Queenstake Resources Ltd.

Queenstake Resources Ltd.

March 11, 2005 19:08 ET

Queenstake Resources Ltd.: Clarification Regarding Release of Unaudited Operating and Financial Results for the Fourth Quarter and Financial Year Ended December 31, 2004


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: QUEENSTAKE RESOURCES LTD.

TSX SYMBOL: QRL
AMEX SYMBOL: QEE

MARCH 11, 2005 - 19:08 ET

Queenstake Resources Ltd.: Clarification Regarding
Release of Unaudited Operating and Financial Results
for the Fourth Quarter and Financial Year Ended
December 31, 2004

DENVER, COLORADO--(CCNMatthews - March 11, 2005) - Queenstake Resources
Ltd. (TSX:QRL)(AMEX:QEE) (the "Company") announces that On March 8, 2005
the Company announced certain unaudited operating and financial results
for the fourth quarter and year ended December 31, 2004. The Company
wishes to clarify that the financial information was extracted from
internally prepared financial statements which had not been audited or
approved by the audit committee or the board of directors of the Company.

The Company anticipates that it will file its audited financial
statements for the financial year end December 31, 2004 on or before
March 31, 2004. The Company cautions investors that there may be changes
to the previously disclosed financial information once the audited
financial statements are completed and filed and there can be no
assurance that any such changes will not be material.

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 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.