|December 11, 2012|
Quartz Mountain Successfully Closes Letter Agreement On The Galaxie And ZNT Projects In BC Galaxie Drilling Underway
|December 11, 2012, Vancouver, BC - Quartz Mountain Resources Ltd. ("Quartz Mountain" or the "Company") (TSX-V: QZM; OTC: QZMRF) is pleased to announce that the letter agreement with Amarc Resources Ltd. ("Amarc") described in the Company's November 7, 2012 News Release has become unconditional, binding and effective. Under the agreement, Amarc can acquire up to a 50% ownership interest in Quartz Mountain's 100% owned Galaxie and ZNT Projects (the "Projects") in British Columbia ("BC") upon making a cash payment to Quartz Mountain and funding exploration expenditures in relation to the Projects.|
Quartz Mountain has been active at all of its projects in 2012, carrying out geological, geochemical and geophysical surveys. Results are pending on some of these programs and will be released when compiled.
The Company also assessed historical information, re-logged core and carried out a deep Induced Polarization survey on the Gnat porphyry copper deposit at Galaxie. The Gnat assessment indicates copper mineralization in the deposit remains open to expansion. A targeted drilling program is underway.
About Quartz Mountain Resources Ltd.
Quartz Mountain Resources Ltd. is a Vancouver-based exploration company focused on making a major new deposit discovery in British Columbia. Quartz Mountain is associated with Hunter Dickinson Inc. (HDI), a diversified, global mining group with more than 25 years of mineral development success.
Mark Rebagliati, P. Eng., a Qualified Person as defined under National Instrument 43-101, has reviewed the content of this release.
For further details, please visit Quartz Mountain's website at www.quartzmountainresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
On behalf of the Board of Directors
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