QGX Submits Golden Hills and Undur Tsagaan Reserve Documents for Registration with the Mongolian Government

December 20, 2007 (Waterdown, Ontario). QGX Ltd. (TSX: QGX) is pleased to announce that reserve estimates and supporting documents for the Golden Hills (Cu-Au-Ag) and the Undur Tsagaan (W-Mo) projects, independently prepared by third-party Mongolian experts to a Mongolian government (non-NI 43-101) standard, have been submitted to the Minerals Resource Council of the Mongolian government for registration.  The Mongolia Minerals Law of 2006 states that a reserve must be registered with the government before an exploration license can be converted to a mining license. 

In April 2007 QGX filed an independent NI 43-101 report outlining a positive preliminary economic assessment for Golden Hills.  Based on long-term copper, gold, and silver prices of $1.50/lb, $529/oz, and $9.08/oz, respectively, the project generates estimated after-tax financial returns of  US$83 million NPV (10% discount rate) and 27% IRR.

Known mineralization at Undur Tsagaan occurs near the surface as quartz veinlets containing molybdenite, wolframite, and scheelite hosted within Mesozoic granitic porphyry and Devonian schist and gabbro-diabase intrusions.  A resource of 141 million metric tonnes @ 0.124% WO₃, 0.019% Mo, 0.03% Be, 0.08% Bi (C₁ + C₂ category) and an additional 60 million tonnes @ 0.11% WO₃, 0.03% Mo, 0.03% Be, 0.01% Bi (P₁ category) was defined in 1982.  These figures are not NI 43-101 compliant and constitute a historical resource. 

The historic resource estimates above for Undur Tsagaan were completed prior to implementation of NI 43-101. These historic resource figures have not been re-defined to conform to CIM approved standards as defined by NI 43-101. The resource estimates have been obtained from sources believed to be reliable and are relevant. The Company is not treating these historical estimates as NI 43-101 defined resources or reserves verified by a Qualified Person. Until such time as the Company is able to verify and classify these historic resources according to CIM standards, they should not be relied upon.

Paul Zweng, President and CEO of QGX Ltd., commented as follows:

"The submission of the two resource statements to the government represents a significant milestone for QGX.  We have focused much of our effort during the second half of 2007 to completing this process for both Golden Hills and Undur Tsagaan.  The requirements for each project include, among other things, submitting a detailed geological report, resource estimate, environmental baseline study, hydrology report, geotechnical report, and a pre-feasibility study prepared independently by Mongolian experts.  These documents will form the basis for registering the mineral reserves with the State as well as converting the exploration licenses to mining licenses.  Once a mining license has been issued, a project is legally authorized by the government to go forward for development and production."
 
Qualified Person

Mr. David Anderson, Executive Chairman of QGX Ltd. and a Qualified Person as defined by NI 43-101, has reviewed and approved the information contained in this release.

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 July 2007 QGX announced that an independent 43-101 preliminary economic analysis for Baruun Naran showed a net present value (discounted at 10%) of US$481 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 and 159.6 Mt of indicated (252.9 Mt contained in measured and indicated) and 11.1 Mt of inferred resources. QGX filed in April 2007 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.

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

For more information, please contact:
David Anderson, Executive Chairman                  
(905) 689-9442                                                          
or visit our website at www.qgxgold.com

or  

Paul Zweng, President/CEO           
(925) 855-0505

Renmark Financial Communications Inc.
John Boidman, jboidman@renmarkfinancial.com
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Media: Adam Ross, aross@renmarkfinancial.com
Tel.: (514) 939-3989 
Fax: (514) 939-3717
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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.