CALGARY, Feb. 26, 2014 /CNW/ – CMQ Resources Inc. (TSXV: NV) (“CMQ“) today announced that Montezuma Mines Inc., a subsidiary of CMQ (“Montezuma“), and Geologix (US) Inc. (“Geologix“) have executed a Purchase Agreement (the “Agreement“) in respect of the sale by Geologix of all of its interest in the
unpatented mining claims making up CMQ’s South Sleeper project (the “Property“). The Agreement provides for a total purchase price for the Property
of US$400,000, which amounts have now been paid by Montezuma. The
Agreement reserves to Geologix a mineral protection royalty equal to
one percent of the net smelter returns from production of minerals
mined from the Property with an option for Montezuma to purchase
one-half of such royalty in the future for a price of US$2,000,000. In
connection with the execution of the Agreement, the previously existing
exploration agreement in respect of the South Sleeper property has been
terminated. In order to fund the purchase price under the Agreement
Matco Investments Ltd. has provided CMQ with an unsecured advance in
the amount of Cdn$550,000, which advance bears interest at a rate of
9%.

Additionally, CMQ is pleased to announce that Montezuma has entered into
an agreement with Miranda Gold Corp. (“Miranda“) whereby Miranda has agreed to withdraw its previously delivered
notice of termination in respect of Miranda’s Red Canyon project and
Miranda and Montezuma have agreed to the terms of a joint venture
agreement in respect of the Red Canyon property. Such agreement is
currently being finalized between the parties.

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.

Forward-Looking Statements

This press release contains certain forward-looking statements and
forward-looking information (collectively referred to herein as “forward-looking statements“) within the meaning of Canadian securities laws, including with
respect to the completion of a Joint Venture Agreement with Miranda.
All statements other than statements of historical fact are
forward-looking statements. Forward-looking statements typically
contain statements with words such as “anticipate”, “believe”, “plan”,
“continuous”, “estimate”, “expect”, “intend”, “may”, “will”, “shall”,
“project”, “would”, “should”, or similar words suggesting future
outcomes.

Undue reliance should not be placed on forward-looking statements, which
are inherently uncertain, are based on estimates and assumptions, and
are subject to known and unknown risks and uncertainties (both general
and specific) that contribute to the possibility that the future events
or circumstances contemplated by the forward-looking statements will
not occur. There can be no assurance that the plans, intentions or
expectations upon which forward-looking statements are based will in
fact be realized. Actual results will differ, and the difference may be
material and adverse to CMQ and shareholders. Forward-looking
statements are based on management’s current beliefs as well as
assumptions made by, and information currently available to,
management. Though management considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and specific,
and risks that forward-looking statements will not be achieved. The
forward-looking statements contained in this press release are made as
of the date hereof and CMQ does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements,
except as required by applicable law. The forward-looking statements
contained herein are expressly qualified by this cautionary statement.

SOURCE CMQ Resources Inc.