QGX Ltd. TSX: QGX

WATERDOWN, ONTARIO--(Marketwire - May 22, 2008) - QGX Ltd. (TSX:QGX) ("QGX") announced today that the Toronto Stock Exchange ("TSX") has granted QGX's request for an extension to allow the company to hold its annual meeting of shareholders on or before September 19, 2008. TSX rules require companies to hold an annual meeting within six months after their fiscal year end, unless one or more extensions are granted from those rules. A meeting date has not been finalized. The TSX granted this extension after being made aware of the strategic review process being undertaken by QGX as previously announced on February 12, 2008.

QGX also announced today that Edward Van Ginkel has resigned from the Board of Directors of the company effective today.

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 January 2008 QGX announced that an independent 43-101 pre-feasibility study for Baruun Naran showed a net present value (discounted at 10%) of US$499 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, 159.6 Mt of indicated (252.9 Mt contained in measured and indicated) and 11.1 Mt of inferred resources. In April 2007, QGX filed 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. On March 17, 2008, QGX announced the engagement of Merrill Lynch as exclusive financial advisor to assist the company with a review of potential strategic alternatives.

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 statement.

The TSX has neither approved nor disapproved the information contained herein.

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