GALAXIE DRILLING UNDERWAY

VANCOUVER, Dec. 11, 2012 /PRNewswire/ – 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.

On behalf of the Board of Directors
Scott Cousens
Chairman

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements that may be deemed
“forward-looking statements”. All statements in this release, other
than statements of historical facts that address exploration drilling,
exploitation activities and other related events or developments are
forward-looking statements. Although Quartz Mountain believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially
from those in the forward looking statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include market prices, potential environmental issues or
liabilities associated with exploration, development and mining
activities, exploration and exploitation successes, continuity of
mineralization, uncertainties related to the ability to obtain
necessary regulatory approvals, permits, licenses and title and delays
due to third party opposition, changes in and the effect government
policies regarding mining and natural resource exploration and
exploitation, continued availability of capital and financing, and
general economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially
from those projected in the forward-looking statements. For more
information, investors should review Quartz Mountain’s annual Form 20-F
filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.

SOURCE Quartz Mountain Resources Ltd.