Last updated on April 24, 2014 at 12:40 EDT

Quartz Mountain Arranges $641,000 Non-Brokered Financing

December 28, 2012

VANCOUVER, Dec. 28, 2012 /PRNewswire/ – Quartz Mountain Resources Ltd. (“Quartz Mountain” or the “Company“) (TSX-V: QZM; OTC: QZMRF) announces that it has arranged a
non-brokered private placement (the “Offering“), comprised of 1,752,409 flow-through common shares at a price of
$0.30 per share, and 461,914 non flow-through common shares at a price
of $0.25 per share, for gross proceeds of $641,201.  A finder’s fee is
payable on a portion of the Offering.

The shares issued pursuant to the Offering are subject to a hold period
expiring four months and a day after closing of the Offering.  The
proceeds raised from the Offering are to be used to fund exploration
work on Quartz Mountain’s properties in British Columbia, and for
general corporate and working capital purposes.

No material change report was filed more than 21 days before the
expected closing of the Offering as details of the Offering were not
settled until shortly before the closing of the Offering.

The closing of the Offering has been approved by the TSX Venture
Exchange and it is expected to take place today.

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.

On behalf of the Board of Directors
Scott Cousens

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.

Source: PR Newswire