FLAGSTAFF, AZ, May 3 /CNW/ - 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
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.
For further information:
Q-Gold Resources Ltd.
J. Bruce Carruthers II, Chairman