Queenston Mining Inc.
TSX : QMI
FRANKFURT : QMI
BERLIN : QMI

Queenston Mining Inc.

May 28, 2009 11:41 ET

Queenston Intersects High-Grade at McBean

788.6 g/t (23 oz/ton) Au over 0.9 m (3.0 ft)

TORONTO, ONTARIO--(Marketwire - May 28, 2009) - Queenston Mining Inc. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI)(BERLIN:QMI) ("Queenston" or the "Company") is pleased to announce further results from the resource definition drill program at the 100% owned, past producing McBean deposit located in Gauthier Township, Kirkland Lake, Ontario. Previous results from the first and second phase programs were disclosed in news releases issued on November 6, 2008 and January 15, 2009. The program is planned to both upgrade the mineral resources at McBean to NI 43-101 standards and expand the deposit through deeper exploration drilling.

Highlights

Since the last report in January 2009, a total of 27 holes (12,208 m) has been completed increasing the total to 80 holes (38,315 m) from the start of the program in 2008. The drilling continues to encounter multiple gold zones within the shallow-plunging mineralized corridor that hosts the historic mineral resource at McBean including the following significant results.



- Hole MB09-124: 198.6 g/t (grams per tonne) Au (5.79 oz/ton) over 3.7 m
(12.0 ft)
including: 788.6 g/t Au (23.00 oz/ton) over 0.9 m
(3.0 ft)
- Hole MB09-101: 15.2 g/t Au (0.44 oz/ton) over 5.5 m (18.0 ft)
- Hole MB09-103: 14.3 g/t Au (0.42 oz/ton) over 4.1 m (13.5 ft)
- Hole MB09-119: 19.0 g/t Au (0.55 oz/ton) over 3.3 m (10.8 ft)
- Hole MB09-123: 13.7 g/t Au (0.40 oz/ton) over 2.4 m (7.9 ft)
- Hole MB09-115: 3.4 g/t Au (0.10 oz/ton) over 37.3 m (122.4 ft)


Charles Page, CEO and President of Queenston, said, "These results further support the potential for significant new discoveries in the prolific Kirkland Lake mining camp. We are pleased that the drilling results display both high-grade mineralization over widths and wide intervals of more moderate-grade material. The bonanza-grade intersection in hole MB09-124 (198.6 g/t Au over 3.7 m) represents the hightest grade mineralization reported from the McBean property to date in the area of the new C19 Zone that continues to remain open to depth. McBean is one of four gold deposits that Queenston is actively advancing in Gauthier Township with a goal to return to producer status".

Queenston and joint venture partner Inco Ltd. operated the McBean mine (1984-1987) producing approximately 50,000 ounces of gold from an open pit. Due to prevailing gold prices, the underground exploitation of the remainder of the deposit below the pit was postponed and in 1996 Queenston purchased Inco's interest in the mine. There remain at McBean historic resources of 835,000 t grading 5.1 g/t Au (measured and indicated) and 1,835,200 t grading 6.5 g/t (inferred). The historic resources should not be relied upon as they are not compliant to NI 43-101 and have not been verified by a Qualified Person ("QP").

The gold mineralization at McBean occurs within the deformation corridor of the Larder Lake Break hosted in both felsic intrusive (porphyry) locally termed "felsite" and green carbonate (altered ultramafic flows). Multiple, steeply south dipping mineralized zones have been identified to date within the felsic and green carbonate packages containing pyrite and visible gold. Located approximately 600 m west of McBean along the Larder Lake Break is the 100% owned Anoki gold deposit that hosts a NI 43-101 measured and indicated mineral resource of 522,300 t grading 5.7 g/t and an inferred resource of 141,800 t grading 6.2 g/t calculated by Hrayr Agnerian, P.Geo. of Roscoe Postle Associates Inc. in 2004. At Anoki, the mineralization occurs as lenses containing pyrite and gold in altered volcanic flow rocks. Combined, McBean and Anoki contain similar styles of mineralization, "Carbonate" and "Flow" that hosted 11 million ounces of gold at the Kerr Addison mine located along the same regional structure 18 km to the east.



Table of significant assay results from McBean drilling program

----------------------------------------------------------------------------
Hole # Section From To Interval Au Zone
(ft) (m) (m) (m) (g/t)
----------------------------------------------------------------------------
MB09-97 106+00 E 517.0 518.0 1.1 5.8 C19
----------------------------------------------------------------------------
560.2 563.1 2.9 5.2 C19
----------------------------------------------------------------------------
583.1 585.8 2.7 3.8 C19
----------------------------------------------------------------------------
MB09-98 101+50 E 272.5 282.2 9.7 1.1 B
----------------------------------------------------------------------------
307.2 310.6 3.4 3.5 B
----------------------------------------------------------------------------
MB09-99 100+00 E 263.0 266.7 3.7 2.1 B
----------------------------------------------------------------------------
274.0 275.6 1.6 17.5 B
----------------------------------------------------------------------------
MB09-100 109+00 E 623.0 627.7 4.7 2.6 C19
----------------------------------------------------------------------------
MB09-101 102+00 E 181.4 200.6 19.2 5.7 B
----------------------------------------------------------------------------
including 181.4 186.9 5.5 15.2 B
----------------------------------------------------------------------------
207.1 218.3 11.2 4.6 C19
----------------------------------------------------------------------------
including 215.9 218.3 2.4 9.2 C19
----------------------------------------------------------------------------
MB09-102 103+00 E 169.5 173.3 3.8 9.1 B
----------------------------------------------------------------------------
MB09-103 104+00 E 450.4 451.9 1.5 10.3 C2
----------------------------------------------------------------------------
475.7 479.8 4.1 14.3 C2
----------------------------------------------------------------------------
MB09-104 111+00 E 528.2 528.8 0.6 8.0 C19
----------------------------------------------------------------------------
MB09-105 99+00 E 245.7 247.4 1.7 1.9 B
----------------------------------------------------------------------------
MB09-106 99+00 E 174.3 177.7 3.4 7.1 B
----------------------------------------------------------------------------
MB09-108 100+00 E 174.7 179.1 4.4 2.4 A
----------------------------------------------------------------------------
189.3 202.7 13.4 2.2 B
----------------------------------------------------------------------------
218.2 221.6 3.4 5.1 B
----------------------------------------------------------------------------
MB09-109 167.6 169.0 1.4 4.5 A
----------------------------------------------------------------------------
203.5 205.8 2.3 3.9 B
----------------------------------------------------------------------------
MB09-110 111+00 E 672.1 684.9 12.8 4.5 C19
----------------------------------------------------------------------------
including 682.4 684.1 1.7 10.4 C19
----------------------------------------------------------------------------
MB09-111 98+00 E 150.9 157.3 6.4 5.4 B
----------------------------------------------------------------------------
153.0 157.3 4.3 7.0 B
----------------------------------------------------------------------------
MB09-112 98+00 E 171.8 175.2 3.4 8.3 B
----------------------------------------------------------------------------
MB09-113 97+00 E 122.7 128.3 5.6 2.2 B
----------------------------------------------------------------------------
MB09-115 101+00 E 163.1 165.0 1.9 6.0 A
----------------------------------------------------------------------------
187.7 225.0 37.3 3.4 A
----------------------------------------------------------------------------
including 195.4 198.8 3.4 6.0 A
----------------------------------------------------------------------------
and 209.7 211.5 1.8 8.9 A
----------------------------------------------------------------------------
and 223.0 225.0 2.0 9.5 A
----------------------------------------------------------------------------
MB09-116 101+00 E 182.3 183.8 1.5 4.6 B
----------------------------------------------------------------------------
MB09-117 96+00 E 91.4 96.6 5.2 1.8 B
----------------------------------------------------------------------------
MB09-118 96+00 E 100.1 102.8 2.7 1.9 A
----------------------------------------------------------------------------
MB09-119 108+00 E 556.0 582.2 26.2 3.8 C19
----------------------------------------------------------------------------
including 556.0 559.0 3.0 6.9 C19
----------------------------------------------------------------------------
and 568.8 572.1 3.3 19.0 C19
----------------------------------------------------------------------------
MB09-120 102+00 E 177.7 182.3 4.6 2.0 B
----------------------------------------------------------------------------
185.9 192.0 6.1 2.4 B
----------------------------------------------------------------------------
MB09-121 102+00 E 186.0 187.7 1.7 18.3 B
----------------------------------------------------------------------------
MB09-122 90+00 E 180.0 181.7 1.7 1.1 B
----------------------------------------------------------------------------
MB09-123 94+00 E 115.2 138.7 23.5 3.3 A
----------------------------------------------------------------------------
including 134.1 136.5 2.4 13.7 A
----------------------------------------------------------------------------
180.1 181.9 1.8 4.8 B
----------------------------------------------------------------------------
MB09-124 107+00E 577.4 579.7 2.3 5.5 A
----------------------------------------------------------------------------
615.3 617.5 2.2 2.5 C19
----------------------------------------------------------------------------
626.7 630.4 3.7 198.6 C19
----------------------------------------------------------------------------
including 626.7 627.6 0.9 788.6 C19
----------------------------------------------------------------------------
672.3 676.0 3.7 3.3 D
----------------------------------------------------------------------------

Note: The true width is estimated at 75% of the core length interval.


To date, the drilling has traced five zones in the mineralized corridor over a length of 650 m and to a vertical depth of 600 m. The zones remain open to the east, west and at depth. New holes MB09-110 (10.4 g/t over 1.7 m), MB09-119 (19.0 g/t over 3.3 m) and MB09-124 (198.6 g/t over 3.7 m) expand and add potential to the C-19 Zone where previous holes MB08-57 (7.5 g/t over 3.7 m), MB08-66 (10.2 g/t over 13.6 m), MB08-75 (6.8 g/t over 13.8 m), MB08-82 (4.0 g/t over 9.4 m), MB08-93 (10.1 g/t over 3.7 m) all intersected quality mineralization in the eastern and deepest portion of the deposit. The bonanza intersection in hole MB09-124 is located 35 m below MB09-66 (10.2 g/t over 13.6 m) and is one of the deepest holes in the C19 zone. New holes MB09-99 (17.5 g/t over 1.6 m), MB09-101 (15.5 g/t over 5.5 m), MB09-121 (18.3 g/t over 1.7 m) continued to intersect the B Zone in the central portion of the deposit. Drilling below the pit intersected the A Zone with significant values encountered in holes MB09-115 (3.4 g/t over 37.3 m), M09-102 (9.1 g/t over 3.8 m) MB09-123 (3.3 g/t over 23.5 m) MB09-111 (7.0 g/t over 4.3 m), MB09-112 (8.3 g/t over 3.4 m) and MB09-106 (7.1 g/t over 3.4 m).

Ten holes remain to be drilled at McBean to complete the resource drilling program. In the third quarter a NI 43-101 resource study will be initiated to be completed by September 30, 2009. Deeper exploration drilling will continue at McBean and at the adjacent Anoki property for the balance of the year targeting the mineralized corridor below 600 m.

The design of the McBean drilling program, Quality Assurance/Quality control and interpretation of results is under the control of Queenston's geological staff including many of which are qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Supervision of the program is by Queenston's Senior Geologist, Frank Ploeger, B.Sc., P.Geo. A detailed review of Queenston's QA/QC procedures is filed in the 2008 Annual Information Form on SEDAR. The drill core is logged and split with half-core samples shipped to Swastika Laboratories of Swastika, Ontario and analyzed employing the appropriate gold fire assaying technique. For QA/QC purposes the Company as well as the lab submits standards and blanks every 25 samples. Approximately 5% of sample rejects and/or pulps are sent to a second lab for check assaying.

About Queenston

Queenston has assembled significant land packages in proven Canadian mining camps and its strategy is to return to producer status. The first step is in progress through the advancement of its primary gold assets in Kirkland Lake, Ontario (Upper Beaver, McBean, Anoki and Upper Canada) and in Cadillac, Quebec (Ironwood) towards NI 43-101 resource status. In the western portion of the Kirkland Gold camp, Queenston is carrying out deep exploration targeting the new South Mine Complex with joint venture partner Kirkland Lake Gold Inc. on the South Claims property and on its 100% owned AK property. Queenston is well financed with working capital of $31 million and maintains interests in 21 contiguous properties in the Kirkland Lake camp totaling approximately 14,000 hectares in 900 mineral claims. The Company's exploration-development budget for 2009 is $10 million employing eight diamond drill rigs.

This news release was reviewed by Queenston's Vice President Exploration and QP, William McGuinty, P. Geo.

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. 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.
    Charles E. Page, P. Geo.
    President and CEO
    (416) 364-0001 (ext. 224)
    or
    Queenston Mining Inc.
    Hugh D. Harbinson
    Chairman
    (416) 364-0001 (ext. 225)
    or
    Queenston Mining Inc.
    Andreas Curkovic
    Investor Relations
    (416) 577-9927
    Info@queenston.ca
    www.queenston.ca