Queenston Mining Inc.

Queenston Mining Inc.

February 28, 2007 09:53 ET

Queenston Intersects Wide Intervals of High-Grade Gold at Upper Beaver

TORONTO, ONTARIO--(CCNMatthews - Feb. 28, 2007) - QUEENSTON MINING INC. (TSX:QMI)(BERLIN:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("Queenston" or "the Company") announces results of the most recent drilling completed on the 100% owned Upper Beaver property, located in Gauthier Township, Kirkland Lake, Ontario.

The first four holes of the resource definition diamond drilling program on the Upper Beaver property have intersected wide zones of mineralization containing visible gold in the Upper Porphyry and Syenite zones.

Highlights include:

- Upper Porphyry Zone: 15.9 g/t (0.46 oz/ton) Au over 17.5 m (57.4 ft)
in hole UB07-75
14.5 g/t (0.42 oz/ton) Au over 13.0 m (42.6 ft)
in hole UB07-77
- Syenite Zone: 15.2 g/t (0.44 oz/ton) Au over 6.3 m (20.7 ft)
in hole UB07-79

The current phase of drilling forms part of the 52-hole, 44,000 m program designed to further delineate multiple zones of gold-copper mineralization discovered in 2005-06. To the end of December 2006, a total of 74 drill holes were completed outlining eight gold-copper zones lying adjacent to and below the Upper Beaver mine that previously produced 130,000 oz. of gold intermittently from 1919-71. The current program is designed not only to confirm - expand the geological interpretation and continuity of the mineralization, but also to provide information to complete a mineral resource calculation compliant to NI 43-101.

Table of Upper Beaver Assay Results

Hole From To Interval Est. Cu Au Zone
# (m) (m) (m) TW (m) (%) (g/t)
UB07- 561.0 573.0 12.0 8.5 - 2.5 North Contact
569.0 573.0 4.0 2.8 - 4.1 North contact
589.0 606.5 17.5 12.4 0.2 15.9 Upper Porphyry
600.0 605.6 5.6 4.0 0.4 44.5 Upper Porphyry
637.0 640.0 3.0 2.1 0.9 0.5 Lower Porphyry
UB07- 461.9 464.9 3.0 2.1 1.0 2.1 North Contact
566.8 569.7 2.9 2.2 2.8 1.8 Upper Porphyry
601.5 604.0 2.5 1.9 3.2 4.8 Lower Porphyry
UB07- 665.0 678.0 13.0 9.2 0.4 14.5 Upper Porphyry
673.0 678.0 5.0 3.5 1.0 33.6 Upper Porphyry
716.0 718.0 2.0 1.4 0.2 2.0 Lower Porphyry
902.9 904.0 1.1 0.8 0.2 9.5 Syenite Breccia
UB07- 275.0 281.3 6.3 4.6 - 15.2 Syenite
276.0 278.8 2.8 2.0 - 32.3 Syenite

(NOTE: Hole UB07-78 has been completed and the mineralized intervals
are out for assaying.)

The recent drill results reinforce the Upper Porphyry Zone as being one of the most significant mineral systems on the property. Infill holes UB07-75, -76 and -77 all intersected quality mineralization in the Upper Porphyry Zone. In hole UB07-75, the zone assayed 15.9 g/t Au, 0.2% Cu over 17.5 m (including 44.5 g/t Au, 0.4% Cu over 5.6 m) approximately 50 m below previous hole UB06-46 (17.5 g/t Au, 0.4% Cu over 9.7 m). The zone in hole UB07-76 was copper rich and assayed 1.8 g/t Au, 2.8% Cu over 2.9 m approximately 25 m east of hole UB06-45 (6.3 g/t Au, 0.2% Cu over 1.5 m). Also in hole UB07-76, a copper rich Lower Porphyry zone was intersected assaying 4.8 g/t Au, 3.2% Cu over 2.5 m. Hole UB07-77 expanded the Upper Porphyry Zone to depth with an intersection assaying 14.5 g/t Au, 0.4% Cu over 13.0 m (including 33.6 g/t Au , 1.0% Cu over 5.0 m) approximately 35 m east of previous hole UB05-24 (8.7 g/t Au with 0.4% Cu over 6.7 m).

The Upper Porphyry Zone consists of a series of chalcopyrite and magnetite veins containing visible gold in altered and brecciated syenite porphyry located below and to the north of the Upper Beaver mine. Drilling to date has outlined the "mineralized corridor" that hosts the zone to be approximately 500 m long and extending below the old mine workings to vertical depth of -850 m where it continues to remain open. The location of the new drill holes are outlined on a "Surface Drill Plan" and "Longitudinal Section" that accompanies this release and is also available on the Company's website at www.queenston.ca

Hole UB07-79 was intended to intersect the Upper Porphyry Zone at -500 m below surface but experienced technical difficulties and was abandoned down-hole at 367 m. Although failing to reach its target, UB07-79 did intersect significant gold mineralization in the Syenite Zone assaying 15.2 g/t Au over 6.3 m (including 32.3 g/t Au over 2.8 m). The Syenite Zone has been periodically intersected in previous drilling (hole UB05-16 assayed 29.2 g/t Au over 4.8 m) and occurs in silicified, altered syenite above and north of the Upper Porphyry Zone.

The Upper Beaver drilling program is planned and supervised by Queenston's Chief Geologist and qualified person Wayne Benham, P. Geo. employing a QA/QC program consistent with National Instrument 43-101 and industry best practices. 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.

Two rigs continue the resource definition and expansion drilling program at Upper Beaver with a third to be added in March. This program forms part of the Company's strategy to return to producer status, by advancing its gold deposits in Gauthier Township towards NI 43-101 resource status. The Company believes the potential exists to establish a new, mine-milling complex with feed provided from four of its 100% owned deposits, all located in the eastern portion of the Kirkland Lake camp.

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