c/o Mineral Creek Resources Inc.

Q-GOLD RESOURCES LTD. c/o Mineral Creek Resources Inc. 809 W. Riordan Road, Suite 100-391 Flagstaff, Arizona 86001 Ph: (928) 600-4977/ Fax: 268-3445 www.QGoldResources.com

Q-GOLD ANNOUNCES CLOSING OF PRIVATE PLACEMENT OFFERING

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Vancouver, British Columbia, December 29, 2017– Q-Gold Resources Ltd. (the "Company") (TSX VENTURE: QGR) (http://www.qgoldresources.com) is pleased to announce that further to its news release dated December 11, 2017, it has completed its non-brokered private placement of 12,000,000 units ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of $600,000 (the “Offering”).

Each Unit consists of one common share (“Share”) and one transferable Share purchase warrant ("Warrant") of the Company. Each Warrant will entitle the holder to acquire one Share (a "Warrant Share") of the Company at an exercise price of $0.075 per Warrant Share until December 28, 2019.

No finder’s fees were paid in connection with the closing of the Offering.

All securities issued pursuant to the Offering are subject to four-month resale restriction expiring on April 29, 2018.

About Q-Gold Resources Ltd.

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:

J. Bruce Carruthers II, Chairman at 1-928-600-4977 or [email protected], Website: http://www.qgoldresources.com