Quincy Energy Completes NI 43-101 Report on Crownpoint Section 24.

TORONTO -- 9.966 M LBS of Indicated eU3O8 Resource Identified

The Board of Directors of Quincy Energy Corp. (TSX VENTURE:QUI)(OTCBB:QCYE)(FRANKFURT:QIY) is pleased to announce that the company has completed a National Instrument 43-101 Technical Report covering the Section 24 portion of its Crownpoint Property, located in the Grants Uranium District of McKinley County, New Mexico. The Technical Report calculates an Indicated Resource of 9.966 million pounds of eU3O8 at a grade of 0.1048 % eU3O8 on the Section 24 Property. This new resource estimate is based on 316,750 feet of drilling in 157 holes drilled by Conoco during the 1970's. Metallurgical testing by Conoco has also demonstrated the Crownpoint deposit is amenable to in situ leach (ISL) mining.

Quincy Energy executed an Option agreement with NZ Uranium, LLC, of Phoenix, AZ (NZU) on May 12, 2005 (see News Release dated May 16, 2005), to acquire up to 80% of NZU's interest in the Crownpoint Property, which consists of approximately 1,100 acres in three sections covering approximately three miles strike length of sandstone-hosted uranium mineralization. The subject of the Technical Report is the majority of the SE 1/4 of Section 24, T17N R13W New Mexico Prime Meridian (approximately 140 acres) (the "Section 24 Property"), in which NZU has a 60% interest.

Quincy Energy plans to complete a separate Technical Report on the remaining 960 acres comprising the Crownpoint Property, in which NZU has a 100% interest, in the near future.

The Crownpoint Section 24 Technical Report dated March 2, 2006 is authored by Dr. Greg Myers, P. Geo. (Washington State), a member and chartered professional of the AusIMM and a Qualified Person as defined by National Instrument 43-101. The Report is available for viewing on SEDAR at: Crownpoint Section 24 Technical Report May 2, 2006.

Methodology

Measurement of the uranium concentration in drill holes was made with radiometric logging of the drill holes throughout the entire resource area. Natural gamma (counts/second, or cps), self potential (millivolts), and resistance (ohms) were recorded at 1/2 foot increments on magnetic tape and then processed by computer to graphically reproducible form. The eU3O8 % conversions from the gamma log data were then calculated using the raw natural gamma counts and the sample quality is considered to be acceptable and representative of uranium values within the range of acceptable analytical error. Conoco collected the down hole geophysical survey data on the 1/2 foot intervals regardless of rock type or alteration, eliminating any sampling bias. High-grade intervals exist and extend with fairly consistent values laterally for several hundred feet; these high-grade values have not been cut or weighted for the calculation of the average grade of a bench.

The database consists of more than 28,800, 1/2 foot original gamma probe readings, which were used by Dr. Myers to calculate the resource model. Dr. Myers calculated the grade of the mineralized  zone as an average, bench by bench, and did not utilize any weighting factors in the calculations. The pounds of eU3O8 for each bench were tabulated along with the area and calculated volume for each bench. The total number of tons contained in the mineralized zones and the total number of pounds of eU3O8 was summed and the average grade of the entire mineralized zone was calculated from these results. The calculated grade of 0.1048% eU3O8 is below the statistical average of 0.132% eU3O8 for the sample population above the 0.04% cutoff because of internal waste, which cannot be separated from ore in an ISL mining scenario. The calculated grade utilized the average grade of the 10-foot bench composites and includes 1/2-foot intervals below the 0.04% cutoff grade.

2006 Crownpoint Section 24 Resource Statement using a 0.04% U3O8 grade cutoff

Contained eU3O8
                   Million Tons     Grade, eU3O8%    (Million Pounds)
---------------------------------------------------------------------
Indicated
 Resource                  4.75           0.1048                9.966

Other historic resource calculations on the Section 24 Property include 1.8 million tons grading 0.15% eU3O8 containing 6.48 million pounds eU3O8 by Conoco in 1979, based on underground mining, and 11.78 million pounds of eU3O8 by Hydro Resources Inc. in 1997.

Data Verification

The percentage of eU3O8 contained in drill holes was calculated from the down hole gamma logs at the time of drilling and geophysical surveying under the supervision of Conoco. Original data was collected on 1/2 foot intervals and converted to eU3O8%. The data available for this analysis were the original gamma logs and grade summary tables for each drill hole. The original logs and the tabulated data were compared to verify the values and there is a reasonable correlation in values. The tabulated data was scanned and entered into an ACCESS database along with collar location data. The scanned data was checked and confirmed and the current database is estimated to be essentially error free. Further verification and correction of the data was completed during sectional interpretations. While the original down hole gamma logs have been reviewed in detail, core samples from the original drilling were not available for check assaying.

Conoco conducted three disequilibrium studies to confirm the eU3O8% values calculated from the gamma logs. Their conclusions in a 1979 summary report showed a range from a slight chemical depletion (3%) to a moderate enrichment (13%) of the eU3O8%. Conoco ultimately concluded that the gamma log values tend to underestimate the actual chemical grade.

Cutoff Grades

The mineralized zone was defined as mineralization above the selected cutoff grade of 0.04% eU3O8 over a ten foot composite. The selection of a 0.04% eU3O8 cutoff grade by the author considered ISL recovery factors, maximizing the tonnage of mineralization and maintaining strong positive value at current uranium prices. As the concentration of U in the ISL solution is a function of the grade of the body being leached and leaching is more effective in zones with a higher concentration, the highest possible cutoff grade is preferred. For the Report, it was assumed that an average grade of 0.1% U3O8 would be a reasonable lower limit for the average grade of a mineralized body being subjected to ISL mining.

Volume Determination of Mineralized Zone

Orthogonal north-south and east-west cross sections were completed on 200-foot spacings in the mineralized zone utilizing known features of the geologic controls on mineralization. Cross sections with drill hole eU3O8% values and limited geologic information were generated in the Rockworks 2004 software program from the ACCESS database. The cross sections were then interpreted by hand on a section-by-section basis and digitized. The sectional data was transferred to bench plans, spaced every 10 feet, and the ore zones were interpreted and digitized in order to accurately measure the area of the mineralized body outline. The surveyed drill hole locations in the ore zones were used to adjust the mineralized body shapes. The measured area and volumes calculated from the benches were used to calculate the tons contained on each bench.

Conoco and Hydro Resources Inc. estimated density factors of 16 ft3/ton and 15.8 ft3/ton, respectively for use in their tonnage calculations. The lower density factor of 15.8 ft3/ton was used by the author in the Technical Report.

Grade Continuity

A co-variogram was calculated for the 10-foot bench centered on the 4830 level using 39 mineralized drill hole averages. The continuity of grade between drill holes is good at values of eU3O8 below the sill limit of 0.6%. The linear correlation of grade is limited to about 300 feet for this bench, indicating that generating a krigged average of grades above about 0.6% beyond 280 feet would bias the calculated average. The data population greater than 0.6% eU3O8 is minimal. The use of an inverse distance squared average will also have limitations when averaging groups of adjoining drill holes. Resource modeling for the Report calculated a simple average grade for each 10 foot bench, equally weighting each drill hole to limit biasing. Clustering of drill hole data is insignificant and does not bias the bench average.

A competitor company is currently in the permitting process to initiate ISL production in the area of the Section 24 Property. They have completed the permit applications and Environmental Impact Statements required and are waiting for final approval. In April 2005 the Navajo Nation imposed a moratorium on uranium development and mining on the Navajo Reservation and on "Indian Country". However the definition of "Indian Country" is not clear and the moratorium's impact on Quincy Energy's plans for further work at Crownpoint is unknown at this time. No other limitations or other negative impacts due to environmental permitting or other political issues, which will have an affect on the mineral resource, are known to exist.

Quincy Energy is now evaluating the recommendations contained in Dr. Myers' Report including the design of further work programs to further confirm the earlier drilling and metallurgical work completed by Conoco.

Quincy Energy Corp. is a US company which has acquired drill proven uranium resources in existing uranium mining camps in Canada and the United States, including the Crownpoint and Hosta Butte  projects, located in McKinley County, New Mexico, the Aurora Project, located in Malheur County, Oregon, the Hansen (Tallahassee Creek) project, located in Fremont County, Colorado, the Horse Creek project located in Natrona County, Wyoming, the Arizona Pipes project located in Mohave and Coconino Counties, Arizona and the Elliot Lake project located in Buckles Township, Ontario. Quincy Energy has assembled an experienced team of industry professionals whose mandate is to advance these projects through the permitting stage and into production.

To find out more about Quincy Energy Corp. visit our website at www.quincyenergy.com.

THIS PRESS RELEASE WAS PREPARED BY QUINCY ENERGY CORP., WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Information Regarding Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions in the Private Securities Legislation Reform Act of 1995. Forward-looking settlements involve known and unknown risks and uncertainties, which may cause Quincy's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things: volatility of natural resource prices; product demand; market competition and risks inherent in Quincy's operations. These and other risks are described in the Company's Annual Report or Form 10-K and other filings with the Securities and Exchange Commission.

Quincy Energy Corp. (TSX VENTURE:QUI) (OTC Bulletin Board:QCYE) (FRANKFURT:QIY)