SEC 12g 3-2(b) Exemption # 82-4931

FORT FRANCES, ON, Jan. 26 /CNW/ - Q-Gold Resources Ltd. (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce the results of the first 6 drill holes of its diamond core drilling program on its 93% owned McKenzie Gray gold/silver discovery near Mine Centre, Ontario. In the fall of 2010, Q-Gold completed a Phase II diamond-drilling program on the McKenzie Gray property consisting of 18 drill holes totaling 2,612 metres.

Highlights from the first six drill holes of the 2010 drilling program on McKenzie Gray include 9.25 metres of 179.79 g/t silver, including 5.4 metres of 293.93 g/t silver (QMG10-03) and 2.9 metres of 152.72 g/t silver (QMG10-04)

CEO John Campbell stated. "We are very pleased with the results of Phase II drilling thus far. This year's drilling on McKenzie Gray not only encountered high grade gold mineralization, but especially high grade silver mineralization over significant lengths. We look forward to further exploration and the possible extension of this high-grade gold and silver system in Phase III."

Assay results for the remaining drill holes are forthcoming.

Drilling Results

Q-Gold Resources Ltd. completed the above 18-hole Phase II diamond-drilling program on the McKenzie Gray property in November of 2010. It was designed to follow-up on the successful 2009 drill program (see press release dated October 28, 2009), which identified significant gold, silver and zinc mineralization. The 2010 drill program consisted of 5 shallow dipping drill holes (-40º) to test the mineralized zone near surface (QMG10-14 to 18). The other 13 drill holes (QMG10-1 to 12) tested the mineralized zone to a depth of 150 metres. The new drilling was completed on the same cross-sections as the 2009 drill holes, spaced at 15 metre intervals.

DDH From To Length Au g/t Ag g/t Cu % Pb % Zn % Description
QMG10-01 113.80 114.25 0.45 0.21 9.30     0.03 Quartz-Carb-Tour Veinlets
QMG10-01 118.80 119.05 0.25 4.27 38.20 0.31 0.12 4.08 Mineralized Quartz Vein
QMG10-02 132.00 132.15 0.15 1.62 50.10 <0.01 0.34 0.12 Mineralized Quartz Vein
QMG10-02 134.00 134.20 0.20 <.03 3.30 <0.01 <0.01 2.16 Mineralized Quartz Vein
QMG10-03 151.15 160.40 9.25 0.44 179.79 0.01 0.13 0.19 Quartz Rich Zone
QMG10-03 153.65 159.05 5.40 0.47 293.92 0.01 0.22 0.03 Quartz Rich Zone
QMG10-04 88.30 88.60 0.30 24.56 22.40 0.40 0.01 2.64 Quartz-Carb-Tour Vein
QMG10-04 133.70 136.60 2.90 0.31 152.72 0.01 0.30 0.05 Mineralized Quartz Vein
QMG10-04 139.70 139.85 0.15 0.30 38.40 0.01 0.15 3.26 Mineralized Quartz Vein
QMG10-05 151.50 160.90 9.40 0.11 57.84 0.01 0.05 0.02 Quartz Rich Zone
QMG10-05 151.50 158.15 3.95 0.24 123.93 0.01 0.10 0.02 Quartz Rich Zone
QMG10-06 113.40 118.60 5.20 0.21 30.81 0.02 0.03 0.13 Quartz Rich Zone
QMG10-06 127.85 128.15 0.30 0.08 55.90 <.01 0.04 <.01 Mineralized Quartz Vein

All core samples were selected by the Q-Gold site geologist and were cut in half by diamond core saw. Individual samples were placed in plastic sample bags with a sample tag number and sealed. Groups of samples were then placed into plastic pails and sealed with plastic covers. The remaining half cores are stored in the outdoor storage area at the Q-Gold Fort Frances office, which is fenced-in and locked.

All sample shipments were sealed and shipped to TSL Laboratories Inc. in Saskatoon, Saskatchewan for analysis. TSL Laboratories' quality system complies with the requirements for the International Standards. Q-Gold also had its own quality control / quality assurance programs in place.

The remaining coarse reject portions of the samples and sample pulps remain in storage at the TSL storage facility in Saskatoon in the event that further analyses are required.

The technical content of this release was reviewed and approved by Delio Tortosa P.Eng., a Qualified Person as defined by National Instrument 43-101.

Upon the recent termination of the original Mine Centre Option and Joint Venture Agreement between the Company and Upper Canyon Minerals Corp. ("UCM"), Q-Gold acquired an additional 5 ½ % interest in the "Nipigon Tract" containing the McKenzie Gray gold/ silver deposit from UCM.  In return, Q-Gold granted UCM a 7% "carried interest" to production. Upon presentation of a feasibility study by Q-Gold, UCM will have the option to obtain a 7% participating interest in any development project on the Nipigon and Golden Star tracts, formerly contained in the Joint Venture.  Thus, Q-Gold's current interest in the two properties is 93%.

About Q-Gold Resources Ltd.

Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its 26,000 acres of 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:

Corporate Inquiries
Q-Gold Resources Ltd.
J. Bruce Carruthers II, Chairman

Profil de l'entreprise

Q-Gold Resources Ltd.

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