QGX Commences Drilling at the Copper Ridge Prospect, Golden Hills, Mongolia



    TSX - QGX

    WATERDOWN, ON, Sept. 4 /CNW Telbec/ - QGX Ltd. (TSX: QGX) is pleased to
announce that exploration drilling is now underway at the Copper Ridge massive
sulphide prospect, located approximately 3 km from the Central Valley Zone
("CVZ") copper-gold-silver massive sulphide deposit at Golden Hills, western
Mongolia.
    In 2006, QGX conducted an airborne electromagnetic survey over Golden
Hills which delineated several prospects, including Copper Ridge (see press
releases of March 3 and December 5, 2006). This year a ground gravity survey
at Copper Ridge measured a gravity high coincident with the airborne EM
anomaly, providing additional support that the source of the airborne EM
anomaly may be massive sulphide. Nearby, two holes drilled in 2004 cut narrow
widths of sulphide lenses and stringers containing significant zinc and gold
values (e.g., 5.25 m containing 2.67% Zn and 0.55 g/t Au and 7.50 m containing
0.31% Zn and 0.13 g/t Au). Based on the location of the interpreted source of
the airborne EM and gravity anomalies relative to the drill-hole intercepts,
QGX believes that the two holes drilled in the past cut the fringe of the
system. The drill hole now underway is collared approximately 200 m to the
southwest of the previous holes and is designed to test the core of the
airborne EM and gravity anomalies at a vertical depth of approximately 270 m.

    Paul Zweng, President and CEO of QGX Ltd., commented as follows:

    "We are excited to begin a new exploration campaign at Golden Hills where
we have enjoyed considerable success in the past drilling for massive
sulphide. The Copper Ridge prospect looks promising and holds the potential to
deliver additional tonnes to the CVZ deposit located only three km away. If
this potential is realized, then Copper Ridge could either increase the size
of the CVZ project or extend its life. The potential for synergies between
these two is clearly high."
    QGX announced on April 26th the filing on SEDAR of the NI 43-101
compliant preliminary economic assessment regarding the development of the
Company's 80%-owned copper-gold-silver resource at the CVZ. The study defines
a two-stage development plan with a mine life of 15 years. The operation
commences with open-pit mining of the gold-silver oxide resource followed by
underground mining of the copper-gold-silver sulphide and high-grade
quartz-telluride vein resource. The project is financially robust with an
after-tax NPV (at 10% discount rate) of US$83 million and an IRR of 27% (100%
equity basis).

    Qualified Person

    Mr. Tom Drown, Project Geologist of QGX Ltd. and a Qualified Person as
defined by NI 43-101, has reviewed and approved the information contained in
this release.

    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.

    This press release includes certain "forward-looking statements". All
statements, other than statements of historical fact, included herein,
including without limitation, statements regarding potential mineralization,
results and future plans and objectives of the Company are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such
statement.
    %SEDAR: 00013803E




For further information:

For further information: David Anderson, Executive Chairman, (905)
689-9442; Paul Zweng, President/CEO, (925) 855-0505 or 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.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890