QGX announces take-up of shares by Mongolia Holdings Corp. pursuant to its all-cash bid

QGX announces take-up of shares by Mongolia Holdings Corp. pursuant to its all-cash bid

QGX Ltd. announce that 50,950,885 of its common shares have been validly deposited pursuant to the offer by Mongolia Holdings Corp., an indirect subsidiary of Kerry Holdings Limited, to acquire all of the outstanding QGX Shares. Under the terms of the Offer, shareholders of QGX are entitled to receive Cdn$5.00 cash for each QGX Share tendered pursuant to the Offer. The Offeror has advised that, as all conditions of the Offer have been satisfied, it has taken up and accepted for payment all QGX Shares so deposited, which represent approximately 95.94% of the outstanding QGX Shares. The Offeror has deposited sufficient funds to pay for all of the common shares with the Depositary and payment will be made by the Depositary to tendering shareholders within 3 business days.

The Offer expired at midnight (Vancouver time) on September 15, 2008 and will not be extended. The Offeror has also advised that it intends to acquire all QGX Shares not tendered to the Offer by way of a compulsory acquisition pursuant to the Business Corporations Act (Ontario) and will shortly be mailing a notice of compulsory acquisition to QGX shareholders who have not tendered into the Offer.

At a meeting of the QGX board of directors held today, the board of QGX was reconstituted and now consists of the following individuals: Odjargal Jambaljamts, Chye Kuok, Thomas Lui, Philip Marshall and John Newman. Mr. Lui has also been appointed as Chairman and Chief Executive Officer.

The Offeror’s registered office is 200 Bay Street, Suite 2600, Toronto, Ontario. A report required under section 102.1 of the Securities Act (Ontario) will be filed within the prescribed time period. Copies of such report shall be available by contacting Corey MacKinnon at 416.360.6336.

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