FORT FRANCES, ON, Nov. 3, 2011 /CNW/ - Q-Gold Resources Ltd. (the "Company" or "Q-Gold") (TSX VENTURE: QGR) (http://www.qgoldresources.com) announced today that it has now received the assay results from TSL Laboratories, Saskatoon, Saskatchewan ("TSL") for the first batch of 147 samples from its Phase III drilling program at the Company's 93% owned McKenzie Gray gold/ silver deposit near Mine Centre, Ontario. Phase III drilling, which consisted of 17 "NQ" diamond drill holes totaling 2,751 metres (9,026 feet), is now complete and an additional 94 samples have recently been shipped to TSL for assay. Results are anticipated in November.

Assay Results/ Highlights
Highlights of the Composite assays (weighted average grade) for the first seven drill holes in grams per tonne (g/t) are as follows:

Composite assays for all of the first seven drill holes are provided in the accompanying table. The drill holes represent the shallow drilling of the mineralized structure and vein system to approximately 100 metre (328 feet) depth. Assays for the remaining deeper drill holes are pending (distances in metres).

As applicable, TSL used Standard Fire Assay/ Gravimetric, Metallic and ICP-Multi-element using ICP-MS Aqua Regia assay methods in determining the above values.

The McKenzie Gray deposit consists of a steeply dipping, altered shear zone which extends on strike for 150 m (492 feet) and from surface to at least 150 m in true vertical depth. It contains a mineralized vein system consisting of two distinct veins, the first which contains gold and sulfides of silver and zinc up to a width of 1 m, and the second, containing appreciable disseminated silver sulfide from 2-6 m in "true width".

All 15 of the shallow to medium depth (120-180 m) holes in Phase III encountered one or both of the two mineralized quartz veins in the altered shear zone containing the McKenzie Gray deposit, confirming the results of the 30 previous successful holes drilled by the Company in 2009-10. Two additional deep holes were drilled to test the mineralized zone at a true vertical depth of 250 m (820 feet). The target structure was encountered in both holes, with samples sent to TSL for assay.

When all assay results are received and evaluated, a Phase IV drilling program will be designed with a goal of providing sufficient data to model the deposit and permit preparation of a preliminary mineral resource estimate under NI 43-101. The drill program will include additional deep holes to the NW and SE to assess the extent of the deposit at depth.

Additional gold/ silver prospects remain to be tested in the McKenzie Gray area, as a result of two Q-Gold ground geophysical (IP) surveys and historical exploration work. These include the gold-bearing "Jolly Roger" and "Road" veins, as well as several prospective IP anomalies.

While recent results from McKenzie Gray drilling are being evaluated and the Phase IV drilling program is being formulated, the Company will resume delineation diamond drilling in the Foley Gold Mine Complex, also near Mine Centre. A series of shallow (ranging from 75 m to 195 m) "fan" holes, drilled from single locations, will penetrate the historic gold-producing "Bonanza" vein, which, according to historic reports, produced 5,267 ounces of gold, principally in the 1890's. Drill Hole #Q-BV-10-2, in the 2010 drilling program, returned 106.7 g/t gold over an interval of 0.23 m from the Bonanza Vein at about 30 m depth (Q-Gold Press Release July 19, 2011). The drill will also test the gold-bearing, "Vowel" vein, which extends on surface for 116 m, with an accompanying "splay" vein extending on surface for an additional 63 m. The Vowel vein yielded gold values from 10 Q-Gold surface trenches, averaging 6.1 g/t over an average width of 1 m. Weighted average assayed grade from Trench V-25 yielded 15.2 g/t over 0.7 m width.

Chairman Bruce Carruthers remarked, "We are very pleased with the results obtained at McKenzie Gray, with the vast majority of the drill holes being successful. We look forward to the next phase, which will attempt to estimate the potential 'resource' contained with the deposit."

"In addition, our resumption of delineation drilling into the known gold zones of the Foley Mine also provides an exciting prospect for the Company in the near term."

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 M.Sc., P.Eng., a Qualified Person as defined by National Instrument 43-101.

About Q-Gold Resources Ltd.

Q-Gold is a Canadian-based mineral exploration company currently exploring for precious and base metals on its Ontario and Arizona prospects.

"Historical reports" referred to in this release have been examined but not verified by a "Qualified Person" under the requirements of NI 43-101 and therefore should not be relied on for any purpose.

CAUTIONARY STATEMENT: Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws. Please see our public filings at www.sedar.com for further information.