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QMX Gold Closes $17.5 Million Bridge Financing

TORONTO, ONTARIO--(Marketwire - Nov 12, 2012) - QMX GOLD CORPORATION (QMX.TO)(QMXGF) ("QMX Gold" or the "Company") has received a commitment for a fully secured bridge financing from Third Eye Capital, a leading special situations investor based in Toronto, Canada with established expertise in complex secured lending

The financing consists of a senior, secured note with a face value of US$17.5 million and 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 pay cash interest payments starting seven months from the closing of the facility 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 an exercise price of $0.27.

The financing is expected to close in two parts with the first tranche of approximately US$10.3 million already used to pay out the current bridge financing held by Resource Income Fund L.P. The proceeds of the second tranche will be used for general corporate purposes, and is expected to close on or about November 19, 2012 and is subject to the completion of Third Eye Capital''s due diligence and regulatory approval, among other things.

Francois Perron, President and CEO of the Company, commented: "The new bridge facility provides QMX Gold with the flexibility required to pursue different financing alternatives for the Snow Lake project in the coming months."

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 operates in: Val-d''Or, Quebec and Snow Lake, Manitoba. 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 Resources of over 720,000 oz gold and is expected to produce 80,000 ounces of gold per year as identified in the Technical Report of the Company dated of December 10, 2010 titled "Snow Lake Mine Re-activation Project" 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) and 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 completion of the proposed financing, 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 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.