QGX Completes Airborne Geophysical Survey at Golden Hills
Copper-Gold-Silver District
2006 Exploration Programs Begin on Copper and Gold Prospects in the
South Gobi
May 3, 2006 (Waterdown, Ontario). QGX Ltd. (TSX: QGX) wishes to provide the following
update on its metals exploration programs in Mongolia.

Golden Hills: The Central Valley Zone (CVZ) at Golden Hills contains 409,000 oz gold,
3,634,000 oz silver and 385 million lb copper in measured and indicated and an
additional 693,000 oz gold, 3,270,000 oz silver and 270 million lb copper in inferred
resources (see press release of February 28, 2005). The CVZ deposit appears to be part
of a larger volcanogenic massive sulphide (VMS) belt or district that has the potential to
host other copper-gold-silver deposits (see press release of September 7, 2005).
To evaluate this mineral potential, QGX has completed an airborne geophysical survey
covering approximately 2300 sq. km of the Golden Hills license block in western
Mongolia. The final results are expected this month. QGX is pleased with the
geophysical data quality and encouraged by the initial results.
Geological field work has already begun to evaluate the anomalies generated by the
airborne survey. QGX will move rapidly to evaluate and advance prospects to a drillable
stage in the coming months.
Geotech Airborne Limited of Aurora, Ontario (“Geotech”), conducted the airborne
survey. Geotech acquired both magnetic and electromagnetic (EM) data by using a
VTEM (Versatile Time-Domain ElectroMagnetics) system. QGX selected the VTEM
system because ground EM surveys proved to be very effective at delineating coppergold-silver-bearing massive sulphides in the Central Valley Zone (see press release of
August 30, 2003).

Copper Springs: QGX identified a large area of porphyry-related, quartz-sericite-clay
alteration with gold values of up to 2.55 g/t Au at its Copper Springs prospect in late
2005. Further geological mapping and chip sampling was carried out in early April,
supporting the earlier findings. QGX is now in the process of organizing geophysical
surveys to commence in May/June.

Golden Ram: QGX in 2005 delineated a 50 by 450 sq. m area with gold values ranging
from 0.012 to 29.3 g/t Au (avg. 4.0 g g/t Au). The mineralized zone remains open along
strike. In late April QGX initiated a program consisting of geological mapping, trenching
and geophysical surveys to identify targets for drilling later this year.

OT East: Reconnaissance mapping by QGX at its OT East license identified a zone of
porphyry-related silicification and advanced-argillic alteration approximately 25 km ESE
of Ivanhoe’s Oyu Tolgoi porphyry copper-gold deposit (see press release of October 26,
2004). QGX is scheduling geophysical surveys to begin at OT East in May.
QGX owns 80% of the license containing the CVZ resource and owns 100% of the Golden Hills
licenses surrounding the CVZ resource. QGX owns 100% of the Copper Springs, Golden Ram
and OT East exploration licenses.
Patrick Redmond, Chief Geologist of QGX, commented as follows:
"Our 2006 field programs are off to a great start. The airborne geophysical survey at Golden Hills
has been successfully completed and has generated a number of interesting anomalies that
warrant ground follow-up. Field work has also begun at a number of promising gold and coppergold prospects in the Gobi. These programs are designed to deliver drill-ready targets by mid-tolate summer.”
Dr. Patrick Redmond, Chief Geologist of QGX Ltd., is the Qualified Person as defined by
NI 43-101.
About QGX
QGX is a Canadian-based company that has been exploring for mineral deposits in Mongolia
since 1994. QGX holds a large area of exploration licenses throughout Mongolia. The Company’s
most advanced property is the Golden Hills prospect in western Mongolia. QGX has filed an
independent NI 43-101 report outlining a resource containing approximately 3.3 million goldequivalent ounces at the Central Valley Zone of Golden Hills (measured, indicated and inferred).
QGX has also filed an independent 43-101 report in respect of its Baruun Naran coal project
where results to date indicate that the property may hold a significant coal deposit containing
metallurgical- and thermal-grade coal. Barrick Gold Corp. holds a 9.4% equity interest in QGX as
part of a strategic relationship between the 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 statements.
For more information, please contact:
David Anderson, CEO
(905) 689-9442
or visit our website at www.qgxgold.com
Renmark Financial Communications Inc.
Henri Perron: hperron@renmarkfinancial.com
Neil Murray-Lyon: nmurraylyon@renmarkfinancial.com
(514) 939-3989
www.renmarkfinancial.com