Queenston Mining Inc.
TSX : QMI
FRANKFURT : QMI
BERLIN : QMI

Queenston Mining Inc.

October 29, 2007 10:51 ET

Queenston Intersects More Gold and Copper at Upper Beaver Including 19.4 g/t Au (0.57 oz/ton) With 1.8% Cu Over 13.3 m (43.6 ft)

TORONTO, ONTARIO--(Marketwire - Oct. 29, 2007) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI)(BERLIN:QMI)("Queenston" or "the Company") announces further diamond drill results on its 100% owned Upper Beaver property located in Kirkland Lake, Ontario. The drilling is part of the 44,000 m resource definition program in progress to complete a National Instrument 43-101 ("NI 43-101") mineral resource on the property.



Highlights:
- Hole UB07-110: 19.4 g/t Au (0.56 oz/ton) with 1.8% Cu over
13.3 m (43.6 ft) in Porphyry Zone
- Hole UB07-106: 14.2 g/t Au (0.41 oz/ton) with 1.4% Cu over
4.0 m (13.1 ft) in Porphyry Zone
- Hole UB07-104: 11.9 g/t Au (0.35 oz/ton) over 2.4 m (7.9 ft)
in Syenite Zone
- Hole UB07-108: 1.5 g/t Au (0.04 oz/ton) with 3.8% Cu over
6.0 m (19.7 ft) in Syenite Breccia


A total of 37 holes have now been completed (31,969 m) as part of the resource definition program targeting the large mineralized corridor below the past producing Upper Beaver mine. The drilling continues to intersect multiple zones of gold and copper mineralization with the most significant result in hole UB07-110 where a strong Porphyry Zone intersection assaying 19.4 g/t Au (0.57 oz/ton) with 1.8% Cu across a core length of 13.3 m (43.6 ft) (9.6 m (31.5 ft) true width) was intersected at a vertical depth of 740 m. This continuous zone of gold and copper mineralization is located 70 m below previous hole UB07-98 (11.6 g/t Au (0.34 oz/ton) with 1% Cu over 12.1 m (39.7 ft), news release "2007-11" dated 08/13/2007) and 70 m above hole UB07-100 (10.8 g/t Au with 0.2% Cu over 16.5 m (54.1 ft.), news release "2007-13" dated 09/10/07). Charles Page, President and CEO of Queenston, remarks, "drill holes UB07-98, -100 and now UB07-110 establish structural and mineralogical continuity deeper within the Upper Beaver mineralized corridor which continues to remain open at depth".

The continuous nature of the gold and copper mineralization of the Porphyry Zone in hole UB07-110 is highlighted in the table below where individual assay results of the sampled intervals are displayed.



Table 1. Porphyry Zone Assay Results from Hole UB07-110

-------------------------------------------------------------------------
Sample # From (m) To (m) Interval (m) Cu(%) Au (g/t) Au (oz/ton)
-------------------------------------------------------------------------
49509 792.8 793.6 0.8 2.28 15.81 0.46
-------------------------------------------------------------------------
49510 793.6 794.6 1.0 0.26 4.25 0.12
-------------------------------------------------------------------------
49511 794.6 795.3 0.7 3.53 17.01 0.50
-------------------------------------------------------------------------
49513 795.3 796.4 1.1 2.85 27.02 0.79
-------------------------------------------------------------------------
49515 796.4 797.6 1.2 0.72 3.43 0.10
-------------------------------------------------------------------------
49516 797.6 798.5 0.9 2.63 21.91 0.64
-------------------------------------------------------------------------
49517 798.5 799.4 0.9 1.01 6.72 0.20
-------------------------------------------------------------------------
49518 799.4 800.3 0.9 1.15 15.06 0.44
-------------------------------------------------------------------------
49519 800.3 801.0 0.7 6.52 136.25 3.97
-------------------------------------------------------------------------
49521 801.0 801.9 0.9 0.73 27.70 0.81
-------------------------------------------------------------------------
49522 801.9 803.0 1.1 0.05 0.20 0.01
-------------------------------------------------------------------------
49523 803.0 803.8 0.8 0.04 0.13 less than 0.01
-------------------------------------------------------------------------
49524 803.8 804.3 0.5 0.92 3.70 0.11
-------------------------------------------------------------------------
49525 804.3 804.9 0.6 3.81 42.28 1.23
-------------------------------------------------------------------------
49526 804.9 805.5 0.6 1.13 2.95 0.09
-------------------------------------------------------------------------
49529 805.5 806.1 0.6 3.09 11.83 0.35
-------------------------------------------------------------------------
13.3 1.76 19.40 0.57
-------------------------------------------------------------------------


Other significant Porphyry Zone intersections contained in this phase of drilling are 7.8 m (25.6 ft) assaying 8.1 g/t Au (0.24 oz/ton) with 0.9% Cu including 14.2 g/t Au (0.35 oz/ton) with 1.4% Cu over 4.0 m (13.1 ft) in hole UB07-106 and 8.2 m (26.9 ft) assaying 4.3 g/t Au (0.13 oz/ton) including 3.5 m (11.5 ft) assaying 7.4 g/t Au (0.22 oz/ton) in hole UB07-108. Holes UB07-106 and -108 are 70 m apart targeting the eastern portion of the Porphyry Zone at a depth between 400 - 500 m in the vicinity of previous holes UB05-23 (25.8 g/t Au (0.75 oz/ton) with 0.7% Cu over 1.7 m (5.6 ft)), UB06-46 (17.5 g/t Au (0.51 oz/ton) with 0.4% Cu over 9.7 m (31.8 ft)) and UB07-75 (15.9 g/t Au (0.46 oz/ton) with 0.2% Cu over 17.5 m (57.4 ft)).

Hole UB07-109 located 50 m west of UB07-106 returned no significant values in the Porphyry zone but did intersect the Syenite Zone assaying 3.0 g/t Au (0.09 oz/ton) with 0.1% Cu over 4.0 m (13.1 ft). The Syenite Zone was also intersected in hole UB07-104 assaying 6.2 g/t Au (0.18 oz/ton) over 7.8 m (25.6 ft) including 11.9 g/t Au (0.35 oz/ton) over a core length of 2.4 m (7.9 ft).

The Syenite Breccia Zone was encountered in holes UB07-104, -106 and -108 returning quality intersections assaying 5.2 g/t Au (0.15 oz/ton) over 3.9 m (12.8 ft), 1.0% Cu with 0.1 g/t Au over 2.3 m (7.5 ft) and 1.5 g/t Au with 3.8% Cu over 6.0 m (19.7 ft) respectively. Hole UB07-105 was abandoned in a diabase dyke within the mineralized corridor.



Table 2. List of Upper Beaver Assay Results

---------------------------------------------------------------------------
Hole # Dip Az From To Interval Estimated Cu Au Zone
(degr- (degr- (m) (m) (m) TW (m) (%) (g/t)
ees) ees)

---------------------------------------------------------------------------
UB07-104 -65 140 398.6 403.6 5.0 3.5 - 1.7 Syenite
---------------------------------------------------------------------------
408.0 409.2 1.2 0.8 0.1 4.1 Syenite
---------------------------------------------------------------------------
439.2 454.3 14.9 10.4 - 3.8 Syenite
---------------------------------------------------------------------------
Including 446.5 454.3 7.8 5.5 - 6.2 Syenite
---------------------------------------------------------------------------
and 450.9 453.3 2.4 1.7 - 11.9 Syenite
---------------------------------------------------------------------------
516.0 524.0 8.0 6.1 0.3 1.2 North
Contact
---------------------------------------------------------------------------
619.3 632.3 13.0 9.6 0.1 1.5 Upper
Porphyry
---------------------------------------------------------------------------
including 619.3 620.4 1.1 0.8 0.1 7.4 Upper
Porphyry
---------------------------------------------------------------------------
and 627.0 632.3 5.3 4.1 0.2 1.6 Upper
Porphyry
---------------------------------------------------------------------------
640.4 641.3 0.9 0.7 0.4 3.2 Lower
Porphyry
---------------------------------------------------------------------------
867.0 870.9 3.9 3.5 - 5.2 Syenite
Breccia
---------------------------------------------------------------------------
UB07-106 -65 140 393.0 394.0 1.0 0.6 - 2.4 Syenite
---------------------------------------------------------------------------
421.7 422.7 1.0 0.6 - 5.8 Syenite
---------------------------------------------------------------------------
539.0 546.8 7.8 5.5 0.9 8.1 Upper
Porphyry
---------------------------------------------------------------------------
including 542.8 546.8 4.0 2.8 1.4 14.2 Upper
Porphyry
---------------------------------------------------------------------------
804.7 807.0 2.3 1.8 1.0 0.1 Syenite
Breccia
---------------------------------------------------------------------------
UB07-107 -67 153 679.0 680.0 1.0 0.7 0.3 3.6 North
Contact
---------------------------------------------------------------------------
698.0 705.9 7.9 5.5 0.3 1.5 North
Contact
---------------------------------------------------------------------------
849.2 850.2 1.0 0.7 - 1.4 Upper
Porphyry
---------------------------------------------------------------------------
1050.6 1051.9 1.3 0.9 0.1 4.9 Syenite
Breccia
---------------------------------------------------------------------------
UB07-108 -62 135 368.0 376.0 8.0 5.6 - 5.2 North
Contact
---------------------------------------------------------------------------
401.5 402.5 1.0 0.7 - 7.9 North
Contact
---------------------------------------------------------------------------
495.3 503.5 8.2 6.1 - 4.3 Upper
Porphyry
---------------------------------------------------------------------------
including 500.0 503.5 3.5 2.6 - 7.4 Upper
Porphyry
---------------------------------------------------------------------------
758.0 770.7 12.7 10.4 2.0 1.2 Syenite
Breccia
---------------------------------------------------------------------------
including 758.0 764.0 6.0 4.9 3.8 1.5 Syenite
Breccia
---------------------------------------------------------------------------
and 768.5 770.7 2.2 1.8 0.5 2.2 Syenite
Breccia
---------------------------------------------------------------------------
UB07-109 -67 135 344.5 348.5 4.0 2.6 0.1 3.0 Syenite
---------------------------------------------------------------------------
UB07-110 -69 135 702.1 704.3 2.2 1.6 - 4.5 North
Contact
---------------------------------------------------------------------------
792.8 806.1 13.3 9.6 1.8 19.4 Upper
Porphyry
---------------------------------------------------------------------------
including 792.8 796.4 3.6 2.6 2.1 16.3 Upper
Porphyry
---------------------------------------------------------------------------
and 799.4 801.9 2.5 1.8 2.5 53.5 Upper
Porphyry
---------------------------------------------------------------------------
and 804.3 806.1 1.8 1.3 2.7 19.0 Upper
Porphyry
---------------------------------------------------------------------------
832.5 838.0 5.5 4.0 0.2 4.4 Lower
Porphyry
---------------------------------------------------------------------------
843.2 846.0 3.0 2.2 - 1.7 Lower
Porphyry
---------------------------------------------------------------------------


The mineralized corridor has now been defined by drilling below the mine workings to measure 500 m long, 500 m vertical and 300 m thick. Attached to this news release and available on the Company's web site is a vertical longitudinal section of the Porphyry Zone (the most continuous zone in the mineralized corridor) displaying the location of the recently completed holes. Two drills continue to target the mineralized corridor on the Upper Beaver property.

Results from a recently completed Titan-24 geophysical survey, performed by Quantec Geoscience of Toronto, have identified a number of deep targets below and adjacent to the mineralization outlined to date by the Upper Beaver drilling program. These new targets will be drill tested early in 2008 at the conclusion of the resources definition program.

Wayne Benham, P. Geo. planned and supervised the Upper Beaver drilling program employing a QA/QC program consistent with NI 43-101 and industry best practices. The drill core is logged and split with half-core samples shipped to Swastika Laboratories of Swastika, Ontario and analyzed employing the appropriate gold fire assaying technique. For QA/QC purposes the Company as well as the lab submits standards and blanks every 25 samples. Approximately 5% of sample rejects and/or pulps are sent to a second lab, Laboratoire Expert Inc. of Rouyn Noranda for check assaying.

About Queenston

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.

In the western portion of the Kirkland Lake camp Queenston is participating with Kirkland Lake Gold Inc. in an advanced underground exploration program targeting the new South Mine Complex onto the jointly owed South Claims. Also in this area Queenston is drilling the deepest surface exploration hole in the history of the camp on its 100% owned Amalgamated Kirkland property targeting the South Mine Complex at a vertical depth of 1800 - 2200 m.

Queenston is well financed with working capital of $13 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)
    or
    Queenston Mining Inc.
    Hugh D. Harbinson
    Chairman
    (416) 364-0001 (ext. 225)
    Email: info@queenston.ca
    Website: www.queenston.ca