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Press release from Marketwire

Queenston Reports More Results From Upper Canada

Monday, May 10, 2010

Queenston Reports More Results From Upper Canada10:22 EDT Monday, May 10, 2010TORONTO, ONTARIO--(Marketwire - May 10, 2010) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("the Company") is pleased to announce new results from the diamond drilling program in progress at the 100% owned Upper Canada property located in Gauthier Township, Kirkland Lake, Ontario.An additional 20 drill holes have been completed targeting the wide alteration zone that envelopes the past producing Upper Canada mine. As previously reported in news releases dated October 1, 2009 and February 16, 2010, drilling at Upper Canada has identified the potential for a bulk tonnage resource where significant widths of gold mineralization have been intersected above and within the old mine workings. In total, 56 holes have now been completed and a third drill rig has been added to the project. Significant assay results of the drilling are presented in Table 1 and the location of the holes is outlined on the plan accompanying this news release which is also available on the Company's website (www.queenston.ca).Highlights include: - 2.62g/t Au over 33.0 m in hole UC10-36 (South Branch Zone) - 2.11 g/t Au over 75.6 m in hole UC10-50 (Deep C Zone) - 1.63 g/t Au over 40.2 m in hole UC10-49 (Deep C Zone) - 11.01 g/t Au over 10.3 m in hole UC10-49 (Deep C Zone) - 1.54 g/t Au over 27.1 m in hole UC10-55 (South Branch Zone) - 1.28 g/t Au over 24.4 m in hole UC10-39 (South Branch Zone) - 1.00 g/t Au over 17.1 m in hole UC10-46 (South Branch Zone) - 0.61 g/t Au over 68.6 m in hole UC10-40 (South Branch Zone) Charles E. Page, President and CEO of Queenston said, "We continue to be impressed with the drill results on the Upper Canada property. The recent phase of drilling has not only begun to enhance continuity of the shallow mineralization along the South Branch Zone but has also been successful in returning significant mineralization from the deeper C Zone. As a result of the new drilling the potential for bulk-tonnage material has now been extended to over a strike length of 1.8 km. In order to capitalize on our success, we are accelerating the program by adding a third drill to Upper Canada and increasing the budget to $4 million. The 100% owned Upper Canada and Upper Beaver projects hold the highest potential in providing significant new resources to achieve our goal towards production. With a strong treasury we are aggressively exploring on 8 separate properties in the Kirkland Lake camp with 12 drills".The Upper Canada mine was an important past gold producer in the Kirkland Lake camp from 1936 to 1972. During that period the mine produced 1.5 million ounces of gold at an average grade of 11 g/t from narrow, steeply dipping 2 m wide veins. Past production from the mine was entirely hosted in the South Branch of the Upper Canada Break and serviced by the #1 and #2 shafts developed to 1,930 m and 884 m respectively. The mine closed in 1972 due to the low gold price and there remains an historic measured and indicated resource of 1,899,973 t grading 6.9 g/t (approximately 422,000 ounces). The historic mineral resources at Upper Canada were reviewed by Roscoe Postle and Associates in a report prepared for the Company in 1995 and should not be relied upon as the report is not compliant to National Instrument 43-101 and the resource has not been verified by a Qualified Person.A total of 14 new holes were completed on the South Branch Zone between surface and a vertical depth of 200 m. Four holes UC-36, -39, -40 and -41 were drilled on the eastern portion of the zone. Holes UC10-39 and -40 successfully expanded the mineralization a further 120 m to the east to section 7+00E with intersections of 1.28 g/t Au over 24.4 m and 0.61 g/t Au over 68.6 m respectively. Hole UC10-41 was drilled approximately 100 m east of section 7+00E and intersected no significant mineralization. Hole UC10-36 was drilled on section 3+00E intersecting 2.62 g/t Au over 33.0 m including a high-grade interval of 42.18 g/t Au over 1.8 m. This hole tested the up-dip projection of mineralization intersected in previous holes UC09-33 (0.91 g/t over 32.9 m), UC09-34 (1.93 g/t over 32.0 m) and UC09-35 (0.42 g/t over 31.9 m). The remaining 10 holes were completed further west along the South Branch between sections 9+50W and 17+00W. All intersected mineralization with the most significant results in holes UC10-55 (1.54 g/t Au over 27.1 m), UC10-46 (1.00 g/t Au over 17.1 m), UC10-48 (0.74 g/t Au over 16.2 m) and UC10-52 (0.44 g/t Au over 62.7 m).Upper Canada Property - New Assay Result ---------------------------------------------------------------------------- Hole # Section (ft) From (m) To (m) Interval (m) Au (g/t) Zone ---------------------------------------------------------------------------- UC10-36 3+00E 10.9 43.9 33.0 2.62 South Branch ---------------------------------------------------------------------------- including 12.8 14.6 1.8 42.18 South Branch ---------------------------------------------------------------------------- 128.6 131.3 2.7 7.00 South Branch ---------------------------------------------------------------------------- 523.0 534.9 11.9 0.60 South Branch ---------------------------------------------------------------------------- UC10-37 50+00W 518.5 537.1 18.6 1.15 C Zone ---------------------------------------------------------------------------- 550.8 567.3 16.5 0.80 C Zone ---------------------------------------------------------------------------- 573.6 582.7 9.1 0.73 C Zone ---------------------------------------------------------------------------- 593.8 603.9 10.1 0.90 C Zone ---------------------------------------------------------------------------- UC10-38 50+00W 530.0 539.1 9.1 0.94 C Zone ---------------------------------------------------------------------------- 705.6 716.6 11.0 1.09 C Zone ---------------------------------------------------------------------------- UC10-39 7+00E 59.1 63.7 4.6 0.80 South Branch ---------------------------------------------------------------------------- 135.3 159.7 24.4 1.28 South Branch ---------------------------------------------------------------------------- 103.6 138.7 35.1 0.56 South Branch ---------------------------------------------------------------------------- UC10-40 7+00E 7.9 11.6 3.7 1.05 South Branch ---------------------------------------------------------------------------- 83.5 152.1 68.6 0.61 South Branch ---------------------------------------------------------------------------- including 83.5 93.0 9.5 0.85 South Branch ---------------------------------------------------------------------------- and 122.2 123.1 0.9 9.19 South Branch ---------------------------------------------------------------------------- and 132.7 134.7 2.0 2.75 South Branch ---------------------------------------------------------------------------- 150.3 152.1 1.8 4.15 South Branch ---------------------------------------------------------------------------- UC10-42 53+00W 369.1 386.5 17.4 0.66 C Zone ---------------------------------------------------------------------------- UC10-43 53+00W 353.3 360.0 6.7 0.92 C Zone ---------------------------------------------------------------------------- 382.3 390.9 8.6 1.02 C Zone ---------------------------------------------------------------------------- 551.7 556.3 4.6 3.44 C Zone ---------------------------------------------------------------------------- UC10-44 11+00W 65.5 73.7 8.2 0.94 South Branch ---------------------------------------------------------------------------- 84.7 87.8 3.1 0.98 South Branch ---------------------------------------------------------------------------- 106.0 110.0 4.0 1.03 South Branch ---------------------------------------------------------------------------- UC10-46 11+00W 26.5 43.6 17.1 1.00 South Branch ---------------------------------------------------------------------------- 240.5 242.3 1.8 5.70 South Branch ---------------------------------------------------------------------------- UC10-47 13+00W 52.7 56.4 3.7 0.56 South Branch ---------------------------------------------------------------------------- 99.1 100.0 0.9 1.68 South Branch ---------------------------------------------------------------------------- 109.1 110.0 0.9 1.35 South Branch ---------------------------------------------------------------------------- 140.8 142.6 1.8 3.19 South Branch ---------------------------------------------------------------------------- UC10-48 13+00W 45.0 61.2 16.2 0.74 South Branch ---------------------------------------------------------------------------- 82.6 83.5 0.9 2.67 South Branch ---------------------------------------------------------------------------- UC10-49 50+00W 769.7 809.9 40.2 1.63 C Zone ---------------------------------------------------------------------------- 872.6 877.2 4.6 7.02 C Zone ---------------------------------------------------------------------------- 970.0 980.3 10.3 11.01 C Zone ---------------------------------------------------------------------------- 983.9 987.6 3.7 1.21 C Zone ---------------------------------------------------------------------------- UC10-50 50+00W 899.8 975.4 75.6 2.11 C Zone ---------------------------------------------------------------------------- including 901.6 906.2 4.6 6.49 C Zone ---------------------------------------------------------------------------- and 973.5 974.4 0.9 31.95 C Zone ---------------------------------------------------------------------------- UC10-51 9+50W 291.0 306.5 15.5 0.41 South Branch ---------------------------------------------------------------------------- 352.3 353.2 0.9 9.12 South Branch ---------------------------------------------------------------------------- UC10-52 9+50W 184.7 247.4 62.7 0.44 South Branch ---------------------------------------------------------------------------- including 184.7 188.7 4.0 1.07 South Branch ---------------------------------------------------------------------------- and 204.8 208.5 3.7 1.20 South Branch ---------------------------------------------------------------------------- and 240.8 244.5 3.7 3.08 South Branch ---------------------------------------------------------------------------- 282.5 284.3 1.8 1.93 South Branch ---------------------------------------------------------------------------- UC10-53 12+50W 27.1 28.1 1.0 1.23 South Branch ---------------------------------------------------------------------------- 113.6 114.3 0.7 3.99 South Branch ---------------------------------------------------------------------------- 125.3 130.2 4.9 0.65 South Branch ---------------------------------------------------------------------------- UC10-54 12+50W 64.0 64.9 0.9 1.88 South Branch ---------------------------------------------------------------------------- 130.1 140.0 9.9 1.29 South Branch ---------------------------------------------------------------------------- 146.3 150.0 3.7 1.04 South Branch ---------------------------------------------------------------------------- UC10-55 15+00W 13.7 40.8 27.1 1.54 South Branch ---------------------------------------------------------------------------- including 13.7 14.6 0.9 10.15 South Branch ---------------------------------------------------------------------------- and 36.3 37.2 0.9 17.80 South Branch ---------------------------------------------------------------------------- UC10-56 17+00W 46.0 72.2 26.2 0.58 South Branch ---------------------------------------------------------------------------- NOTE: The mineralized intervals reported in this news release represent core lengths only, to date the true width has not been determined. Drill hole UC10-41 contained no significant gold values. Drill hole UC10-45 has been completed and is awaiting final assay results. Six holes were completed between sections 50+00W and 53+00W targeting the C Zone, a deeper mineralized zone located on the South Branch approximately 450 west of the previous drilling. The best results were reported in deep holes UC10-49 and -50 where continuous mineralization assayed 1.63 g/t Au over 40.2 m and 2.11 g/t Au over 75.6 m respectively. Also in UC10-49 a separate high-grade interval containing visible gold assayed 11.01 g/t Au over 10.1 m. Hole UC10-37 intersected four zones of mineralization with a best interval assaying 1.15 g/t Au over 18.6 m and UC10-38 reported 1.09 g/t Au over 11.0 m. The mineralization intersected in holes UC10-49, -50, -37 and -38 occurs between 500 and 700 m below surface and would be only amenable to underground mining methods. The shallowest holes completed on the C Zone, UC10-42 and -43 intersected mineralization at approximately 300 m below surface returning best values of 0.66 g/t over 17.4 m and 3.44 g/t over 4.6 m. Above 300 m towards surface the C Zone has not been tested during the current drilling campaign and holds potential for near surface mineralization. The mineralization consists of disseminated gold-pyrite in albite-sericite-quartz altered sedimentary, volcanic and intrusive rocks. Narrower, higher grade mineralization is hosted in silicified zones within volcanic and sedimentary rocks. The C Zone was previously mined and contains an underground historic mineral resource of 720,500 t grading 7.4 g/t (170,700 oz). The historic resource at the C Zone was reviewed by Roscoe Postle and Associates in a report prepared for the Company in 1995 and should not be relied upon as the report is not compliant to NI 43-101 and the resource has not been verified by a Qualified Person.Frank Ploeger, P. Geo. and Queenston's senior geologist supervised the Upper Canada drilling program employing a QA/QC program consistent with NI 43-101 and industry best practices. The drill core is logged and split by diamond saw 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 submit standards and blanks every 25 samples. Approximately 5% of sample rejects and/or pulps are sent to a second lab for check assaying on a routine basis.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 13 diamond drill rigs on 8 properties.This news release was reviewed by Queenston's VP Exploration and qualified person William McGuinty, P. Geo.Queenston's Cautionary Note Regarding NI 43-101 and 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 www.sedar.com.FOR 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 Info@queenston.ca www.queenston.ca