Queenston Mining Inc.
TSX : QMI
FRANKFURT : QMI

Queenston Mining Inc.

October 15, 2009 09:13 ET

Queenston Reports Further Results from McBean Drilling

Including: 5.2 g/t Au over 21.7 m, 6.7 g/t Au over 16.5 m, 3.1 g/t Au over 57.7 m

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2009) - Queenston Mining Inc. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("Queenston" or the "Company") is pleased to announce further results from the resource definition drill program at the 100% owned, past producing McBean deposit located in Gauthier Township, Kirkland Lake, Ontario. Previous results were disclosed in news releases issued on January 15, 2009 and May 28, 2009. The program is planned to both upgrade the mineral resources at McBean to NI 43-101 standards and expand the deposit through deeper exploration drilling.

Highlights

Since the last report in May 2009, a total of 25 holes (12,190 m) has been completed increasing the total to 105 holes (50,500 m) from the start of the program in 2008. The drilling continues to encounter multiple gold zones within the easterly plunging mineralized corridor that hosts the historic mineral resource at McBean including the following significant results.

Hole MB09-19W: 4.7 g/t (grams per tonne) Au (gold) over 15.3 m
Hole MB09-19W2:  5.9 g/t Au over 11.8 m
Hole MB09-127:  3.8 g/t Au over 21.0 m
Hole MB09-131:  3.1 g/t Au over 57.7 m
Hole MB09-133:  4.8 g/t Au over 21.6 m
Hole MB09-141:  5.2 g/t Au over 21.7 m
Hole MB09-144:  6.7 g/t Au over 16.5 m

Charles Page, CEO and President of Queenston, said, "The results continue to return wide widths of gold mineralization in multiple zones. We are pleased that the drilling has been successful in displaying good continuity of the gold zones and report that the final stages of a NI 43-101 mineral resource estimate are in progress. McBean is one of four gold deposits that Queenston is actively advancing in Gauthier Township with a goal to return to producer status".

Queenston and previous joint venture partner Inco Ltd. operated the McBean mine (1984-1987) producing approximately 50,000 ounces of gold from an open pit. Due to prevailing gold prices at the time, the underground exploitation of the remainder of the deposit below the pit was postponed and in 1996 Queenston purchased Inco's interest in the mine. An historic resource calculated from previous, wide-spaced drilling amounted to 835,000 t grading 5.1 g/t Au (measured and indicated) and 1,835,200 t grading 6.5 g/t (inferred). The historic resources should not be relied upon as they are not compliant to NI 43-101 and have not been verified by a Qualified Person ("QP").

The gold mineralization at McBean occurs within the deformation corridor of the Larder Lake Break hosted in both felsic intrusive (porphyry) locally termed "felsite" and green carbonate (altered ultramafic flows). Multiple, steeply south dipping mineralized zones have been identified to date within the felsic and green carbonate packages containing pyrite and visible gold. Located approximately 600 m west of McBean along the Larder Lake Break is the 100% owned Anoki gold deposit that hosts a NI 43-101 measured and indicated mineral resource of 522,300 t grading 5.7 g/t and an inferred resource of 141,800 t grading 6.2 g/t calculated by Hrayr Agnerian, P.Geo. of Roscoe Postle Associates Inc. in 2004. At Anoki, the mineralization occurs as lenses containing pyrite and gold in altered volcanic flow rocks. Combined, McBean and Anoki contain similar styles of mineralization, "Carbonate" and "Flow" that hosted 11 million ounces of gold at the Kerr Addison mine located along the same regional structure 18 km to the east.

The drilling has traced four zones over a length of 700 m and to a vertical depth of 700 m that remain open to the east, west and at depth. See longitudinal section attached to this news release and posted on the Company's website at www.queenston.ca. Two drills will continue to target both the McBean and adjacent Anoki mineralization below 600 m.

Table of significant assay results from McBean drilling program

Hole #Section
(ft)
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Zone
MB09-19W11000E618.1633.415.34.7C19
including 618.1620.02.87.4C19
and 630.0633.43.414.8C19
MB09-19W211000E592.3604.111.85.9C19
including 599.3604.14.812.3C19
MB09-110W11100E681.6686.35.36.8C19
MB09-1259400E64.366.11.82.8A
  74.679.34.72.0A
  121.5123.92.41.6B
MB09-1269500E157.9159.71.84.4A
MB09-1279500E185.6192.67.02.6A
  210.4231.421.03.8B
including 225.2231.46.25.2B
  248.5250.82.31.8C
MB09-12810700E536.5544.27.73.9C19
including 539.7544.24.55.6C19
MB09-128W10700E542.7545.02.310.6C19
  591.8592.70.97.5C19
MB09-1309550E167.0175.68.65.3A
  184.2185.41.222.2B
  225.0227.12.14.5B
MB09-1319550E233.5291.257.73.1A+B
including 233.5245.712.13.6A
and 249.0271.322.34.6A
and 255.7258.22.412.4A
  288.6291.22.65.3B
MB09-1329600E169.3174.55.23.9A
  210.6212.82.27.7B
MB09-1339600E311.5333.121.64.8A
including 311.5323.411.96.5A
including 311.5316.24.69.0A
MB09-1349650E221.3222.81.57.0B
MB09-1369725E309.7326.316.63.4A
  332.9337.54.62.7B
  357.2367.510.32.3B
MB09-1379750E270.1281.911.83.4B
including 276.5278.31.810.2B
MB09-13810250E318.9319.40.55.7B
MB09-1399750E252.1257.65.52.8A
including 253.9254.80.910.6A
MB09-14010250E290.7293.02.36.0B
  310.9312.71.84.7C
MB09-1419775E394.4416.121.75.2A+B
including 397.2400.83.79.0A
including 410.6416.15.69.8B
  460.0470.910.94.0B
MB09-1449900E269.1285.616.56.7B
including 269.1270.41.314.2B
and 275.0278.63.615.9B
  295.0295.90.913.3B
MB09-1459825E285.8290.24.41.7B
MB09-14610150E609.4617.48.01.9B
 Note: The true width is estimated at 75% of the core length interval.

The McBean NI 43-101 mineral resource is being prepared by independent consulting firm P & E Mining Consultants Inc. of Brampton under the supervision of Qualified Person, Mr. Eugene Puritch, P.Eng. The design of the McBean drilling program, Quality Assurance/Quality control and interpretation of results is under the control of Queenston's geological staff including many of which are qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Supervision of the program is by Queenston's Exploration Manager, Michel Leblanc, P.Geo. A detailed review of Queenston's QA/QC procedures is filed in the 2008 Annual Information Form on SEDAR. 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 for check assaying.

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.

This news release was reviewed by Queenston's Vice President Exploration and QP, William McGuinty, 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)

    or

    Queenston Mining Inc.
    Andreas Curkovic
    Investor Relations
    (416) 577-9927
    Info@queenston.ca
    www.queenston.ca