FLAGSTAFF, AZ,
May 3 /PRNewswire-FirstCall/ - Q-Gold
Resources Ltd. (TSX VENTURE: QGR) (http://www.qgoldresources.com)
announced today that it has signed a 5-year Purchase Option
Agreement with private parties for 5 patented mining claims
containing the historic Peck and Oriental Silver Mines. The mines
are located in the Southern Bradshaw Mountains, near Crown King, in the Peck Mining District of
Yavapai County, Arizona. The
Company has also recently staked 12 BLM mining claims totalling 240
acres adjoining the mines.
Q-Gold has previously announced the optioning of
three additional historic silver mines in Crown King, the "Silver King" (Pine Grove Mining District), "Black Warrior"
and a portion of the "Silver Prince" (both in the Peck District),
all of which were high-grade historic silver producers at the end
of the 19th Century (Press Release dated
10/13/10). Q-Gold has recently staked 10 additional BLM claims
around the Silver Prince / Black Warrior Mines, for an additional
200 acres of silver prospects. In addition, the famous Tiger and
the Hammond Riggs silver mines in Crown
King's Tiger Mining District are already under option to
Q-Gold.
The Company plans to launch an airborne
geophysical survey over its entire "silver package" at Crown King to determine prospective drill
locations for a combination reverse circulation / diamond drilling
program later this summer.
The Option requires a series of semi-annual cash
payments to Owners and gives Q-Gold the right to conduct
exploration and mining operations and to purchase 100% interest in
the Peck Mine Properties at any time during the Option Period for a
payment of US$ 200,000 in cash and
US$ 200,000 in Q-Gold Shares.
The Purchase Option Agreement is subject to the
approval of the TSX-Venture Exchange.
About Q-Gold Resources Ltd.
Q-Gold is a Canadian-based mineral exploration company currently
exploring for precious and base metals on its Ontario holdings in the historic Gold Camp at
Mine Centre, including 5 historic
gold mines. In addition, the Corporation holds options on historic
gold and silver mines in the historic Arizona gold camp of Crown King, and copper prospects in eastern
and western Arizona.
The statements made in this Press Release may
contain forward-looking statements that may involve a number of
risks and uncertainties. Actual events or results could differ
materially from the Company's expectations and projections. Neither
the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release
SOURCE Q-Gold Resources Ltd.