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Press release from Marketwire

Queenston Continues to Report Deep High-Grade Results at Upper Beaver

Friday, May 07, 2010

Queenston Continues to Report Deep High-Grade Results at Upper Beaver09:15 EDT Friday, May 07, 2010TORONTO, ONTARIO--(Marketwire - May 7, 2010) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("Queenston" or "the Company") announces a new series of holes from the deep drilling program on the 100% owned Upper Beaver property located in Kirkland Lake, Ontario. A total of 5 holes and wedges are reported with significant results summarized below and presented in Table 1. The new drill holes are outlined on the longitudinal section accompanying this news release which is also available on the Company's website ("Western Deep Area" - Drilling continues to fill gap between -800 m to -1200 m -- 4 new holes completed in the deeper western portion of the deposit all intersected the primary Porphyry Zones with high-grade gold intervals (core length) of 17.3 grams per tonne ("g/t") gold ("Au") over 10.5 meters ("m") (0.50 ounces per ton ("oz/ton") over 34.4 feet) including 122.9 g/t Au over 0.5 m (3.58 oz/ton over 1.6 feet) in hole UB10-161W2, 15.0 g/t Au with 1.1% Cu over 12.0 m (0.44 oz/ton over 39.4 feet) including 52.8 g/t Au with 3.7% Cu over 3.0 m (1.54 oz/ton over 9.8 feet) in hole UB10-148W5 and 9.8 g/t Au with 0.6% Cu over 17.6 m (0.29 oz/ton over 57.7 feet) including 35.4 g/t Au with 1.9% Cu over 4.0 m (1.03 oz/ton over 13.1 feet) in hole UB10-148W4. During the recent drilling campaign 9 holes have now intersected significant gold and copper mineralization between 900 m to 1200 m below surface in the western deep area of the deposit below the existing mineral resource. In this area the deposit continues to remain open to the west, east and to depth. "Eastern Deep Area" - Drilling extends mineralization to -1000m -- 1 new wedge hole has been completed from previous pilot hole UB08-139 in the deep eastern portion of the deposit. Hole UB10-139W3 intersected three intervals of mineralization assaying 10.3 g/t Au over 1.0 m (0.30 oz/ton over 3.3 feet), 23.5 g/t Au over 1.9 m (0.69 oz/ton over 6.2 feet) and 10.0 g/t Au with 0.5% Cu over 6.0 m (0.29 oz/ton over 19.7 feet). The last interval is interpreted to represent the Porphyry Zone that assayed 30.3 g/t Au with 1.0% Cu over 20.8 m (0.88 oz/ton over 68.2 feet) in pilot hole UB08-139 located 40 m to the west and 20 m up-dip. Wedge hole UB10-W3 has extended the deposit in the eastern deep area to a depth of 1000 m where the mineralization remains open. Charles Page, Queenston President and CEO, said, "We are extremely pleased with the positive results that are being encountered in the deep drilling program on the Upper Beaver property. The new holes continue to confirm both the high-grade and thick nature of the mineralization as well as displaying excellent geological continuity. The drilling has now effectively doubled the down-dip length of the deposit to approximately 1200 m below surface where it remains open both at depth and along strike. Upper Beaver is growing into a significant sized gold deposit that forms a cornerstone of the Company's goal in returning to producer status. Due to our consistent success at Upper Beaver, we will maintain three drills operating on the property for the balance of the year".The Upper Beaver deposit contains total indicated National Instrument ("NI") 43-101 mineral resources of 1,373,500 t grading 8.5 g/t Au (375,000 oz.) (9.7 g/t Au uncapped (427,900 oz.)) with 0.43% Cu and total inferred resources of 1,061,300 t grading 7.7 g/t Au (262,800 oz.) (8.5 g/t Au uncapped (291,300 oz.)) with 0.39% Cu. The mineral resource was completed by Watts, Griffis and McOuat Limited of Toronto under the supervision of independent qualified person Michael W. Kociumbas, P. Geo. The Porphyry Zone is the largest gold-copper component of the deposit containing 942,600 t grading 9.6 g/t Au (10.9 g/t uncapped) in the indicated category and 859,200 t grading 8.3 g/t Au (9.2 g/t uncapped) in the inferred category. Table 1 - Assay Results ---------------------------------------------------------------------------- Hole # From (m) To (m) Interval (m) Cu (%) Au (g/t) Zone ---------------------------------------------------------------------------- UB10-139W3 917.0 918.0 1.0 trace 10.3 North Contact Zone ---------------------------------------------------------------------------- 939.0 941.0 2.0 trace 3.7 North Contact Zone ---------------------------------------------------------------------------- 953.0 954.9 1.9 0.20 23.5 Porphyry ---------------------------------------------------------------------------- 1012.0 1018.0 6.0 0.52 10.0 Porphyry ---------------------------------------------------------------------------- including 1017.0 1018.0 1.0 1.41 20.4 Porphyry ---------------------------------------------------------------------------- UB10-148W4 1100.4 1101.0 0.6 0.40 10.7 North Contact Zone ---------------------------------------------------------------------------- 1114.0 1116.0 2.0 0.31 10.2 North Contact Zone ---------------------------------------------------------------------------- 1184.9 1202.5 17.6 0.61 9.8 Porphyry ---------------------------------------------------------------------------- including 1198.5 1202.5 4.0 1.94 35.4 Porphyry ---------------------------------------------------------------------------- UB10-148W5 1115.0 1116.5 1.5 1.10 14.5 North Contact Zone ---------------------------------------------------------------------------- 1210.0 1222.0 12.0 1.14 15.0 Porphyry ---------------------------------------------------------------------------- including 1217.2 1220.2 3.0 3.70 52.8 Porphyry ---------------------------------------------------------------------------- UB10-161 884.0 886.0 2.0 trace 12.1 North Contact Zone ---------------------------------------------------------------------------- 890.0 891.0 1.0 1.14 13.3 North Contact Zone ---------------------------------------------------------------------------- 945.0 946.0 1.0 3.33 1.1 New ---------------------------------------------------------------------------- 994.0 996.0 2.0 0.44 7.1 New ---------------------------------------------------------------------------- 1055.0 1061.0 6.0 0.27 1.6 Porphyry ---------------------------------------------------------------------------- including 1060.0 1061.0 1.0 0.56 3.84 Porphyry ---------------------------------------------------------------------------- 1090.7 1091.2 0.5 trace 1.99 Porphyry ---------------------------------------------------------------------------- UB10-161W2 1049.0 1059.5 10.5 pending 17.3 Porphyry ---------------------------------------------------------------------------- including 1059.0 1059.5 0.5 pending 122.9 Porphyry ---------------------------------------------------------------------------- 1065.2 1071.0 5.8 pending 4.1 Porphyry ---------------------------------------------------------------------------- NOTE: True widths are interpreted based on drill-hole intercepts and interpreted orientations of intersected lithologies and are estimated at 65-80% of the core length interval. Assays are uncut. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Holes UB10-139W1, UB10-139W2 and UB10-161W1 encountered difficulty and were abandoned prior to reaching target depths. Quality ControlThe design of the Queenston's drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Queenston's geological staff including qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. The Upper Beaver project is supervised by Queenston's Vice President Exploration, William McGuinty, P. Geo. A detailed review of Queenston's QA/QC procedures is filed in the 2009 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 other laboratories for check assaying.This news release was reviewed by Queenston's Vice President Exploration and QP, William McGuinty, P. Geo.About QueenstonQueenston controls a significant land package in the Kirkland Lake gold camp now containing 29 properties, totalling approximately 19,000 hectares. The Company's strategy is to return to producer status through the development of four 100% owned gold projects including the Upper Beaver, McBean, Anoki and Upper Canada. The Company is also 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 $45 million in cash and has a 2010 exploration budget of $16 million, employing up to 12 diamond drill rigs on 8 individual properties. Forward Looking StatementsExcept 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 FURTHER INFORMATION PLEASE CONTACT: 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