June 22, 2007 (Waterdown, Ontario). QGX Ltd. (TSX: QGX) is pleased to announce that that at its annual and special meeting held on June 20, 2007, shareholders approved the adoption by QGX of a shareholder rights plan. Details regarding the shareholder rights plan are set forth in the management proxy circular of QGX dated May 14, 2007, a copy of which has been filed and is available from the SEDAR website at www.sedar.com.
The objectives of the shareholder rights plan are to ensure, to the extent possible, that all shareholders are treated equally and fairly in connection with any take-over bid or similar proposal to acquire common shares of the Company. The plan was not adopted in response to, or in anticipation of, any known proposal to acquire control of QGX.
The plan has been implemented and is effective immediately pursuant to the terms and conditions of a Shareholder Rights Plan Agreement between QGX and Computershare Trust Company of Canada, as rights agent. The complete text of this agreement will be filed and available from the SEDAR website at www.sedar.com.
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 13th an independent NI 43-101 resource for metallurgical 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) 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.
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For more information, please contact: David Anderson, Executive Chairman or Paul Zweng, President/CEO (905) 689-9442 (925) 855-0505 or visit our website at www.qgxgold.com |
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