Queenston Mining Inc.

Queenston Mining Inc.

December 18, 2006 17:26 ET

Queenston Closes $3 Million Private Placement

TORONTO, ONTARIO--(CCNMatthews - Dec. 18, 2006) - Queenston Mining Inc. (TSX:QMI)(FWB:QMI)(STUTTGART:QMI) announces the closing of a non-brokered private placement in the amount of CDN $3,000,000 as initially announced December 6, 2006.

A total of 2,000,000 Units were issued at a price of $1.50 per Unit. Each Unit consisted of one flow-through common share and one-half non-flow-through share purchase warrant. One whole warrant is exercisable for one common non-flow-through share at a price of $1.75 per share over a period of 12 months.

Proceeds of the financing will be applied to the 100% owned Upper Beaver property where the Company will initiate a Phase 2, 40,000 m diamond drill program to outline a mineral resource compliant to NI 43-101. The drill program will commence in January with three rigs and will be supervised by Queenston's Chief Geologist and qualified person Wayne R. Benham, P. Geo., employing a QA/QC program consistent with National Instrument 43-101 and industry best practices.

Forward Looking Statements

Except for historical information this News Release may contain certain "forward looking statements". 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 expectations and projections.

Contact Information

  • Queenston Mining Inc.
    Charles E. Page, P. Geo.
    President and CEO
    (416) 364-0001 (ext. 224)
    Queenston Mining Inc.
    Hugh D. Harbinson
    (416) 364-0001 (ext. 225)
    Email: Info@queenston.ca
    Website: www.queenston.ca