Quia Resources Announces Closing of First Tranche of Private Placement and Plan for Second Tranche Concurrent with Debt Settl...

Quia Resources Inc. (TSX VENTURE:QIA) ("Quia" or the "Company") announced today
that it closed the first tranche of a non-brokered private placement (the
"Offering") consisting of 5,200,661 units ("Units") for aggregate gross proceeds
of $260,033.05. In addition, as part of the Offering, the Company plans to issue
Units for certain debt amounting to $332,077.30 subject to conditional approval
by the TSXV. Concurrently with the closing of the debt settlement, the company
plans to close a further tranche of the private placement including additional
cash subscriptions it has received.


Each Unit consists of one (1) common share of the Company (a "Common Share") and
one half (1/2) of one warrant ("Warrant"). Each full Warrant entitles the holder
to acquire one common share of the Company at a price of $0.10 per Common Share
for a period of 18 months from the closing date. The term of the Warrants is
subject to an acceleration right at the option of the Company, provided that the
common shares of the Company trade at or above $0.25 for a full 20 consecutive
trading days after February 26, 2013 and the Company has provided Warrant
holders with 30 days prior written notice of the accelerated Warrant exercise
date.


The securities are subject to a four month hold period expiring February 26, 2013.

Canaccord Genuity Corp. and Foundation Markets Inc., acting as finders, received
cash commissions of $3,383.60 and $1,890 respectively, and Canaccord Genuity
Corp., received 67,672 compensation options ("Compensation Options"), each
Compensation Option being exercisable into one Unit within 18 months of closing
at an exercise price of $0.05. Quia is a related issuer of Foundation Markets
Inc. and may be considered to be a connected issuer of Foundation Markets Inc.
and therefore Foundation Markets Inc. did not receive Compensation Options.


Results of Annual General Meeting

At the meeting, shareholders approved the following resolutions:



--  Directors of the company elected to hold office for the ensuing year or
    until their successors is appointed: Daniel Noone, Yannis Banks, Richard
    Brown, Adam Szweras, Paul Lin, Lewis Lawrick and Iain Kelso. 
    
--  The appointment of Collins Barrow as auditors for the Corporation for
    the fiscal year ending December 31, 2012 and their remuneration to be
    fixed by the Directors. 
    
--  Re-approval of the Company's rolling Stock Option Plan. 



About Quia Resources Inc.

Quia Resources is a gold exploration Company focused in Colombia and its
100%-owned San Lucas property in the San Lucas gold belt. The San Lucas gold
belt is among the least explored and most prospective gold belts in Colombia.
Quia is an early-mover into this belt and has established a key property
position and a strong base of technical knowledge in the area.


Forward-Looking Statements

This press release contains or refers to forward-looking information, including
statements regarding proposed use of proceeds of the Offering, and is based on
current expectations that involve a number of business risks and uncertainties.
Factors that could cause actual results to differ materially from any
forward-looking statement include, but are not limited to, delays in obtaining
or failures to obtain required governmental, environmental or other project
approvals, political risks, uncertainties relating to the availability and costs
of financing needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the development
of projects and the other risks involved in the mineral exploration and
development industry. Forward-looking statements are subject to significant
risks and uncertainties, and other factors that could cause actual results to
differ materially from expected results. Readers should not place undue reliance
on forward-looking statements. These forward-looking statements are made as of
the date hereof and the Company assumes no responsibility to update them or
revise them to reflect new events or circumstances other than as required by
law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Quia Resources Inc.
Yannis Banks
Chief Executive Officer
[phone]
[e-mail]