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

Queenston Mining Inc.

January 17, 2008 09:02 ET

Queenston's Latest Drilling Intersects High Grade at Upper Beaver

145.9 g/t Au (4.3 oz/ton) over 7.3 m (23.9 ft)

TORONTO, ONTARIO--(Marketwire - Jan. 17, 2008) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI)(BERLIN:QMI) ("Queenston" or "the Company") announces that the resource definition drilling program at the 100% owned Upper Beaver property located in Kirkland Lake, Ontario has intersected high grade gold mineralization in hole UB07-80W.

Highlights:



- Hole UB07-80W: 145.9 g/t Au (4.3 oz/ton) over 7.3 m (23.9 ft) in the
Porphyry Zone including 1351.9 g/t Au (39.4 oz/ton)
over 0.8 m (2.6 ft)

- Hole UB07-116W: 43.2 g/t Au(1.3 oz/ton) with 0.6% Cu over 2.1 m(6.9 ft)
in the North Contact Zone

- Hole UB07-119: 15.5 g/t Au (0.45 oz/ton) with 2.0% Cu over 5.5 m
(18.0 ft) in the Porphyry Zone


A total of 49 holes has now been completed (40,952 m) as part of the National Instrument 43-101 ("NI 43-101") resource definition program that commenced in January 2007. The drilling continues to intersect multiple zones of gold and copper mineralization within a mineralized corridor measuring 500 m long, 500 m vertical and 300 m thick.

Charles Page, Queenston President and CEO, said, "Our current drilling campaign continues to surpass initial expectations. Hole UB07-80W is the best result we have yet to encounter and even more importantly, supports the potential for high-grade shoots within the established mineralized corridor. Also, hole UB07-119 continues to expand the Porphyry Zone in the deeper, western portion of the deposit. We are eager to complete the drilling and incorporate the successful results into a new resource calculation."



Table of new Upper Beaver assay results

---------------------------------------------------------------------------
Hole # Dip Az Inte- Esti-
degr- (degr- From To rval mated Cu Au
ees) ees) (m) (m) (m) TW (m) (%) (g/t) Zone
---------------------------------------------------------------------------
UB07-80W -67 141 387.6 393.6 6.0 4.2 - 7.9 North
Contact
---------------------------------------------------------------------------
including 387.6 388.5 0.9 0.6 34.2 North
Contact
---------------------------------------------------------------------------
401.0 403.0 2.0 1.4 - 3.9 North
Contact
---------------------------------------------------------------------------
425.8 433.0 7.3 5.1 - 145.9 Upper
Porphyry
---------------------------------------------------------------------------
including 425.8 426.5 0.8 0.6 - 1351.9 Upper
Porphyry
---------------------------------------------------------------------------
and 429.5 430.2 0.7 0.5 0.2 48.4 Upper
Porphyry
---------------------------------------------------------------------------
UB07-116W -67 135 475.1 513.0 37.7 26.5 0.3 2.3 North
Contact
---------------------------------------------------------------------------
including 475.1 476.2 1.1 0.8 - 28.0 North
Contact
---------------------------------------------------------------------------
and 488.7 490.1 2.0 1.4 0.1 10.0 North
Contact
---------------------------------------------------------------------------
581.9 584.0 2.1 1.5 0.6 43.2 North
Contact
---------------------------------------------------------------------------
590.0 593.9 3.9 2.7 0.3 2.7 North
Contact
---------------------------------------------------------------------------
UB07-119 -67 135 669.6 672.9 3.3 2.3 0.1 5.9 North
Contact
---------------------------------------------------------------------------
743.6 744.6 1.0 0.7 0.2 7.3 North
Contact
---------------------------------------------------------------------------
749.3 750.4 1.1 0.8 0.4 10.2 North
Contact
---------------------------------------------------------------------------
754.5 765.1 10.6 7.4 1.3 8.9 Upper
Porphyry
---------------------------------------------------------------------------
including 754.5 760.0 5.5 3.9 2.0 15.5 Upper
Porphyry
---------------------------------------------------------------------------
and 756.3 756.9 0.6 0.4 3.3 88.5 Upper
Porphyry
---------------------------------------------------------------------------
972.5 978.0 5.5 4.7 - 2.4 Syenite
Breccia
---------------------------------------------------------------------------


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) outlining the location of the recently completed drill holes.

Eight drill holes remain to be drilled in the current program prior to Watts, Griffis and McOuat, an international geological and engineering firm based in Toronto, begins a mineral resource calculation to be completed in the second quarter of 2008. At the conclusion of this program, the Company will commence a deeper drilling campaign testing deeper geophysical anomalies identified within the Upper Beaver mineralized corridor by a Quantec Geoscience, Titan-24 survey.

Hole UB07-80W, a wedge cut from previous hole UB07-80, was drilled to test the Upper Porphyry Zone at vertical depth of 400 m below surface. In hole UB07-80, at the projected intersection of the Porphyry Zone, a late porphyry dyke was encountered and the zone was considered to be dyked-out. In hole UB07-80W the Upper Porphyry Zone was intersected 20 m to the west of UB07-80 intersecting high-grade gold mineralization containing numerous grains and splashes of visible gold assaying 145.9 g/t Au over 7.3 m (4.3 oz/ton over 23.9 ft). Within this interval, two samples returned multi-ounce, gold mineralization including 1351.9 g/t Au (39.4 oz/ton) over 0.8 m (2.6 ft) and 48.4 g/t Au (1.4 oz/ton) over 0.7 m (2.3 ft). Located 50 east of UB07-80W, previous hole UB07-117 reported a Upper Porphyry Zone intersection of 6.3 g/t Au (0.18 oz/ton) over 8.0 m (26.2 ft) and hole UB07-108, located 50 m to the west returned 7.4 g/t Au (0.22 oz/ton) over 3.5 m (11.5 ft) in the same zone. The North Contact Zone in UB07-80W assayed 7.9 g/t Au (0.23 oz/ton) over 6 m (19.7 ft) compared to 2.3 g/t (0.07 oz/ton) over 6.0 m in hole UB07-80.

Hole UB07-116W, a wedge cut from previous UB07-116 also attempted to intersect the Porphyry Zone, however as in -116 the zone was dyked-out at 650 m below surface. The North Contact Zone in UB07-116W represented a 37.7 m (123.7 ft) wide zone of mineralization assaying 2.3 g/t Au with 0.3% Cu and included two sub-zones that assayed 28.0 g/t Au (0.81 oz/ton) over 1.1 m (3.6 ft) and 10.0 g/t Au (0.29 oz/ton) over 2.0 m (6.6 ft). A deeper, North Contact Zone interval in this hole assayed 43.2 g/t Au (1.3 oz/ton) with 0.6% Cu over 2.1 m (6.9 ft). In hole UB07-116, the North Contact Zone assayed 85.3 g/t Au (2.49 oz/ton) with 0.1% Cu over 3.8 m (12.5 ft).

In hole UB07-119 the Porphyry Zone was intersected at vertical depth of 680 m assaying 8.9 g/t Au (0.26 oz/ton) with 1.3% Cu over 10.6 m (34.8 ft) including a 5.5 m (18.0 ft) interval assaying 15.5 g/t Au (0.45 oz/ton) with 2.0% Cu. This intersection is located 50 m west of hole UB07-98 (11.6 g/t Au with 1.0% Cu over 12.1 m) and 50 m east of hole UB07-107 (1.4 g/t Au over 1.0 m). UB07-119 intersected the North Contact Zone in several intervals assaying 5.9 g/t Au (0.17 oz/ton) over 3.3 m (10.8 ft), 7.3 g/t Au (0.22 oz/ton) over 1.0 m (3.3 ft) and 10.2 g/t Au (0.30 oz/ton) over 1.1 m (3.6 ft).

Holes UB07-118 and -120 were planned to intersect the mineralized corridor 50 m below UB07-115, each hole encountered drilling difficulties and were abandoned in a fault zone before reaching their target.

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 Canadian mining camps and its strategy is to return to producer status. The first step 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. In the western portion of the Kirkland Gold camp, Queenston is 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 of $12 million to meet its exploration activities.

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
    or
    Andreas Curkovic
    Investor Relations
    (416) 577-9927