Preliminary Economic Assessment for the Copper-Gold-Silver Project at the Central Valley Zone (CVZ),
Golden Hills, Mongolia, Now Posted on SEDAR

April 26, 2007 (Waterdown, Ontario). QGX Ltd. (TSX: QGX) is pleased to announce that the NI 43-101 compliant Preliminary Economic Assessment (the "Study") regarding the Company's 80%-owned copper-gold-silver project at the Central Valley Zone (CVZ) at Golden Hills, Mongolia, is now posted on SEDAR.  On March 8, 2007, QGX announced the highlights of that Study, conducted by Chlumsky, Armbrust, & Meyer, LLC ("CAM"), a professional mining engineering firm in Denver Colorado.  

The Study defines a two-stage development plan, commencing with open-pit mining of the gold-silver oxide resource followed by underground mining of the copper-gold-silver sulphide and high-grade quartz-telluride veins at CVZ.  Key financial highlights are as follows:

This Study builds on the October 2005 NI 43-101 compliant report defining mineral resources at Golden Hills completed by CAM.  This Study, now available on SEDAR as of April 25th, uses those resources to establish economic parameters for possible mine development.  As a Preliminary Economic Assessment, this Study considers and includes all resources (measured, indicated, and inferred) to estimate financial results for the project.

Interested parties are invited to read the full details of this Study on SEDAR to understand further the results of the Study and the status of QGX's Golden Hills copper-gold-silver project in western Mongolia.

Qualified Person

Mr. John Thompson, VP Project Development of QGX Ltd. and a Qualified Person as defined by NI 43-101, has reviewed and approved the information contained in this release. 

Cautionary and Forward Looking Statement Information

All information contained in this press release relating to the contents of the Study, including but not limited to statements of the project's potential and information under the heading "Key Assumptions and Highlights of the Study" are "forward looking statements" within the definition of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation.  Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". 

The Study was prepared to broadly quantify the project's capital and operating cost parameters and to provide guidance on the type and scale of future project engineering and development work that will be needed to ultimately define the project's likelihood of feasibility and optimal production rate. It was not prepared to be used as a valuation of the project nor should it be considered to be a pre-feasibility study. The capital and operating cost estimates which were used have been developed only to an approximate order of magnitude based on generally understood capital cost to production level relationships and they are not based on any systematic engineering studies, so the ultimate costs may vary widely from the amounts set out in the Study. This could materially and adversely impact the projected economics of the project. As is normal at this stage of a project, data are incomplete and estimates were developed based solely on the expert ise of the individuals involved as well as the assessments of other persons who were involved with previous operators of the project. At this level of engineering, the criteria, methods and estimates are very preliminary and result in a high level of subjective judgment being employed.

The following are the principal risk factors and uncertainties which, in management's opinion, are likely to most directly affect the conclusions of the Study and the ultimate feasibility of the project. The mineralized material at the project is currently classified as resources and it is not reserves. The mineralized material in the Study is based only on the resource model developed by Chlumsky, Armbrust, & Meyer, LLC ("CAM"), a professional mining engineering firm in Denver Colorado in October 2005. Considerable additional work, including in-fill drilling, additional process tests, and other engineering and geologic work will be required to determine if the mineralized material is an economically exploitable reserve. There can be no assurance that this mineralized material can become a reserve or that the amount may be converted to a reserve or the grade thereof. Final feasibility work has not been done to confirm the mine design, min ing methods, and processing methods assumed in the Preliminary Economic Assessment. Final feasibility could determine that the assumed mine design, mining methods, and processing methods are not correct. Construction and operation of the mine and processing facilities depends on securing environmental and other permits on a timely basis. No permits have been applied for and there can be no assurance that required permits can be secured or secured on a timely basis. Data are incomplete and cost estimates have been developed in part based on the expertise of the individuals participating in the preparation of the Preliminary Economic Assessment and on costs at projects believed to be comparable, and not based on firm price quotes. Costs, including design, procurement, construction, and on-going operating costs and metal recoveries could be materially different from those contained in the Preliminary Economic Assessment. There can be no assurance that mining can be conducted at the rates and grades assumed in the Preliminary Economic Assessment. The Preliminary Economic Assessment assumes specified, long-term prices levels for copper, gold and silver. Prices for these commodities are historically volatile, and QGX Ltd. has no control of or influence on those prices, all of which are determined in international markets. There can be no assurance that the prices of these commodities will continue at current levels or that they will not decline below the prices assumed in the Preliminary Economic Assessment. Prices for gold and silver have been below the price ranges assumed in Preliminary Economic Assessment at times during the past ten years, and for extended periods of time. The project will require major financing, probably a combination of debt and equity financing. Interest rates are at historically low levels. There can be no assurance that debt and/or equity financing will be available on acceptable terms. A significant increase in costs of c apital could materially and adversely affect the value and feasibility of constructing the project. Other general risks include those ordinary to large construction projects including the general uncertainties inherent in engineering and construction cost, the need to comply with generally increasing environmental obligations, and accommodation of local and community concerns.

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.  QGX announced on June 7th an independent NI 43-101 resource for metallurgical and thermal coal at Baruun Naran comprised of 47.5 Mt of measured, 60.0 Mt of indicated (107.5 Mt contained in measured and indicated) and an additional 48 Mt of inferred resources.  QGX filed in October, 2005 an independent NI 43-101 report outlining a polymetallic resource at the Central Valley Zone of Golden Hills. Barrick Gold Corp. holds an approximate 9% equity interest in QGX as part of a strategic relationship between the two companies.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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.