Queensland Minerals Ltd.

Queensland Minerals Ltd.

July 12, 2007 09:46 ET

Queensland Minerals Announces Commencement of Drilling

LONGUEUIL, QUEBEC--(Marketwire - July 12, 2007) - Queensland Minerals Limited (TSX VENTURE:QML)(the "Company") is pleased to announce the commencement of drilling on its north Queensland gold projects in Australia. The exploration programs in Queensland are being carried out through its wholly owned Australian subsidiaries Queensland Minerals (Australia) Pty Ltd. and Asmam Pty Ltd. These companies hold titles by way of exploration permits for minerals (EPM) and mining leases (ML) that encompass three project areas: Lynd River, Sybil Graben and Mungana (See Figure 1 at the following address: http://www.ccnmatthews.com/docs/QML_Figure1.jpg). Within each project area, one or more drill targets have been identified which will be the subject of testing by core and or reverse circulation drilling over the balance of 2007.

A core drilling program has just begun on the Lynd River project area south west of Chillagoe. The initial phase of work will entail 12 angled holes for approximately 2,500 metres to test silica breccia zones. Previous drilling of these breccias returned a 14m interval from 36m averaging 14.98 g/t Au and 19g/t Ag. The sites for the initial 12 angles holes have already been prepared and this initial program is expected to be completed in September.

At the Sybil Graben project area west of Townsville, an initial drill program of core and reverse circulation drilling is expected to begin shortly. At the Quartz Ridge target, an initial 6 holes for approximately 2,000 metres is proposed. At the Francis Creek target, a program of 15 holes for approximately 3,250 metres is proposed.

Both Sybil Graben and Lynd River project areas are characterized by epithermal style gold mineralization.

This drilling and other exploration programs to be undertaken during 2007 are being managed from the Queensland Minerals Office in Cairns. Follow up drilling at both project areas will be continued after the completion of the initial programs. The scope and location of the follow up drilling will be determined by the initial results.

The technical information contained in this news release was reviewed by Mr. Adrian Fleming in accordance with National Instrument 43-101. Mr. Fleming, the President of the Company, is a qualified person under NI 43-101.

Forward Looking Statements

Except for historical information, this press release may contain forward-looking statements. Forward-looking statements are not historical facts, and are subject to a number of known and unknown risks and uncertainties beyond the Company's control including uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; the possibility that required permits may not be obtained in a timely manner or at all; changes in planned work resulting from weather, logistical, technical or other factors; potential mineralization, exploration results, completion of work program, costs and supply of material relevant to the mining industry, and future plans and objectives of the Company. These statements may cause the actual results, levels of activity, performance or achievement of the Company to be materially different from any future results, levels of activity, performance or achievement expressed or implied by these forward looking statements.

Additional information

For more information about the Company and its projects, please refer to an independent technical report prepared by Gary Jones and Robert Duffin of Resource Equity Consultants Pty Ltd. pursuant to National Instrument 43-101 "Standards of Disclosure for Mineral Projects ("NI 43-101") dated February 20, 2007 and entitled "Technical Review of Queensland Minerals Ltd's Exploration Interests in Northern Queensland, Australia" NI 43-101 and the Company's Prospectus dated February 21, 2007 available on SEDAR (www.sedar.com).

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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