Q-Gold Resources Ltd.
COMPANY DATA | INTRODUCTION
| PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | c/o Hexagon Resources Inc. Bank of America Building Suite 508, 121 East Birch Avenue Flagstaff, Arizona 86001 U.S.A. |
| Tel No.: | (928) 779-0166 |
| Fax No.: | (928) 779-0107 |
| Toll Free No.: | 1-888-779-0166 |
| Web Site: | www.qgoldresources.com |
| Corporate Email: | info@qgoldresources.com |
| Contact Person: | Eric Gavin |
| Position: | CFO |
| Traded Market: | TSX-V |
| Traded Symbol: | QAU |
| Outstanding Shares: | 39,981,401 |
| Public Float: | approx. 35,000,000 |
| 52 Week High: | $ 0.31 |
| 52 Week Low: | $ 0.105 |
| Present Price: | Click Here |
INTRODUCTION
Q-Gold Resources Ltd. is a mineral exploration company focused on exploring for precious metals and base metals in North America.
PROJECT IN HAND
(1) Mine Centre Gold Properties, Northwestern Ontario, Canada
Q-Gold's 100% owned over 32,000 contiguous acres of Archaean Greenstone Belt gold mining claims and leases are located 65 km east of Fort Frances, northwestern Ontario, 5 km south of Mine Centre and the Trans-Canada Highway. Greenstone belts in Archaean Age rocks of the Canadian Shield are known to contain ore deposits of gold, silver, copper, zinc and lead. The Company's prospective precious and base metal claims are situated in the historic (1890's) Gold Camp at Mine Centre. The Mine Centre area, where over 100 quartz veins have proven to be gold-bearing, is known to encompass the following mineral commodities: precious metals, copper-nickel, iron-titanium deposits and volcanogenic copper-zinc. Base metals mineralization has also been identified in a number of locations on the properties.
The Mine Centre properties, which are relatively unexplored, contain five historical gold mines, two of which were producing gold mines. The Foley and Golden Star Mines produced over 16,000 ounces combined in the 1890's and 1930's. The remaining three other mines, Decca, Ferguson and Manhattan never reached production status, however the Company plans on exploring these mines in 2008. Q-Gold owns all five mines.
The Mine Centre properties share similar geological characteristics to those of the Red Lake (240 km northwest of Mine Centre) and Kirkland Lake gold camps in Ontario, where total combined gold production to date is approximately 47 million ounces of gold. Managements believes that the Mine Centre properties have significant potential to host a modern world class gold deposit similar to those found at Red Lake and Kirkland Lake.
Q-Gold is committed to the exploration and reactivation of the historic gold camp at Mine Centre through a comprehensive, well-funded exploration program. The Company is dedicated to the re-opening of the Foley Gold Mine within the Mine Centre properties.
The southerly location, nearby availability of highway, rail, power and water allow the Company's work programs to operate year-round and at low exploration costs.
Foley Mine Project
The Foley Mine is the best-developed mine in the Mine Centre area, having produced 5,267 ounces of gold from the North and South Shaft Zones between 1893 and 1934. Approximately 800 tons of additional ore was mined from the South Foley Shaft between 1933 and 1934, producing 855 ounces gold and 149 ounces silver, at an average gold grade of 1.07 ounces per ton.
The Company's 2007-2008 exploration programs include an underground advanced exploration program at the Foley Mine. After reconstruction of the North Shaft collar, a mine de-watering and subsequent inspection now in progress is completed. The Foley Mine has a non NI 43-101 compliant historical resource and reserve estimates of up to 238,000 ounces of gold. Q-Gold must first confirm the above reserves, and to locate new gold reserves in the mine in future diamond core drilling programs.
Iron Ridge Project
The recently acquired 2,520 acres of Platinum Group Element (PGE) and Cupper/Nickel prospects at Iron Ridge on western shore of Bad Vermilion Lake, 5 km southwest of Mine Centre.
Iron Ridge project contains Platinum Group Element (PGE) prospects as well as Copper, Nickel, and Cobalt potential from large layered mafic intrusive bodies. The project includes large magnetite/limonite (titanium oxide) deposit requiring further mineralogical testing. Diamond drilling at Iron Ridge slated for Fall/Winter 2007.
(2) Rainy River Gold Properties, Northwestern Ontario, Canada
Q-Gold has recently acquired almost 8,000 acres of gold mining claims in the Rainy River Greenstone Mining District of northwestern Ontario, approximately 5 km to the southwest of Rainy River Resources Ltd. recent discovery of several important gold zones.
The Company's properties are thought to be an extension of the mafic and felsic volcanic sediments and felsic intrusive which host Rainy River Resources' gold zones. The properties contain significant gold-in-(glacial) till anomaly similar to that which lead Rainy River Resources to underlying bedrock gold discovery.
Geological mapping, sampling and assaying now in progress, with reverse circulation drilling program in Fall 2007.
The southerly location, nearby availability of highway, rail, power and water allow the Company's work programs to operate year-round and at low exploration and development costs.
MANAGEMENT
Q-Gold Resources Ltd. has a well management team with experience in different areas.
Board of Directors and Officers
J. Bruce Carruthers II, B.A. Geology, M.S. Mineral Economics
President, Chief Executive Officer and Director
Mr. Carruthers has over 40 years of experience in the exploration, development and production of natural resources (mining and petroleum). In 1992, as Operator for Inco, Mr. Carruthers directed the exploration program responsible for the $500 million Loma Blanca Borate discovery in Argentina. He was also responsible for the reactivation of the Tasna gold and bismuth mine in Bolivia, which was subsequently sold, along with eight other South American properties, to Corriente Resources. Previously, Mr. Carruthers worked for 16 years in management with Occidental Petroleum Corp., and seven years with Texaco (New York) and Mobil Oil in Tripoli, Libya.
Jack Bolen, B.Sc., Geology
Vice President Exploration (Q-Gold (Ontario) Ltd.) and Director
With over 30 years of extensive experience in the mining industry as a geologist and prospector, including more than 10 years in the Mine Centre area, Mr. Bolen provides outstanding geologic insight on the Properties. As Vice President of Exploration and General Manager of Hexagon Gold (Ontario) Ltd. since 1997, Mr. Bolen was instrumental in assembling the first cohesive land package in Mine Centre, which was subsequently sold to Q-Gold. Mr. Bolen was previously a contractor of geologic services to Noranda Exploration Company (HEMLO), Orofino Resources Ltd., Sherritt Gordon Mines Ltd. and Lac Mines. He was also a field geologist for the Kalahari Project (Botswana) for Canadian International Development Agency (CIDA).
Eric A. Gavin, B.A. Business Administration
Chief Financial Officer and Vice President Finance and Administration
Mr. Gavin's experience is concentrated in managing the accounting and administrative duties for various public and private natural resource exploration companies, including the past eight years for Q-Gold and its predecessor company.
Henry M. Meixner, B.Sc. Geology
Director
Mr. Meixner is a consulting geologist with over 40 years experience directing exploration projects in North and South America, Africa and Central Asia. He currently provides consulting services to several Vancouver-based mineral exploration companies operating in South America. Mr. Meixner is the author of several papers on the geology of both Botswana and Iran.
William F. Mudon, L.L.D.
Director
Currently a licensed attorney in the states of Colorado and Wyoming and an attorney/landman for Williams Production RMT Company in Denver, Colorado. Mr. Mudon has 25 years experience in mining and petroleum law. Formerly, Mr. Mudon was Director Investor Relations/Land for Golden Phoenix Minerals Inc., as well as the former attorney, corporate secretary and Head of Investor Relations/Compliance department for Nevada Goldfields Corp.
Eugene Chen, L.L.D.
Corporate Secretary and Director
Mr. Chen has 15 years experience in corporate law practice and is currently counsel, Fraser Milner Casgrain LLP in Calgary. He is also a Director of Z28 Capital Corp.
Wayne G. Young, D.D.S.
Director
Mr. Young is a private investor and former Director of Minean International Corp.
NEWS UPDATE
On November 9, 2007, Q-Gold Resources Ltd. announced that it has completed a non-brokered flow-through private placement for gross proceeds of $769,040. The original offering of $500,000 was oversubscribed by $269,040.
MineralFields Group, a Toronto-based mining fund, has subscribed for $340,000 of the offering (2,125,000 units).