Q-GOLD EFFECTS SHARE CONSOLIDATION

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

Vancouver, British Columbia, February 28, 2012

Q-Gold Resources Ltd. (the "Company") (TSX VENTURE: QGR) (http://www.qgoldresources.com) announced that, effective February 29, 2012 at market open, the Company will consolidate its common shares on the basis of one (1) post-consolidation common share for every sixteen (16) pre-consolidation common shares.

The Company will have a total of approximately 2,641,843 post-consolidation common shares issued and outstanding.

The consolidation was approved by the shareholders of the Company at the special meeting held on February 16, 2012 and has been approved by the TSX Venture Exchange.

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.