Queenston Mining Inc.

Queenston Mining Inc.

February 28, 2008 12:55 ET

Queenston Provides Update on Deep Kirkland Lake Drilling

TORONTO, ONTARIO--(Marketwire - Feb. 28, 2008) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("Queenston" or the "Company") reports on the deep drilling activity on the 100% owned Amalgamated Kirkland ("AK") property located in Teck Twp., Kirkland Lake, Ontario.

The first hole of the program has intersected 4 separate syenite-porphyry bodies containing anomalous gold values (up to 0.3 grams per tonne ("g/t") over 11.0 meters ("m")) down dip and some 500 m south of the new South Mine Complex ("SMC") recently announced in drill hole 50-901 (25.7 g/t over a core length of 15.0 m) on the Queenston - Kirkland Lake Gold Inc. ("KL Gold") joint venture South Claims property.

"The drilling has been successful in encountering gold mineralization deep into the AK property in geology similar to the South Mine Complex" commented Charles Page, President and CEO of Queenston. He added "We are encouraged with the results and have started the next phase of drilling that will begin to target the up-dip potential of the mineralization north towards the Macassa mine property."

In October, the Company commenced a surface hole (AK 07-01) to target the SMC that is estimated to dip onto the AK property at a vertical depth of 1,800 - 2,200 m. The SMC consists of 17 separate gold zones and is currently being developed and explored by Kirkland Lake Gold Inc. ("KL Gold") on the Macassa mine property to the northwest. The SMC is hosted in a series of syenite- porphyry bodies within volcanic and sedimentary rocks south of the Kirkland Lake Main Break. The South Zone is the most extensive zone occurring in a shallow southeast dipping altered syenite- porphyry containing fine pyrite, visible gold and telluride.

Recently, the Queenston and KL Gold JV announced the first phase, underground drilling results on the South Claims JV property located immediately west of the 100% owned AK property. The JV intersected high-grade gold mineralization in three of four holes within the South Zone of the SMC including 25.7 grams per tonne ("g/t") over a core length of 15.0 meters ("m") in hole 50-901, 151.5 g/t over a core length of 1.2 m in hole 53-908, 87.1 g/t over a core length of 6.6 m and 86.7 g/t over a core length of 5.1 m in hole 53-909 (see news release dated February 13, 2008). The South Zone intersection in hole 50-901 is estimated to be within 100 m of Queenston's AK property.

Hole AK07-01 was collared at a steep angle dipping north and began to deviate west at approximately 1000 m down hole. The hole was recently completed at a depth of 2314.0 m where the drill had reached its limit. The hole did not flatten as anticipated and as a result ended 600 m further south than planned.

The first 1700 m of the hole passed through sedimentary rocks before intersecting 4 separate syenite-porphyry bodies between 1703.9 m and 2314.0 m. The first altered syenite-porphyry at 1703.9 measured 27.5 m thick and contained zones of fine grained, disseminated pyrite assaying 0.3 g/t Au over a core length of 11.0 m including a 1.0 m section assaying 0.9 g/t Au. The second, 15.9 m wide, syenite-porphyry was intersected at 1890.5 m down the hole containing trace to 0.5% pyrite with no appreciable gold values. A third weakly mineralized syenite-porphyry was intersected at 2269.8 m measuring 13.2 m thick containing anomalous gold values including 0.12 g/t over a core length of 4.2 m. The fourth syenite-porphyry body was intersected at 2294.4 m and continued to the bottom of the hole at 2314.0 m. This 19.7 m thick section contained trace to 0.5% pyrite and negligible gold values. Based on core angles, the four syenite-porphyry bodies intersected in the hole appear flat lying similar to the attitude of the SMC.

A program of directional drilling is now in progress using hole AK 07-01 as a platform to drill two or three wedge cuts that will target the syenite-porphyry bodies up dip and to the north towards the SMC intersection in JV hole 50-901. This drilling will take approximately six weeks to complete.

Elsewhere in the camp, Queenston is completing the final two holes of the resource definition drilling program at the Upper Beaver property and continues the underground exploration-development program on the South Claims JV property with KL Gold. Upon closing the financing announced on February 26, 2008 the Company will have working capital of approximately $20 million to fund all its advanced exploration activity in the Kirkland Lake camp.

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

The disclosure in this news release has been reviewed, verified and compiled by its Chief Geologist, Wayne Benham, P. Geo. a "qualified person" for the purposes of NI 43-101.

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)
    Queenston Mining Inc.
    Hugh D. Harbinson
    (416) 364-0001 (ext. 225)
    Queenston Mining Inc.
    Andreas Curkovic
    Investor Relations
    (416) 577-9927
    Email: Info@queenston.ca
    Website: www.queenston.ca