Replies to post #15 on QGX Ltd fka QGX

[Ed Monton]

QGX

OCTOBER 28, 2003 - 14:46 ET

QGX Ltd.: Drilling Continues at the Central Valley Zone,
Golden Hills

WATERDOWN, ONTARIO--

Porphyry Drill Target Identified at Erdene Tolgoi (SE Mongolia)

QGX Ltd. (TSX.V: QGX) is currently conducting exploration
programs at Golden Hills, Erdene Tolgoi (SE Mongolia), and Uhaa
Hudag (located approximately 120 km north of Oyu Tolgoi). This
release is intended to provide an exploration update on the first
two programs.

Highlights of these programs are as follows:

Golden Hills: Drilling at the Central Valley Zone at Golden Hills
recommenced on August 31st. Eight holes have been drilled to
date. The drilling has been hampered by poor recovery in the
gossan as well as a temporary breakdown of the drill rig from
October 8th to 24th. A new drilling crew commenced drilling on
October 24th. A drilling consultant is scheduled to arrive on the
property on October 29th to improve core recovery.

The majority of the holes drilled in the most recent campaign
have targeted massive sulfide on section 10,400 E where
copper-bearing massive sulfide was discovered in CVZ-40 (please
see press release of September 3rd). While assay results have not
been received, the on-site geologists are reporting that the
massive sulphide consists mainly of pyrite with minor to moderate
quantities of secondary-enriched copper and primary copper in
some of the intersections.

Gossan has been intersected at the North Zone. A series of
post-mineral faults and an associated thickening of colluvium
(valley fill) in the area of 10,400 E and 10,300 E have limited
the size of the gossan intersections. Drilling is now focused on
testing the gossan and massive sulfide to the west of 10,300 E
where structural complications are not anticipated. The current
hole is designed to test for gossan on line 9940 E where a trench
returned 5 g/t gold over 10.9 m (see September 3rd press
release).

Assays for the eight holes are pending and should be available in
November.

Erdene Tolgoi: Recently completed geophysical surveys show that
the Chuluut breccia pipe is spatially coincident with an Induced
Polarization (IP) chargeability anomaly and a magnetic high. The
Chuluut breccia pipe, located within QGX's Erdene Tolgoi
exploration license in SE Mongolia, was discovered by QGX in
August 2003. Chip samples from exploration pits in the weathered
near-surface portion of the breccia pipe contain up to 1.75%
copper (see September 22nd press release). The IP/Mag surveys
were designed to evaluate a 25 sq. km area around the breccia
pipe. Preliminary results are encouraging, with a number of
chargeability anomalies and magnetic highs being identified
within the survey area in addition to the response from the
Chuluut breccia pipe.

A soil-sampling program, covering the same 25 sq. km area as the
geophysical surveys, also has been completed. Geological mapping
of the Chuluut prospect, utilizing high-resolution QuickbirdII
satellite imagery, is ongoing. Analysis and integration of the
geophysical, geochemical and mapping data will be completed by
early December.

QGX has also completed a stream-sediment sampling program
covering approximately 200 sq. km in SE Mongolia, including the
areas surrounding both the Chuluut and Erdene Tolgoi prospects.
Analytical results from this program should be available by the
end of November.

"We are encouraged that the geophysical surveys are corroborating
the alteration-mineralization patterns established by the
geologic mapping as well as indicating new areas of interest
below the thin sediment cover", said David Anderson, CEO of QGX.
He added, "The chargeability anomalies suggest sulphides occur at
depth, presenting an exciting porphyry drill target. We plan to
drill these targets as soon as a drill rig becomes available".

QGX is in the process of negotiating a new drill-rig contract
that will provide the Company with a second and dedicated drill
to ensure continuity in the exploration programs. In addition to
the on-going drill program at Golden Hills, the additional drill
rig will enable QGX to continue the drill testing at Uhaa Hudag,
initiate a program at Erdene Tolgoi, and to advance the numerous
exploration projects contained within its 30,000 sq. km of
licenses. QGX is also considering importing a third drill rig
into Mongolia in early 2004.

About QGX

QGX is a Canadian-based mineral exploration company that has been
exploring for mineral deposits in Mongolia since 1994. The
Company is conducting exploration programs on multiple targets in
Mongolia with a primary focus on its Golden Hills prospect where
drilling to date has encountered significant gold, silver and
copper mineralization near surface. The Company also has a
carried interest through to production in three advanced
exploration prospects (Kharmagtai -10%; Ovoot Hyar and Shuteen -
20% each) that are being explored by Ivanhoe Mines Ltd.

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FOR FURTHER INFORMATION PLEASE CONTACT:
QGX Ltd.
David Anderson
CEO
[phone]
or
QGX Ltd.
Paul Zweng
COO
(925)-855-0505
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.