CMQ Completes Drilling Program with Disappointing Results

    CALGARY, Nov. 19 /CNW/ - CMQ Resources Inc. (CMQ:TSXV) has completed its
2007 exploration drilling program with disappointing results. CMQ drilled a
total of 11 holes on the Hot Springs North, Valmy Hill and Northwest Corridor
focus areas of its Vasquir, Nevada property. A total of 18,420 feet of
drilling was completed and either full suite or gold only assays have been
received on each of the 11 holes. The best gold assay received, which remains
subject to check assays, was 7.78 ppm or .227 opt over a 5-foot interval from
895 to 900 ft., a depth at which gold in these concentrations is unlikely to
be commercial.
    Based on the drilling results and assays received, CMQ has determined
that it will not be pursuing further exploration on either of its two
properties - Vasquir and Montezuma - in the Crescent Valley, Nevada. CMQ will
perform various check assays and other follow-up activities in order to get
its database completely up to date, with a view to exploring the possible sale
or joint venture of one or both of its properties. There is, of course, no
assurance that sale or joint venture opportunities will be available, either
at all or on acceptable terms.
    CMQ will release its Q3 2007 financial statements prior to the end of
November. It is likely that all or substantially all of CMQ's investment in
its resource properties will be written off and that CMQ will have limited
remaining cash.
    CMQ's strategy from the outset has been to focus exclusively and expend
virtually all of its available resources on its two exploration properties and
to report the results on a frank and timely basis. As CMQ stated in its
May 18, 2005 Letter to Shareholders: "CMQ remains committed to utilize the
equity funds it has raised to determine the prospectivity of its Montezuma and
Vasquir properties through drilling.".... "We expect the CMQ story will play
out relatively quickly and results, be they positive or negative, will be
disclosed accurately and on a timely basis. CMQ recognizes that it is a high
risk, high reward opportunity. Shareholders who are unable or unwilling to
risk a total loss of their investment should seek alternate investment
    CMQ has now essentially concluded this high risk/high reward strategy as
far as it is able. Throughout the exploration program, CMQ's internal
personnel have worked closely with various capable outside consultants, as
well as with technical personnel from CMQ's strategic investor/partner, Gold
Fields Holdings Company (BVI) Limited, a subsidiary of Gold Fields Limited.
General and Administrative expenses have been kept to a minimum, no cash
compensation has been paid to the directors since inception, to the CEO for
the past two years, and other personnel were, to the extent possible, on
low-cost part-time arrangements or employment arrangements with relatively
little cash and significant equity upside. Unfortunately, even though
virtually all of the funds raised by CMQ have "gone into the ground", CMQ has
been unable to establish that any commercial gold deposits exist on its
property or to realize drilling successes that it believes would allow it to
raise additional funds or would merit further exploration of the properties in
its hands.
    CMQ will now focus on concluding its remaining business in a professional
and responsible manner, including land reclamation and restoration matters,
full technical reviews and completion of data packages. It will also assess
what, if any, additional or other business opportunities may be available to
it and whether continuation of CMQ in its current form is desirable or

For further information:

For further information: Martin A. Lambert, Chief Executive Officer, CMQ
Resources Inc., Tel: (403) 294-0101, E-mail or visit

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