Queenston Mining Inc.

Queenston Mining Inc.

November 22, 2006 11:09 ET

Queenston Reports Results of Exploration Drilling on the Sierra Almoloya Project, Mexico

TORONTO, ONTARIO--(CCNMatthews - Nov. 22, 2006) - Queenston Mining Inc. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) reports results of the 2006 exploration program on the Sierra Almoloya property located near the historic mining community of Hildalgo de Parral, Chihuahua State, Mexico.

Sierra Almoloya is a large property (17,500 ha) covering an historic Ag-Pb-Zn-Au mining district containing in excess of fifty shafts, adits and exploration pits that exploited high-grade oxide chimneys and mantos using picks and shovels. Historic operations from the Cigarrero mine, commenced in the 1850's with exceptionally high-grade production totaling in excess of 1,250,000 tonnes averaging 600 g/t Ag, 40% Pb, 25% Zn, 1% Cu and variable Au. Prior to the 2006 program there was no previously reported exploration drilling on the prime target areas.

Seven diamond drill holes (3,008 m) were completed targeting two areas on the property. The highlight of the program was the intersection of a series of zones containing oxide mineralization in diamond drill hole C-06 collared 500 m west of the Cigarrero mine. This hole targeted the structure that hosts the Cigarrero orebodies and intersected a new, 6.4 m wide zone of mineralization assaying 9.8 g/t Ag, 0.23% Cu and 0.41% Zn including a 0.8 m sample that assayed 58.3 g/t Ag, 0.26 g/t Au, 1.55% Cu and 2.80% Zn. This zone was followed by an 80.8 m wide interval of intense alteration containing heavily oxidized material including a 47.1 m section that assayed 2.4 g/t silver.

Assay Results from Sierra Almoloya Drilling Program

Hole # Dip Az From To Interval Cu Zn Pb Silver Gold
(degrees) (degrees) (m) (m) (m) (%) (%) (%) (g/t)(g/t)
H-01 -45 180 640.3 641.3 1.0 - - - 0.1 2.21
663.8 666.2 2.4 - - - 5.0 -
678.4 680.2 1.8 - - - 5.7 -
H-02 -45 353 600.2 600.8 0.6 - 0.98 - 8.8 -
C-05 -45 216 243.0 249.5 6.5 - - - 5.8 -
C-06 -46 36.5 285.7 292.1 6.4 0.23 0.41 - 9.8 -
including 287.4 288.2 0.8 1.55 2.80 - 58.3 0.26
342.5 389.6 47.1 - - - 2.4 -
including 354.4 357.0 2.6 0.08 0.2 0.67 8.8 -
and 388.0 388.6 0.6 0.25 0.34 1.70 5.8 -
486.5 487.5 1.0 0.11 0.10 0.44 16.5 -
(Note: due the limited drilling to date the true width of the above core
intervals has not been determined)

Two holes, H-01 and H-02, tested a broad IP geophysical anomaly underlying altered and mineralized limestone/marble on the Herradura grid. In the upper portion of the holes, numerous intervals of silicified and mineralized marble returned anomalous values in lead, zinc and silver before encountering a 10-15 wide interval of carbonaceous (graphitic) limestone. This graphitic horizon is interpreted to represent the IP anomaly. Near the bottom of the holes, skarn-type alteration-mineralization was intersected assaying up to 2.21 g/t Au over 1.0 m and 5.0 g/t Ag over 2.4 m in H-01 with 8.8 g/t Ag and 0.98% Zn over 0.6 m in H-2. The skarn mineralization indicates the presence of a buried intrusion in this area of the property.

Three short holes, C-1, C-3 and C-4 tested an IP anomaly 200 m north of the Cigarrero mine. Each hole intersected 10 -20 m thick intervals of ankeritic breccia with minor mineralization that returned no significant assays. Hole C-05 tested two well defined magnetic anomalies near the Cigarrero mine. The hole intersected two mineralized intervals, 14 and 25 m thick, located between two diabase dykes. The best assay interval was 5.78 g/t Ag over 6.5 m including a 0.9 m sample returning 20.0 g/t Ag.

The drilling in the vicinity of the Cigarrero mine has intersected zones of intense alteration and oxidation that represent characteristics of CRD (carbonate replacement deposits) to which the central Mexican Silver Belt is world famous. The most significant mineralization encountered in hole C-06 is interpreted to represent a new zone which is hosted on the same regional structure that contains the Cigarrero orebodies. The Company's consultant has added the 2006 drilling to the exploration database and is preparing a report recommending further exploration on the Cigarrero and Herradura areas of the property.

The Sierra Almoloya drilling program was supervised by geological consultant and qualified person Brian V. Hall, P.Geo. The drill core was split and half was submitted for analyses to Inspectorate Precious Metal Inc., an independent and qualified assayer, located in Nevada, USA.

Queenston has the right to earn a 60% interest in the property from Western Copper through staged exploration expenditures of US$1.5 million over a four year period, with minimum expenditures of US$200,000 in the first year. The first year exploration commitment has been met. Queenston can earn an additional 15% interest by completing a feasibility study and making a production decision.

Queenston's core assets continue to be advanced gold projects in the Kirkland Lake and Cadillac gold camps located in northeastern Ontario and northwestern Quebec where the Company is advancing new gold discoveries at the Upper Beaver and Wood-Pandora projects respectively.

Statements contained in this news release that are not historic facts are forward-looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results.

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