe and stable mining jurisdictions [17]