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Press release from Marketwire

Queenston Closes $25,000,000 Financing

Tuesday, September 27, 2011

Queenston Closes $25,000,000 Financing12:25 EDT Tuesday, September 27, 2011TORONTO, ONTARIO--(Marketwire - Sept. 27, 2011) -QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI) ("the Company" or "Queenston") is pleased to announce that it has completed its previously announced private placement financing of 3,333,333 flow-through common shares at a price of $7.50 per share for aggregate gross proceeds of approximately $25 million, which included the exercise in full of the over-allotment option. Primary Capital Inc. acted as the agent in connection with the financing and was paid a cash commission equal to 6% of the gross proceeds. Dundee Securities Ltd., Stifel Nicolaus Canada Inc., Stonecap Securities Inc. and Cormark Securities Inc. were members of the selling group.The Company now has cash of approximately $90 million. The proceeds from the financing will be used to continue exploration on its primary gold assets located in the Kirkland Lake gold camp, Ontario. Queenston is a Canadian mineral exploration and development company with a primary focus on its holdings in the historic Kirkland Lake gold camp that comprises 230 km². Late in 2010 the Company entered into a strategic alliance with Agnico-Eagle Mines Limited with the objective of advancing its key, 100% owned gold projects (Upper Beaver, Upper Canada, McBean, Anoki and Bidgood) at the Kirkland East project towards feasibility and ultimately production. The Company is completing a fiscal 2011 exploration budget of $25 million and intends to maintain this level of expenditure in 2012.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: Charles E. Page, P. Geo.Queenston Mining Inc.President and CEO(416) 364-0001 (ext. 224)ORHugh D. HarbinsonQueenston Mining Inc.Chairman(416) 364-0001 (ext. 225)ORAndreas CurkovicQueenston Mining Inc.Investor Relations(416) 577-9927ORAnn Gibbs-BainesQueenston Mining Inc.Investor Relations(416) 627-8872Info@queenston.cawww.queenston.ca