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Early in 2002 QGX initiated acquisition of new areas in Mongolia in anticipation of increasing market interest in exploration and Mongolia in particular. The company has now acquired in excess of 30,000 sq kms (93 exploration licences) throughout Mongolia in differing geologic settings with potential for a wide variety of mineral targets. The acquisition process was based on specific criteria using QGX’s extensive knowledge of, and experience in, Mongolia. Field studies in 2002 and 2003 have prioritized 4, large, camp scale districts that are being actively explored by QGX. Each property represents a different geologic model, each has the potential to host multiple discoveries. The properties which all contain identified drill targets are called Golden Hills, Uhaa Hudaag and Erdene Tolgoi.

Regional prospecting will continue in 2004 in an effort to evaluate other large areas of ground that are currently held by QGX. It is anticipated that these programs will supply a continual pipeline of exciting prospects for QGX in the years ahead.

The company continues to assess new target areas in addition to exploring current holdings. The company’s prime focus is on gold with secondary efforts being directed to Cu/Au porphyry targets in the South Gobi.

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