Queenston Mining Inc.

Queenston Mining Inc.

February 18, 2011 15:06 ET

Queenston Extends Expiry Date of Warrants

TORONTO, ONTARIO--(Marketwire - Feb. 18, 2011) - Queenston Mining Inc., (TSX:QMI)(FRANKFURT:QMI) ("Queenston" or the "Company") announces the extension of the Expiry Date of the common share warrants (the "warrants") issued on September 23, 2009 and September 30, 2009 for a further 12 months, to March 23, 2012 and March 30, 2012. This extension is effective 10 days from the date of this release for arm's length warrant holders. Warrant holders who are not arm's length from the Company must have the extension approved by a majority of the disinterested shareholders of the Company and none of the non arm's length warrants can be exercised after the original expiry date of March 23, 2011 until the disinterested shareholders have approved the extension. A total of 2,428,572 warrants were issued as part of a unit in a $17M flow through financing in 2009 (see press releases dated September 23, 2009 and September 30, 2009); 2,128,572 warrants are held by arm's length holders and 300,000 warrants are held by non-arms length holders. At issue each warrant entitled the holder to purchase one common share of the Company for $7.50 for a period of 18 months. There is no public market for any of the warrants.

The extension of the Expiry Date for non-arm's length warrants subject to approval by a majority of the non-interested shareholders will be voted upon at the Company's Annual and Special General Meeting to be held May 5th, 2011, and is subject to regulatory approval.

About Queenston

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. The Company has working capital of over $80 million, no debt and a 2011 exploration budget of $25 million.

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)
    Andreas Curkovic
    Investor Relations
    (416) 577-9927
    Ann (Gibbs) Baines