QMX Gold Closes $17.5 Million Bridge Financing

Marketwired

TORONTO, ONTARIO--(Marketwire - Nov. 28, 2012) - QMX GOLD CORPORATION (QMX.TO)(QMXGF) ("QMX Gold" or the "Company") has completed the fully secured bridge financing from Third Eye Capital as previously announced on November 12, 2012 (the "Financing").

The Financing consists of a senior, secured note with a face value of US$17.5 million which will result in net proceeds to QMX Gold of US$15.5 million.

The Financing is for a one year term and QMX Gold will be required to make cash interest payments starting June 28, 2013 at a rate of US$250,000 per month. In addition to the interest payments, QMX Gold will grant Third Eye Capital 2,900,000 warrants to acquire common shares of the Company at the exercise price of $0.2525, which represents the 10-day VWAP of the common shares of the Company as traded on the Toronto Stock Exchange.

The Financing was used to pay out the approximately US$10.3 million bridge financing held by Resource Income Fund L.P, which was paid on November 12, 2012. The remaining proceeds will be used for general corporate purposes. Stan Bharti or Forbes & Manhattan, Inc. did not receive any fee in connection with this Financing. 

On the closing Francois Perron commented, "The financing provided by Third Eye Capital has now given us the flexibility to look at other options to raise the capital necessary for the success of the Snow Lake Mine. They were able to move quickly and have a facility closed within a matter of weeks so I can now continue my focus on the task of raising capital for this important project."

About QMX Gold

QMX Gold Corporation is a Canadian publicly traded mining company focusing on mine development and exploration in Quebec and Manitoba. The Company is listed on the Toronto Stock Exchange and effective July 5, 2012, began trading under the symbol "QMX", and trades in the United States on the Over the Counter QX International platform under the symbol "QMXGF".

QMX Gold continues to operate in the Val-d'Or area with production estimated at 18,000-20,000 ounces of gold per year. The Company has also begun to ramp-up pre-production activities at its property at the Snow Lake Mining Camp which has a Measured and Indicated Mineral Resource of 5.4 million tonnes grading 4.45 g/t Au for approximately 720,000 oz of gold. Snow Lake Mine is expected to produce 80,000 ounces of gold per year. Full details are outlined in the Technical Report titled "Snow Lake Mine Re-activation Project" dated December 10, 2010 and prepared by: Andre Roy (Eng.) Jamie Lavigne (P.Geo), David West (P.Eng), Ian Ward (P.Eng), Matthew Parfitt (P.Eng), Mark Bednarz (P.Geo). This technical report is available on the SEDAR profile of the Company at www.sedar.com.

Qualified Person

Technical programs and scientific and technical information included in this release have been supervised, compiled, reviewed and approved by David Rigg, P.Geo., the Chairman of the Company and a Qualified Person as defined under NI 43-101.

Forward-looking information:

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the projected use of proceeds, the ability to secure alternative financing options, the timing and amount of future exploration and development of the property, the timing and amount of future production, and the future financial or operating performance of QMX Gold and its projects. Generally, forward-looking information 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", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Contact:
QMX Gold Corporation
Francois Perron
President and CEO
(416) 309-2952

QMX Gold Corporation
Louis Baribeau
Public Relations
(514) 667-2304

QMX Gold Corporation
Rob Hopkins
Investor Relations
(416) 861-5899

QMX Gold Corporation
Toll free: +1 877-717-3027
info@qmxgold.ca
www.qmxgold.ca

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