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

Queenston Mining Inc.

December 12, 2007 08:52 ET

More Significant Results From Queenston's Upper Beaver Project Including 85.3 g/t Au (2.49 oz/ton) Over 3.8 m (12.5 ft) and 29.0 g/t (0.85 oz/ton) Over 4.6 m (15.1 ft)

TORONTO, ONTARIO--(Marketwire - Dec. 12, 2007) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI)(BERLIN:QMI) ("Queenston" or "the Company") announces results of the latest seven diamond drill holes completed 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.

The drilling continues to intersect significant gold and copper mineralization in multiple zones within a mineralized corridor below the past producing Upper Beaver mine.

Highlights of the latest drilling includes:

- Hole UB07-111: 29.0 g/t Au (0.85 oz/ton) over 4.6 m (15.1 ft) in the Lower Gauthier Zone

- Hole UB07-112 : 11.9 g/t Au (0.35 oz/ton) with 1.2% Cu over 6.0 m ( 19.7 ft) in the Porphyry Zone

- Hole UB07-115: 15.1 g/t Au (0.44oz/ton) over 3.3 m (10.8 ft) in the Porphyry Zone

- Hole UB07-116 : 85.3 g/t Au (2.49 oz/ton) over 3.8 m (12.5 ft) in the North Contact Zone

A total of 44 holes has now been completed (37,462 m) as part of the resource definition program that commenced in January 2007. The drilling continues to intersect multiple zones of gold and copper mineralization with the most significant result in hole UB07-116 where the high-grade North Contact Zone was intersected assaying 85.3 g/t Au (2.49 oz/ton) across a core length of 3.8 m (12.5 ft) containing visible gold.



Table 1. 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)
---------------------------------------------------------------------------
Upper
UB07-111 -65 145 526.0 539.4 13.4 9.7 1.3 2.4 Porphyry
---------------------------------------------------------------------------
Upper
including 526.5 532.2 6.2 4.5 0.9 4.5 Porphyry
---------------------------------------------------------------------------
Upper
and 537.8 539.4 1.6 1.2 5.5 1.9 Porphyry
---------------------------------------------------------------------------
Lower
692.3 696.9 4.6 4.3 - 29.0 Gauthier
---------------------------------------------------------------------------
Upper
UB07-112 -65 136 745.0 751.0 6.0 4.9 1.2 11.9 Porphyry
---------------------------------------------------------------------------
Upper
UB07-113 -66 139 717.0 721.4 4.4 3.1 - 3.1 Porphyry
---------------------------------------------------------------------------
Lower
811.8 816.0 4.2 3.0 0.3 11.3 Gauthier
---------------------------------------------------------------------------
North
UB07-114 -65 139 475.5 479.1 3.6 2.5 1.7 3.6 Contact
---------------------------------------------------------------------------
North
559.6 561.4 1.4 2.3 2.3 8.3 Contact
---------------------------------------------------------------------------
Upper
595.4 600.0 4.6 3.5 0.8 2.7 Porphyry
---------------------------------------------------------------------------
Lower
623.5 626.2 2.7 2.1 0.3 3.9 Porphyry
---------------------------------------------------------------------------
Syenite
739.5 757 17.5 15.9 - 1.1 Breccia
---------------------------------------------------------------------------
Syenite
including 756.5 757.0 0.5 0.4 - 10.3 Breccia
---------------------------------------------------------------------------
UB07-115 -70 139 570.0 575.0 5.0 3.5 - 5.1 Syenite
---------------------------------------------------------------------------
including 570.0 571.0 1.0 0.7 - 20.7 Syenite
---------------------------------------------------------------------------
North
742.7 744.0 1.3 0.9 - 13.7 Contact
---------------------------------------------------------------------------
Upper
773.7 777.0 3.3 2.3 0.2 15.1 Porphyry
---------------------------------------------------------------------------
North
UB07-116 -67 135 486.0 489.8 3.8 2.7 0.1 85.3 Contact
---------------------------------------------------------------------------
North
including 487.9 488.4 0.5 0.35 0.1 610.5 Contact
---------------------------------------------------------------------------
North
489.8 501.0 11.2 7.9 0.3 1.4 Contact
---------------------------------------------------------------------------
Upper
UB07-117 -62 138 503.8 527.0 23.2 19.9 0.2 3.6 Porphyry
---------------------------------------------------------------------------
Upper
including 516.0 524.0 8.0 6.8 0.1 6.3 Porphyry
---------------------------------------------------------------------------
Upper
and 521.4 524.0 4.0 3.4 0.3 7.5 Porphyry
---------------------------------------------------------------------------
Lower
533.1 534.5 1.4 1.2 2.2 8.5 Porphyry
---------------------------------------------------------------------------


Charles Page, president and CEO of Queenston remarks "we continue to be pleased with the quality of the results from the current in-fill drilling program and look forward to commencing a series of deeper holes targeting the mineralized corridor at depth where it continues to remain open".

The mineralized corridor that hosts the gold/copper zones has now been defined by drilling, to measure 500 m long, 500 m vertical and 300 m thick. Six of the seven holes reported (UB07-111, -112, -113, -114, 116 and -117) are "in-fill" (drilled between existing holes) and hole UB07-115 is a "step-out" hole (drilled to extend known zones of mineralization). 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 holes.

In the western portion of the Porphyry Zone, hole UB07-112 intersected 11.9 g/t Au (0.35 oz/ton) with 1.2% Cu over a core length of 6.0 m (19.7 ft) (4.9 m (16.0 ft) true width). This intersection is located 50 m above previous hole UB07-110 (19.4 g/t Au (0.57 oz/ton) with 1.8% Cu over 13.3 m (43.6 ft)), 50 m east of previous hole UB07-98 (11.6 g/t (0.34 oz/ton) with 1.0% Cu over 12.1 m (39.7 ft)) and 60 m below UB07-77 (14.5 g/t Au (0.43 oz/ton) with 0.4% Cu over 13.0 m (42.7 ft)).

Hole UB07-111 completed in the upper, western portion of the mineralized corridor reported a Porphyry Zone intersection of 2.4 g/t Au (0.07 oz/ton) with 1.3% Cu over 13.4 m approximately 60 m above previous hole UB07-21 (8.2 g/t Au (0.24 oz/ton) with 2.4% Cu over 4.8m. Deeper in this hole the Lower Gauthier Zone containing visible gold assayed 29.0 g/t Au (0.85 oz/ton) over 4.6 m (15.1 ft). Hole UB07-114 returned multiple gold-copper values in four separate zones with a best intersection of 3.6 g/t Au (0.11 oz/ton) with 1.7% Cu over 3.6 m (11.8 ft) in the North Contact Zone.

In hole UB07-116 the Porphyry Zone was dyked-out, however, a strong North Contact Zone containing considerable visible gold was intersected assaying 85.3 g/t Au (2.49 oz/ton) over 3.8 m (12.5 ft). This intersection included a 0.5 m (1.6 ft) interval assaying 610.5 g/t Au (17.81 oz/ton).

Hole UB07-117 intersected the Porphyry Zone in the upper, eastern portion of the mineralized corridor assaying 3.6 g/t Au (0.11 oz/ton) with 0.2% Cu over 23.2 m (76.1 ft) including a higher grade interval assaying 6.3 g/t Au (0.18 oz/ton) with 0.1% Cu over 8.0 m (26.2 ft). This intersection is located 50 m above previous hole UB07-64 (3.2 g/t Au (0.09 oz/ton) with 0.2% Cu over 13.3 m (43.6 ft)). Also in the eastern portion of the mineralized corridor, hole UB07-113 intersected a 4.2 m Lower Gauthier Zone interval assaying 11.3 g/t Au (0.33 oz/ton).

Hole UB07-115 is a "step-out" hole and was successful in expanding the eastern portion of the Porphyry Zone a further 50 m deeper with an intersection of 15.1g/t Au (0.44 oz/ton) with 0.2% Cu over 3.3 m. This intersection is located 50 m below previous hole UB07-95 (4.2 g/t Au (0.12 oz/ton) with 0.6% Cu over 18.2 m (59.7 ft)) at a vertical depth of -775 m indicating the mineralized corridor open at depth. On the western portion of the mineralized corridor the deepest intersection in the Porphyry Zone was reported previously in hole UB07-100 (10.8 g/t Au (0.32 oz/ton) with 0.3% Cu over 16.5 m (54.1 m)).

The depth potential of the Upper Beaver mineralized corridor has been enhanced by the results of a recent Titan-24 geophysical survey completed by Quantec Geoscience of Toronto. This survey has identified a number of deep targets below and adjacent to the mineralization outlined by the drilling to date. The resource definition program will continue into the first quarter of 2008 with two drills defining the lower portion of the system. At the conclusion of the program the geophysical targets identified in the Titan survey will be drill tested.

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.

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 owned South Claims. The joint venture has now advanced a cross-cut on the 5300' level of the Macassa mine to within 200' (60 m) of the South Claims property boundary. The crosscut is scheduled to be at the boundary in January 2008 where an underground diamond drilling program will commence to target the "New South Mine Complex" on the 50%-50% owned property. On the adjacent, 100% owned, Amalgamated Kirkland property, Queenston is drilling the deepest surface exploration hole in the history of the camp, targeting the South Mine Complex at a vertical depth of 2000 m. The hole is currently drilling at a depth of 1,400 m and is anticipated to reach target depth also in January 2008.

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. 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 $13 million to meet both its surface and underground 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