Last updated on April 18, 2014 at 13:21 EDT

Quartz Mountain Exploration Update

November 15, 2013

VANCOUVER, Nov. 15, 2013 /PRNewswire/ – Quartz Mountain Resources Ltd. (“Quartz Mountain” or the “Company”)
announces an exploration update. Drilling has been undertaken at the
ZNT silver property located in central British Columbia (“BC”). The ZNT
property is being explored under a joint venture agreement with Amarc
Resources Ltd. (“Amarc”). Amarc has acquired a 60% interest and is
operator of the ZNT Project, and Quartz Mountain holds a 40% interest.

The ZNT exploration property was staked by Quartz Mountain in 2012 on
the basis of significant zinc concentrations in regional till samples
as reported by Geoscience BC. In 2012, the Company collected
approximately 2,400 grid soil geochemical samples and completed 20 line
kilometres of Induced Polarization ground geophysical survey. These
initial exploration activities defined a new and unusually strong
silver and multi-element-in-soils anomaly measuring 1.8 kilometres by
1.2 kilometres.

Quartz Mountain and Amarc entered into a joint venture on the project in
late 2012. As operator of the ZNT Joint Venture, Amarc completed a
pitting and trenching program on the property in July of this year,
designed to further refine the target outlined by Quartz Mountain’s
work in 2012. Some 170 rock and 36 soil geochemical samples were
collected during the 2013 program from 62 pits and trenches.
Integration of the data from these surface programs defined a silver
deposit-target hosted by volcanogenic sandstones. However, a recent
600-metre, 2-hole drill program indicated a limited extent to the
prospective host rock package and did not encounter economic
mineralization. As a result, no further work is planned at ZNT by

Quartz Mountain and Amarc are also in a 60/40 joint venture on the
Galaxie Project in northwestern BC. Amarc explored some of the targets
at Galaxie in 2013. As described in the Company’s September 19, 2013
news release, a series of alkali intrusions which are known to be the
principal hosts in the Stikine-Iskut porphyry belt for porphyry
copper-gold deposits were observed during the 2013 program around the
Hu target. Although Amarc plans no further work, the potential at Hu
and a number of other remaining target-areas identified during Quartz
Mountain’s 2012 program warrant further exploration.

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