Queensland Minerals Ltd.

Queensland Minerals Ltd.

April 27, 2007 13:38 ET

Queensland Minerals Ltd. Announces its Financial Results for the Year Ended December 31, 2006

LONGUEUIL, QUEBEC--(CCNMatthews - April 27, 2007) - Queensland Minerals Ltd. (TSX VENTURE:QML) (the "Company") announces that its Consolidated Financial Statements and Management's Discussion & Analysis for the year ended December 31, 2006 have been filed on Sedar (www.sedar.com). They are also available through CCN Matthews' website. All financial results are expressed in Canadian dollars unless otherwise indicated.

Management's Discussion & Analysis: http://www.ccnmatthews.com/docs/MDA_QML.pdf

Consolidated Financial Statements: http://www.ccnmatthews.com/docs/Financial_QML.pdf

The Company, which is engaged in the business of mineral exploration in Queensland, Australia, performed minimum exploration work in 2006 due to the limited availability of cash resources and the Company's focus on completing its Initial Public Offering ("IPO"). To that end, on March 1, 2007, the Company successfully completed its IPO with the sale of 18,000,000 units at $0.60 each to raise gross proceeds of $10,800,000. Each unit was comprised of one common share and one half of one share purchase warrant. Pursuant to an over-allotment option, the Agents purchased on March 29, 2007 an additional 2,000,000 units at a price of $0.60 per unit and 350,000 warrants at a price of $0.01 per warrant, to increase the gross proceeds of the IPO by $1,203,500.

Financial highlights for 2006 include expenses incurred to insure that title to mineral interests held were maintained in good standing, for some field work and the compilation of data and for general administration activities related to the IPO. The Company spent $282,700 on operating activities in 2006 and $183,500 on project-related activities. Cash proceeds from financing activities totalled $511,600 in 2006, principally from private placements.

The Company had cash and cash equivalents of $109,300 at December 31, 2006. The Company currently has 40,824,643 common shares issued and outstanding, 14,245,625 warrants and compensation options outstanding at an exercise price varying between $0.10 and $0.80 per share, expiring at various dates until August 31, 2008 and 1,765,000 outstanding stock options at an exercise price of $0.60 and expiring in March 2012.

Additional information

Additional information about the Company is available through regular filings and press releases on SEDAR.

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

Contact Information