Queenston Mining Inc.
TSX : QMI
FRANKFURT : QMI

Queenston Mining Inc.
Newstrike Resources Ltd.
TSX VENTURE : NR

Newstrike Resources Ltd.

October 02, 2009 11:13 ET

Newstrike and Queenston Begin Drilling on the Commodore JV in Kirkland Lake, Ontario

TORONTO, ONTARIO--(Marketwire - Oct. 2, 2009) - Newstrike Resources Ltd. (TSX VENTURE:NR) ("Newstrike") and Queenston Mining Inc. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("Queenston") announce that a diamond drill program has commenced on the Commodore joint venture property located in Lebel and Gauthier townships in Kirkland Lake, Ontario.

The property is favourably located in the Kirkland Lake gold camp totaling 57 mineral claims comprising 25 patented and 32 unpatented claims. Further details regarding the claims are provided in a joint news release dated August 27, 2009 available on SEDAR at www.sedar.com.

The combined property covers seven kilometers of a favourable assemblage of Timiskaming rocks that elsewhere in the camp hosts the historic 24 million ounce Kirkland Lake Main Break gold deposits, 8 km to the west and the 1.5 million ounce Upper Canada gold mine, 3 km to the east. Two gold structures, the Upper Canada Break and 03 Break trend across the property and host known zones of mineralization including the Morris mine, Commodore deposit and the HG zone.

The Morris mine historically produced approximately 17,000 ounces of gold and 29,300 ounces of silver from 1936-1941 and has only experienced sporadic exploration over the past 70 years. It is interpreted to be located on the "03 Break". The Commodore deposit was first drilled in the 1950's and in 1995 Sudbury Contact Mines Limited completed further drilling outlining a deposit that contains an historic mineral resource of 669,500 t grading 2.4 g/t Au including 278,500 t grading 3.8 g/t Au. The resource was calculated by W.A. Hubacheck Consultants Limited in a report dated January 1997 filed with the Ontario Ministry of Northern Development and Mines. This resource is not compliant to National Instrument 43-101 and should not be relied upon as it has not been verified by a qualified person under these guidelines. West of the Commodore Zone the HG zone was discovered in a single drill hole by Sudbury Contact assaying 43.5 g/t Au over a core length of 1.5 m.

The joint venture has approved a $530,000 exploration budget and today a diamond drill program has commenced to initially target the HG zone and Commodore deposit, interpreted as being controlled by the Upper Canada Break, a prominent gold structure that traverses the south-central portion of the property for 3 km, that hosts both the Commodore deposit and HG zone (see attached surface plan). This first phase, 3,800 m program, will follow-up and expand both the Commodore and HG mineralization and begin to test a 1.5 km section along the Upper Canada Break located between the two known zones of mineralization. The Upper Canada Break has recently become more significant as a result of Queenston's drilling on their neighboring Upper Canada Mine property where they have announced the potential for a bulk tonnage-open pit resource (see Queenston news release dated October 1, 2009). Attached to this news release is a plan of the joint venture property highlighting the primary exploration target to be tested with the first phase of drilling. The plan is also available on Newstrike's website at www.newstrikeresources.com and Queenston's web site at www.queenston.ca

About Newstrike

Newstrike is an early stage gold exploration company with property assets located primarily in the Kirkland Lake area of Ontario. The Company owns a 50% interest in the Commodore property and a 25% interest in the Swansea property. The Company's strategy is to carry out exploration on their advanced properties with the purpose of defining economic deposits. Newstrike has working capital of approximately $1.1 million.

About Queenston

Queenston maintains a significant land package in the Kirkland Lake gold camp containing 21 contiguous properties totaling approximately 14,000 hectares or 942 mineral claim units. The Company's strategy is to return to producer status through the development of 100% owned gold projects including the Upper Beaver, McBean, Anoki and Upper Canada. The Company is also carrying out deep exploration targeting the new South Mine Complex with joint venture partner Kirkland Lake Gold Inc. on the South Claims property and on its 100% owned AK property. Queenston is well financed with working capital in excess of $40 million and has an exploration budget for the balance of 2009 and all of 2010 of $17 million.

Charles E. Page, P. Geo. is the qualified person responsible in preparing this news release.

Newstrike's Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Newstrike, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Queenston's Forward Looking Statements

Except for historical information this News Release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Company's expectations and projections. A more detailed discussion of the risks is available in the "Annual Information Form" filed by the Company on SEDAR at www.sedar.com

Neither the TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Queenston Mining Inc.
    Charles E. Page, P. Geo.
    President and CEO
    (416) 364-0001 (ext. 224)
    or
    Queenston Mining Inc.
    Hugh D. Harbinson
    Chairman
    (416) 364-0001 (ext. 225)
    or
    Queenston Mining Inc.
    Andreas Curkovic
    Investor Relations
    (416) 577-9927
    Info@queenston.ca
    www.queenston.ca
    or
    Newstrike Resources Ltd.
    John A. Pollock
    President and CEO
    (416) 628-6556
    or
    Newstrike Resources Ltd.
    Donald Rankin
    Director
    (416) 628-6556
    www.newstrikeresources.com