Queenston Mining Inc.

Queenston Mining Inc.

October 18, 2007 16:09 ET

Queenston Begins Deep Exploration Drilling in Kirkland Lake

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2007) - Queenston Mining Inc. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI)(BERLIN:QMI) ("Queenston") announces that it has commenced a deep diamond drilling program on its 100% owned Amalgamated Kirkland ("AK") property located in Teck Township, Kirkland Lake Ontario. The primary target for this program is the New South Mine Complex ("SMC") currently being explored, developed and mined by Kirkland Lake Gold Inc. ("KL Gold") on the adjacent Macassa property.

The SMC is interpreted to dip onto the AK property at a depth of approximately 1,800 - 2,200 m (6,000 - 8,200 ft). The first drill hole is estimated to reach target depth by January 2008 and will be the deepest exploration attempt from surface in the history of the Kirkland Lake camp. It will act as a pilot-hole to allow a series of wedge cuts to be established at the projected target elevation.

The SMC is a multiple-zone gold system discovered by KL Gold in 2005. It represents a new-style of mineralization in the camp located some 500 m south of the main Kirkland Lake productive trend at a depth of 1200 m (5300 ft). Since the discovery, sufficient work has already been completed to calculate proven and probable reserves plus measured and indicated resources in the SMC totaling 358,000 oz. of gold (485,000 tons grading 0.74 oz/ton (25.4 g/t)) plus measured and indicated resources comprising 144,500 oz. of gold (213,000 tons grading 0.68 oz/ ton (23.3 g/t)) and inferred resources of 526,000 oz. of gold (622,000 tons grading 0.85 oz/ton (29.1 g/t)) (KL Gold news release dated July 18, 2007). The SMC remains open in all directions and recent definition drilling announced by KL Gold on September 26, 2007 has returned continued high-grade intersections including 313.0 g/t gold over 6.0 m (9.1 oz/ton over 19.8 feet) in hole 53-757 and 113.1 g/t gold over 8.3 m (3.3 oz/ton over 27.1 feet). The SMC has the potential to transform the Kirkland Lake Gold Camp into an area not unlike the Red Lake Camp in northwestern Ontario where similar deep exploration in the mid-1990's discovered and outlined one of the world's richest gold deposits.

Queenston and KL Gold also continue to progress with a program of underground exploration on their jointly-owned South Claims property, located directly adjacent to both the Macassa and the AK property. As part of the joint, underground program a 650' long crosscut is being driven on the 5300' level of the Macassa mine south towards the South Claims boundary. To date this crosscut has been advanced 260' and is anticipated to reach the joint venture claims by the end of the year. Diamond drill stations will be established along the length of the crosscut to target the strike and dip projection of the new SMC onto the South Claims property.

Queenston has assembled significant land packages in proven mining camps and its strategy is to return to producer status. The first step of this procedure is in progress through the advancement of its primary gold assets in Kirkland Lake, Ontario (Upper Beaver, McBean, Anoki) and in Cadillac, Quebec (Ironwood) towards NI 43-101 resource status. The ongoing exploration for new deposits in these proven camps also continues to be a priority of the Company. Queenston is well financed with working capital of $14 million to meet its expenditure plans.

This news release was reviewed by Queenston's Chief Geologist and qualified person Wayne Benham, P. Geo.

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.

Contact Information

  • Queenston Mining Inc.
    Charles E. Page, P. Geo.
    President and CEO
    (416) 364-0001 (ext. 224)
    Queenston Mining Inc.
    Hugh D. Harbinson
    (416) 364-0001 (ext. 225)
    Email: Info@queenston.ca
    Website: www.queenston.ca