QGX Announces Financing Update

    TSX - QGX

    WATERDOWN, ON, Oct. 24 /CNW Telbec/ - QGX Ltd. (TSX: QGX) announces it
has been advised by JUST Group Industries that due to other commitments, they
will not subscribe for the remaining portion of the financing with QGX that
was announced on July 24, 2007 and amended on September 25, 2007. As a result,
the JUST Group investment in QGX will consist of the 722,892 shares of QGX
subscribed for earlier this month at $4.15 per share, representing an
investment of $3 million.
    JUST Group is a private Mongolian company incorporated in 1999 that is
active through subsidiary companies in the trading, distribution and bulk
transportation of energy products, logistics, mining, and meat processing in
Mongolia. The company is currently implementing transport arrangements to
carry by rail about three million tons of bulk energy products (such as oil,
coal, and electricity) on an annual basis.

    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

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