Queenstake Resources Ltd.

Queenstake Resources Ltd.

February 24, 2005 09:00 ET

Queenstake Appoints Chief Financial Officer


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: QUEENSTAKE RESOURCES LTD.

TSX SYMBOL: QRL
AMEX SYMBOL: QEE

FEBRUARY 24, 2005 - 09:00 ET

Queenstake Appoints Chief Financial Officer

DENVER, COLORADO--(CCNMatthews - Feb. 24, 2005) - Queenstake Resources
Ltd. (TSX:QRL)(AMEX:QEE) announces that Eric H. Edwards has accepted the
position of Vice President Finance and Chief Financial Officer. Eric has
more than 25 years experience in gold mining as a financial executive
with Kinross Gold Corporation, Viceroy Resources Corporation, Ivanhoe
Mines Ltd and TVX Gold Inc. Eric also has specific experience at
Jerritt Canyon, where he worked as Operations Controller twelve years
ago. His experience ranges from financial leadership of prominent
public companies to management of mine site controllers, operations
analysis and audit and accounting issues.

Eric has hands on experience with Canadian and U.S. compliance and
reporting, treasury responsibility and tax and risk management
functions. While with Ivanhoe Mines as Chief Financial Officer, Eric was
instrumental in completing Ivanhoe's IPO and debt financing to raise
more than $350 million. He is a graduate of the University of Utah
Graduate School of Business with a Masters of Business Administration.

Queenstake Resources President Chris Davie said: "Eric has the ideal
range of qualifications and experience to lead Queenstake's financial
team and we look forward to welcoming him as a key player in
Queenstake's future success."

Queenstake Resources Ltd. is a gold mining and exploration company based
in Denver, Colorado. Its principal asset is the Jerritt Canyon District
in Nevada, acquired in June 2003. The Jerritt Canyon District consists
of four underground mines, a 1.5 million ton per year capacity
processing facility and a 100 square mile land package that represents
some of the most exciting gold exploration ground in Nevada. Jerritt
Canyon has produced more than 7,000,000 ounces of gold since 1981.

Forward-Looking Statements - This news release contains "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended and the Private Securities
Litigation Reform Act of 1995. All statements, other than statements of
historical fact, included in this release, and Queenstake's future plans
are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Forward-looking
statements are based on the estimates and opinions of management on the
date the statements are made, and Queenstake does not undertake any
obligation to update forward-looking statements should conditions or
management's estimates or opinions change.

SEC file number 0-24096

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Queenstake Resources Ltd.
    John Haigh
    (303) 297-1557 ext. 105 or 1-800-276-6070
    info@queenstake.com
    www.queenstake.com
    The Toronto Stock Exchange has neither reviewed nor accepts
    responsibility for the adequacy or accuracy of this release.