QGX Commissions Minarco-MineConsult to Conduct Pre-Feasibility Study for its Coking-Thermal Project at Baruun Naran, Mongolia

    TSX - QGX

       QGX Files NI 43-101 Resource Estimate for Baruun Naran on SEDAR
                       Measured and Indicated: 252.9 Mt
                              Inferred: 11.1 Mt

    WATERDOWN, ON, Aug. 7 /CNW Telbec/ - QGX Ltd. (TSX: QGX) is pleased to
announce that the company has commissioned Minarco-MineConsult ("MMC") of
Sydney, Australia, to complete a pre-feasibility study on its 100%-owned
coking-thermal coal project at Baruun Naran, southernmost Mongolia. MMC began
working on the pre-feasibility study in late July and is scheduled to complete
the study in December. A recently completed preliminary economic assessment by
MMC indicated the project is financially robust with a US$481 million net
present value (at 10% discount rate) on an after-tax basis, 39% internal rate
of return, US$320 million in annual revenues, and US$90 million in annual net
profits (see press release of July 19, 2007).
    QGX is also pleased to announce receipt of the second NI 43-101 resource
estimate prepared independently by McElroy Bryan Geological Services Pty. Ltd.
of Sydney, Australia ("MBGS"). This report has been posted on SEDAR and is now
available to read. The estimate delineated 93.3 Mt of measured, 159.6 Mt of
indicated (252.9 Mt of measured and indicated resources), and 11.1 Mt of
inferred resources (see press release of June 13th, 2007).

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

    "We are pleased that Minarco-MineConsult is undertaking the
pre-feasibility study for our Baruun Naran coal project. They have assigned a
first-class team to work on this project, and we have full confidence that
they will produce a comprehensive and sound study.
    We are also pleased by the NI 43-101 resource estimate produced
independently by McElroy Bryan. Their work shows that Baruun Naran is the
largest privately-held bituminous coal project in Mongolia. To deliver on the
project's potential, QGX has a number of work programs and other initiatives
currently in motion. As these results come forth, we look forward to sharing
them with our shareholders and the investment public.
    The fundamentals for this project remain strong. The Chinese are now net
importers of coal for the first time in their history based on statistics
issued by General Administration of Customs of China for the first six months
of 2007. Demand is high and supply is problematic. These trends bode well for
our coking and thermal coal project--especially given its close location to

    Qualified Person

    Mr. Igor Bojanic of Minarco-MineConsult (Sydney, Australia) and a
Qualified Person as defined by NI 43-101 has reviewed and approved the
relevant information contained in this release. Mr. Andrew Paul of
McElroy Bryan Geological Services (Sydney, Australia) and a Qualified Person
as defined by NI 43-101 has reviewed and approved the relevant information
contained in this release. Mr. John Thompson, Vice President Operations 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
    %SEDAR: 00013803E

For further information:

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

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