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

Queenston Mining Inc.

August 13, 2007 09:00 ET

Queenston Reports on Exploration Activity

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2007) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI)(BERLIN:QMI) ("Queenston" or "the Company") provides an update of exploration activity on its various Canadian mineral property assets located in the Kirkland Lake gold camp (Ontario) the Cadillac gold camp (Quebec) and in the Chibougamau - Chapais area of Quebec.

KIRKLAND LAKE AREA, ONTARIO

Upper Beaver

Since the previous update on June 12, 2007 an additional 9 diamond drill holes (8,387 m) have been completed on the 100% owned Upper Beaver project where the Company is targeting a mineralized corridor containing a series of gold-copper zones below the past producing Upper Beaver mine. Since January, a total of 25 drill holes (23,713 m) has been completed as part of the 44,000 m, definition drilling program necessary to commence a NI 43-101 mineral resource later in the year. The drilling program includes both "infill holes" (drilled between existing holes) and "step-out holes" (drilled to extend known zones of mineralization).

Highlights from the recent "infill holes" include intersections of 9.9 g/t Au (0.29 oz/ton) with 0.3% Cu over a core length of 13.5 m (44.3 ft) in hole UB07-87w, 9.5 g/t Au (0.28 oz/ton) over 2.8 m (9.2 ft) in hole UB07-92 and 25.8 g/t Au (0.75 oz/ton) over 2.0 m (6.6 ft) in hole UB07-96. Significant results from the "step-out holes" include Porphyry Zone intersections of 7.4 g/t Au (0.22 oz/ton) over 10.5 m (34.4 ft) in hole UB07-91 and 4.2 g/t Au (0.12 oz/ton) with 0.6% Cu over 18.2 m (59.7 ft) in hole UB07-95 located in the central portion of the mineralized corridor, approximately 100 m below the limit of previous drilling at a vertical depth of 700 m. "Step-out" hole UB07-98 intersected the Lower Porphyry Zone 155 m west of UB07-95 assaying 11.6 g/t Au (0.34 oz/ton) with 1.0% Cu over a core length of 12.1 m (39.7 ft) at a vertical depth of 655 m some 45 m below and 40 m west of previous hole UB07-77 (14.5 g/t Au (0.42 oz/ton) with 0.4% Cu over 13.0 m (42.7 ft)).



Table of Upper Beaver Assay Results

---------------------------------------------------------------------------
Dip Az Inter-
(deg- (deg- From To val Estimated Cu Au Zone
Hole # rees) rees) (m) (m) (m) TW (m) (%) (g/t)
---------------------------------------------------------------------------
Upper
UB07-87w -64 140 605.9 619.4 13.5 10.6 0.3 9.9 Porphyry
---------------------------------------------------------------------------
Lower
732.8 733.3 0.5 0.4 0.6 12.9 Gauthier
---------------------------------------------------------------------------
Syenite
839.1 840.3 1.2 0.9 1.1 0.9 Breccia
---------------------------------------------------------------------------
North
UB07-91 -67 140 740.0 743.0 3.0 2.1 0.2 2.4 Contact
---------------------------------------------------------------------------
Upper
752.5 763.0 10.5 7.4 - 7.4 Porphyry
---------------------------------------------------------------------------
Upper
UB07-92 145 663.0 665.8 2.8 2.1 - 9.5 Porphyry
---------------------------------------------------------------------------
Syenite
1064.9 1065.9 1.0 0.8 - 4.8 Breccia
---------------------------------------------------------------------------
North
UB07-93 -65 137 490.4 535.4 45.0 35.5 0.3 1.9 Contact
---------------------------------------------------------------------------
North
including 490.4 501.3 10.9 8.6 0.3 1.8 Contact
---------------------------------------------------------------------------
North
and 507.1 522.6 15.5 12.2 0.3 2.3 Contact
---------------------------------------------------------------------------
North
and 527.6 535.4 7.8 6.1 0.6 3.6 Contact
---------------------------------------------------------------------------
North
553.9 570.3 16.4 12.9 - 1.3 Contact
---------------------------------------------------------------------------
Lower
UB07-94 -66 145 752.0 753.0 1.0 0.7 - 3.4 Gauthier
---------------------------------------------------------------------------
Porphyry
UB07-95 -67 135 760.3 778.5 18.2 12.0 0.6 4.2 Zones
---------------------------------------------------------------------------
Upper
including 760.3 762.0 1.7 1.1 - 13.6 Porphyry
---------------------------------------------------------------------------
Lower
and 769.0 778.5 9.5 6.2 1.0 5.0 Porphyry
---------------------------------------------------------------------------
Lower
including 776.9 778.5 1.9 1.2 2.2 17.6 Porphyry
---------------------------------------------------------------------------
UB07-96 -65 140 562.0 564.0 2.0 1.9 - 25.8 Syenite
---------------------------------------------------------------------------
583.2 585.4 2.2 2.1 0.7 1.9 Contact
---------------------------------------------------------------------------
Lower
762.9 766.9 5.0 4.7 - 2.6 Porphyry
---------------------------------------------------------------------------
Lower
UB07-97 -62 145 463.0 470.0 7.0 5.7 0.3 2.3 Porphyry
---------------------------------------------------------------------------
Lower
including 463.0 465.0 2.0 1.6 0.2 4.5 Porphyry
---------------------------------------------------------------------------
Lower
616.0 621.0 5.0 4.0 0.2 1.3 Gauthier
---------------------------------------------------------------------------
Contact
UB07-98 -67 140 624.2 663.1 38.9 27.5 0.1 0.7 Zones
---------------------------------------------------------------------------
Upper
705.0 709.0 4.0 2.8 0.2 2.0 Porphyry
---------------------------------------------------------------------------
Lower
720.0 732.1 12.1 8.6 1.0 11.6 Porphyry
---------------------------------------------------------------------------
Lower
including 724.1 730.1 6.0 4.2 1.6 19.9 Porphyry
---------------------------------------------------------------------------
Syenite
996.7 971.6 4.9 4.0 0.1 3.5 Breccia
---------------------------------------------------------------------------
Syenite
including 971.1 971.6 0.5 0.4 0.6 29.9 Breccia
---------------------------------------------------------------------------
NOTE: Holes UB07-87, -88 and -89 have been previously reported. Hole
UB07-90 intersected no significant assay values. In hole UB07-93 the
Porphyry Zone was dyked out.


The "infill holes" continue to intersect gold and copper mineralization consistent with previous results. The "step-out holes" have begun to extend the mineralized corridor to depth where it continues to remain open. To assist in the deeper exploration on the property, a Titan-24 geophysical survey will be completed later this month. This survey will guide deeper exploration drilling that will be initiated towards the end of the current program.

Wayne Benham, P. Geo. planned and supervised the Upper Beaver drilling program 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. Approximately 5% of sample rejects and/or pulps are sent to a second lab, Labratoire Expert Inc. of Rouyn-Noranda for check assaying.

South Claims Joint Venture

Queenston and joint venture partner Kirkland Lake Gold Inc. have commenced a program of underground exploration on the South Claims property adjacent to the Macassa gold mine property. The 50%-50% joint venture property covers the southern projection of the high-grade "New South Mine Complex" where Kirkland Lake gold has recently announced proven and probable reserves plus measured and indicated resources of 502,000 oz. of gold (698,000 tons grading 0.72 oz/ ton (24.7 g/t)) and inferred resources of 526,000 oz. (622,000 tons grading 0.85 oz/ton (29.1 g/t)). As part of the underground program a crosscut is being driven on the 5300' level of the Macassa mine south towards the South Claims boundary. This 650' long drift will reach the joint venture claims in the fourth quarter where diamond drill stations will be established to target the strike and dip projection of the new South Mine Complex.

On Queenston's 100% owned Amalgamated Kirkland (AK) property, located adjacent to and east of the South Claims, the Company is planning to target the New South Mine Complex (SMC) from surface with a deep diamond drill hole. This hole, to be collared in the north western portion of the AK property, will be the deepest exploration attempt from surface in the history of the Kirkland Lake camp. The hole will primarily target the South Zone component of the SMC which is interpreted to dip onto the AK property at a depth of approximately 1,800 m (6,000 ft). Approaching the target area, the hole will also be exploring the potential for shallower repetitions of the SMC on the AK property. This drilling is anticipated to be started in the fourth quarter.

CADILLAC AREA, QUEBEC

Wood-Pandora Joint Venture

Queenston and joint venture partner Globex Mining Enterprises Inc. report that eleven diamond drill holes have been completed on the Wood-Pandora joint venture property located in Cadillac township. Two deep holes were completed beneath the Ironwood Zone targeting the mineralization at 500 m below surface. Both holes failed to intersect the iron formation which serves as host for the gold deposit and it is interpreted that the absence of iron formation may be due to folding and/or faulting. As part of the program a shallow hole (W07-48) intersected the Ironwwod Zone from 23.9 to 26.0 m down-hole assaying 7.6 g/t Au over a length of 2.1 m.

Since 2006, 30 diamond drill holes have been completed on the Ironwood Zone outlining a gold deposit over a length of 75 m and to a depth of 250 m. Significant drill intersections from the deposit, as reported in previous news releases posted on the Company's web site include: 22.6 g/t Au over 22.9 m true width ("tw") (hole W06-22), 8.9 g/t Au over 19.1 m tw (hole W06-26), 10.5 g/t Au over 7.5 m TW (hole W06-27), 28.6 g/t Au over 7.1 m tw (hole W06-35) and 11.2 g/t Au over 5.4 m tw (hole W06-43). In the first step to determine an economic evaluation of the deposit, the joint venture will commission a NI 43-101 report. In addition to generating a mineral resource, this report will also provide a clearer understanding of the structural complexity of the Ironwood Zone at depth and assist in further exploration drilling.

Seven holes have also been completed on the Central Cadillac property, located west of the Ironwood Zone, testing geophysical and stratigraphic targets below the Central Cadillac mine. Four of the holes have been logged and assayed to date indicating several zones of alteration containing anomalous gold mineralization.

The Wood-Pandora drilling program was planned and supervised by Globex's Exploration Manager and qualified person Ray V. Zalnieriunas, P. Geo. employing a QA/QC program consistent with National Instrument 43-101 and industry best practices. The drill core will be logged and split with half-core samples analyzed employing the appropriate gold fire assaying techniques by Expert Laboratory Inc. of Rouyn-Noranda, Quebec.

CHIBOUGAMAU - CHAPAIS AREA, QUEBEC

Grizzly Property

A diamond drilling program is planned on the 68 claim Grizzly property located in Lamark and Guettard townships, 70 km west of the Chibougamau mining camp. The Company is earning 100% interest in the property, subject to a 2% net smelter returns royalty, by making staged cash payments totaling $150,000 and staged share payments totaling 112,000 shares of Queenston by September 30, 2009.

The property hosts a new gold showing where overburden stripping in 2006 uncovered a 4-5 m wide silicified feldspar porphyry dyke cutting an altered and mineralized gabbro with grab samples up to 2.2 g/t Au. A recent IP geophysical survey completed over a portion of the property has identified a series of anomalies coincident with the showing. Further prospecting and stripping in 2007 has discovered other mineralized showings on the property, returning grab samples assaying up to 10.5 g/t Au. The 1,000 m diamond drill program will test a variety of geophysical and geological targets later this month.

Phoenix Property

The Company has entered in to an agreement to earn a 100% interest in 36 claims located in the Chapais mining camp. The camp hosts the past producing Springer, Perry and Cooke mines from which collectively 24 million tonnes were mined from vein-type mineralization grading 2.2% Cu, 1.6 g/t Au and 12 g/t Ag. The claims form the Phoenix property and are located 2.5 km south of the past producing mines that were operated by Falconbridge Copper Ltd. and closed by Minnova Inc. in 1991.



Table of Phoenix Boulder Assay Results

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Boulder # Sample # Gold (g/t) Silver (g/t) Copper(%) Cobalt(%)
-----------------------------------------------------------------
1 18934 75.4 24.6 1.5 0.07
-----------------------------------------------------------------
1 18935 3.2 3.3 0.9 0.02
-----------------------------------------------------------------
2 18936 18.5 42.7 18.1 0.12
-----------------------------------------------------------------
2 18937 30.2 15.0 4.6 0.14
-----------------------------------------------------------------
3 18931 87.5 43.6 10.7 0.08
-----------------------------------------------------------------
3 18932 85.7 57.0 17.6 0.03
-----------------------------------------------------------------
3 18933 26.7 41.0 11.8 0.04
-----------------------------------------------------------------


The vendors of the property are the same prospectors that optioned the Grizzly property. To earn a 100% interest in the Phoenix property the Company must make staged cash and/or share payments amounting to $750,000 over a three period. The first payment on signing of the agreement was $50,000.

The primary attraction of the Phoenix property is the recent discovery, by the vendors, of three large (0.5 m x 0.75 m x 1.0 m), angular-shaped boulders buried in overburden containing high grade gold and copper mineralization within an oval area measuring 40 m across. Samples from the boulders were assayed by the Company at Swastika Laboratories of Swastika, Ontario and the arithmetic average of samples taken from the three boulders is 46.7 g/t Au, 32.5 g/t Ag, 9.3% Cu and 0.07% Co.

The boulders occur in a cluster approximately 100 m south of a 1 km long series of untested airborne anomalies identified in a government sponsored Mega-Tem survey flown in 2005. East and west along the anomaly trend previous exploration has encountered geology and mineralization consistent with a volcanic massive sulphide environment. Company geologists believe that due to the size, angularity, frequency and style of mineralization the boulders have not been transported from the old mines and assume that their source may be from within the Phoenix property. The first phase of exploration will include linecutting and ground geophysics to be followed with 500 m of diamond drilling.

About Queenston

Queenston has assembled significant land packages in proven mining camps and its strategy is to return to producer status. The first step of this procedure is in progress through the advancement of its primary gold assets in Kirkland Lake, Ontario (Upper Beaver, McBean, Anoki) and in Cadillac, Quebec (Ironwood) towards NI 43-101 resource status. Queenston also maintains a strong portfolio of both advanced and grassroots exploration projects including the joint venture with Kirkland Lake Gold Inc. in exploring the camp's newest gold discovery. The Company is well financed with working capital of $14.5 million to meet its expenditure plans.

This news release was reviewed by Queenston's Chief Geologist and qualified person Wayne Benham, 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)
    Email: Info@queenston.ca
    Website: www.queenston.ca