QGX Announces Financing Update



    TSX - QGX

    WATERDOWN, ON, Oct. 9 /CNW Telbec/ - QGX Ltd. announces that the Company
has entered into an amending agreement with JUST Group Industries regarding
the proposed financing announced by QGX on July 24, 2007. Pursuant to the
terms of the amending agreement, JUST Group has completed the subscription for
722,892 shares of QGX at $4.15 per share, representing an investment of
$3 million. JUST Group has been granted an extension until October 25, 2007 to
complete the remaining balance of the proposed financing (approximately
$17 million) on the same terms and conditions, provided that QGX retains the
right to cancel the balance of the subscription under certain conditions.

    About QGX

    QGX is a Canadian-based company that has been exploring for mineral
deposits in Mongolia since 1994. QGX's two most advanced properties are the
Baruun Naran and the Golden Hills projects. In July 2007 QGX announced that an
independent 43-101 preliminary economic analysis for Baruun Naran showed a net
present value (discounted at 10%) of US$481 million on an after-tax basis. QGX
announced in August 2007 an independent NI 43-101 resource for coking and
thermal coal at Baruun Naran comprised of 93.3 Mt of measured and 159.6 Mt of
indicated (252.9 Mt contained in measured and indicated) and 11.1 Mt of
inferred resources. QGX filed in April 2007 an independent NI 43-101 report
outlining a positive preliminary economic assessment for its
copper-gold-silver project at Golden Hills. Barrick Gold Corp. holds an
approximate 9% equity interest in QGX as part of a strategic relationship
between the two companies.

    The TSX has not reviewed and does not accept responsibility for the
    adequacy or accuracy of this release.
    %SEDAR: 00013803E




For further information:

For further information: David Anderson, Executive Chairman, (905)
689-9442; Paul Zweng, President/CEO, (925) 855-0505; visit our website at
www.qgxgold.com; Renmark Financial Communications Inc.: John Boidman:
jboidman@renmarkfinancial.com; Maurice Dagenais:
mdagenais@renmarkfinancial.com; Media: Adam Ross, aross@renmarkfinancial.com;
(514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com

Organization Profile

QGX LTD.

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