Queenston Mining Inc.

Queenston Mining Inc.

November 23, 2010 08:11 ET

Queenston Closes $20,100,000 Financing

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2010) - Queenston Mining Inc., (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("Queenston" or the "Company") is pleased to announce that on November 22, 2010 it completed the private placement financing, previously announced on November 8, 2010. The financing was led by Primary Capital Inc. and included Dundee Securities Corporation, Cormark Securities Inc., GMP Securities L.P., Macquarie Capital Markets Ltd. and Stifel Nicolaus Canada Inc. (collectively the "Agents").

Gross proceeds from the sale of 3,000,000 Flow-Through shares priced at $6.70 per share amounted to $20,100,000. The Company paid the Agents a cash commission equal to 6% of the gross proceeds.

The Company now has working capital of approximately $90 million. Proceeds from the financing will be used to continue its high level exploration gold projects located in the Kirkland Lake gold camp. The Company will continue its ongoing drilling programs utilizing up to 14 drills on its key projects.

Queenston is a Canadian mineral exploration and development company with a primary focus on its holdings in the historic Kirkland Lake gold camp that comprises 200 km². The Company has recently entered into a strategic alliance with Agnico-Eagle Mines Limited with the objective of advancing its key, 100% owned gold projects (Upper Beaver, Upper Canada, McBean, Anoki and Bidgood) at the Kirkland East project towards feasibility and ultimately production.

Queenston's Cautionary Note Regarding NI 43-101 and Forward Looking Statements

Except for historical information this News Release may contain certain "forward looking statement". 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 expectation 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.
    Chares E. Page, P. Geo.
    President and CEO
    (416) 364-0001 (ext. 224)
    Queenston Mining Inc.
    Hugh D. Harbinson
    (416) 364-0001 (ext. 225)
    Queenston Mining Inc.
    Andreas Curkovic
    Investor Relations
    (416) 577-9927