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Press release from Marketwire

Queenston Reports Drill Results from the L Zone and the Discovery of Two New Gold Zones at Upper Canada

Monday, November 14, 2011

Queenston Reports Drill Results from the L Zone and the Discovery of Two New Gold Zones at Upper Canada16:38 EST Monday, November 14, 2011TORONTO, ONTARIO--(Marketwire - Nov. 14, 2011) - QUEENSTON MINING INC. (TSX:QMI)(OTCQX:QMNMF)(FRANKFURT:QMI) ("Queenston or the Company") is pleased to announce results of 84 surface diamond drill holes (31,821 m) from the ongoing surface drilling program on the 100% owned Upper Canada property located in Gauthier Township, Kirkland Lake, Ontario. The drilling has expanded both the pit and underground resource potential and also resulted in the discovery of the Brock North and K Zones.HIGHLIGHTS:3.09 g/t Au over 12.5 m in UC11-301 "Upper L Zone"2.32 g/t Au over 34.2 m in UC11-352 "Upper L Zone"2.39 g/t Au over 14.6 m in UC11-327 "Upper L Zone"12.51 g/t Au over 4.6 m in UC11-317 "Upper L Zone"2.11 g/t Au over 23.8 m in UC11-252W1 "C Zone"1.92 g/t Au over 24.2 m in UC10-252 "C Zone"29.11 g/t Au over 3.7 m in UC11-357 "Northland Zone"5.67 g/t Au over 6.4 m in UC11-356 "Northland Zone"3.09 g/t Au over 7.8 m in UC11-348 "New Brock North Zone"3.57 g/t Au over 5.2 m in UC11-290 "New Brock North Zone"1.93 g/t Au over 7.2 m in UC11-347 "New Brock North Zone"16.61 g/t Au over 3.7 m in UC11-268 "New K Zone"11.97 g/t Au over 1.8 m in UC11-265 "New K Zone"10.10 g/t Au over 1.8 m in UC11-266 "New K Zone"1.40 g/t Au over 20.1 m in UC11-267 "New K Zone"The significant assay results from the recent phase of drilling are listed in Table 1 accompanying this news release.To view the complete list of assay results, please visit the following link: http://www.queenston.ca/primages/NR2011-25CTable.pdfTo view Figure 1, "Surface Plan of Gold Zones", please visit the following link: http://www.queenston.ca/primages/UC2011-25Plan.pdfCharles Page, President and CEO of Queenston said, "We are pleased to report that the new drilling at Upper Canada has begun to delineate the underground, bulk-mining potential of the Upper L Zone. The drilling also continues to expand the underground potential of the C Zone and the open-pit potential at the H, M, Q and Northland Zones. With the discovery of two new gold zones, Brock North and K, the footprint of gold mineralization at Upper Canada has now been expanded over an area measuring 1 kilometre by 2.6 kilometres. Four drills continue to operate at Upper Canada and next to Upper Beaver this project is the most advanced in our Kirkland Lake portfolio. Upper Canada has the potential to provide an important source of low to moderate grade, long-term feed to a centralized milling complex that will be anchored by the high-grade Upper Beaver project.ABOUT UPPER CANADAUpper Canada was an important past gold producer in the 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. The mine closed in 1972 due to the low gold price and there remains beyond the limits of the existing NI 43-101 mineral resource an historic measured and indicated resource of 774,000 t grading 7.7 g/t (approximately 192,000 ounces) in the deep Lower L Zone. 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 NI 43-101 and the resource has not been verified by a Qualified Person.The new drill holes announced in this News Release are not included in the initial mineral resource announced on the property on May 4, 2011, that included an in-pit indicated resource of 1,721,000 t grading 1.88 g/t (104,000 oz) and an in-pit inferred resource of 1,273,000 t grading 1.86 g/t (76,000 oz). The initial mineral resource also outlined an underground indicated resource of 238,000 t grading 4.25 g/t (33,000 oz) and an underground inferred resource of 3,622,000 t grading 4.78 g/t (557,000 oz). The mineral resource estimate was prepared in accordance with NI 43-101 by P&E Mining Consultants Inc. of Brampton, Ontario under direction of Qualified Person Eugene Puritch, P. Eng. For details of the mineral resource see Queenston news release dated May 4, 2011.UPPER L ZONEThe Upper L Zone was one of seven individual zones mined at Upper Canada from 1936 to 1972. Previous gold production from the Upper L Zone amounted to 439,000 oz from 1.3 million tonnes grading 11 g/t. The material mined from the L Zone came from narrow 2-3 m wide, vertical discontinuous stopes from near surface to a depth of 500 m and along a length of 500 m. As part of building a mine model of Upper Canada it became evident that the historic production was focussed on a core of narrow high-grade mineralization within a 10 to 90 m wide envelope of lower grade material. This lower grade material left behind has been part of the focus of the drilling program at Upper Canada over the past two years that resulted in an initial surface, in-pit indicated mineral resource. The surface projection of the Upper L Zone formed part of this resource.The new drilling has targeted the Upper L Zone below the pit resource with the goal of outlining a mineral resource that may be amenable to underground bulk-mining. The holes were drilled over a strike length of 600 m intersecting significant mineralization from west to east. Hole UC11-301 intersected the eastern portion of the zone beginning at approximately 40 m below surface and averaged 0.61 g/t Au over 91.4 m including 3.09 g/t Au over 12.5 m. Hole UC11-327 intersected the western portion of the zone at approximately 70 m below surface assaying 2.39 g/t Au over 14.6 m. In the central portion of the zone hole UC11-352 intersected mineralization assaying 2.32 g/t Au over 34.2 m at approximately 100 m below surface. C ZONEFour new holes were completed in the C Zone that contains an initial, underground indicated mineral resource of 238,000 t grading 4.25 g/t (33,000 oz) and an underground inferred resource of 3,622,000 t grading 4.78 g/t (557,000 oz). Hole UC11-252 intersected this vertical dipping zone at approximately 600 m below surface assaying 1.92 g/t Au over 24.2 m including 12.63 g/t over 2.2 m. Higher in the hole, narrow high-grade mineralization was interested assaying 11.55 g/t Au over 0.9 m and 19.12 g/t Au over 0.9 m. In wedge hole UC11-252W1 confirmation of all three zones were established with intersections of 2.11 g/t Au over 23.8 m including 11.65 g/t Au over 2.8 m. The upper zones in this hole assayed 21.19 g/t Au over 1.0 m and 11.90 g/t Au over 0.9 m. This strong multi-zone target remains open to depth and to the west and appears to occur along a splay structure off the main Upper Canada Break. H, M & Q ZONESThe drilling on these eastern zones was completed outside the existing pit-resource boundary and was successful in expanding the mineralization. Hole UC11-323E interested the M Zone at approximately 250 m below surface assaying 1.72 g/t Au over 23.3 m including 6.63 g/t Au over 5.1 m. Hole UC11-298 targeted the Q Zone at approximately 200 m below surface intersecting 1.54 g/t Au over 21.2 m and a second deeper interval assaying 1.01 g/t Au over 7.3 m.NORTHLAND ZONENorthland was discovered earlier this year and is located approximately 900 m northwest of the historic mine. Included in the original discovery holes was a shallow interval assaying 0.55 g/t Au over 103.8 m (UC11-234). Follow-up drilling of the discovery continued to intersect significant mineralization including 2.15 g/t Au over 15.6 m (UC11-358), 0.97 g/t Au over 36.6 m (UC11-359) and 0.74 g/t Au over 42.0 m (UC11-265). The drilling at Northland has also intersected deeper high-grade mineralization assaying 29.11 g/t Au over 3.7 m (UC11-357) and 5.67 g/t Au over 6.4 m (UC11-356).BROCK EASTEast of the original Brock Zone the new drilling has continued to expand the mineralization to the east of the initial pit resource. Highlights from the drilling in this area includes 0.83 g/t Au over 9.4 m (UC11-294) and 0.57 g/t Au over 15.7 m (UC11-324).BROCK NORTHDrilling has confirmed the discovery of a new, shallow gold mineralization located approximately 640 m north of the main Upper Canada #1 production shaft. Previously this area had undergone only minor exploration, including trenching dating back to the 1930's, during this past summer a surface stripping program revealed alteration pipes with quartz-stringer vein zones in what is referred to as the Brock North Zone. Assay results from channel sampling of the mineralized exposure returned a weighted average of 5.54 g/t Au across 2.4 m over a strike length of 24.3 m. Drilling beneath the exposure has intersected significant mineralization including 3.09 g/t Au over 7.8 m (UC11-348), 2.12 g/t Au over 9.0 m (UC11-289), 3.57 g/t Au over 5.2 m (UC11-290), 1.93 g/t Au over 7.2 m (UC11-347), 2.01 g/t Au over 7.1 m (UC11-349) and 1.43 g/t Au over 15.2 m (UC11-300). The Brock North Zone remains open to depth and to the west. K ZONEDrilling in the western portion of the property has discovered an intense zone of albitite that is similar to the alteration associated to the primary mineralization at the Upper Canada mine located approximately 2 km to the east. The first holes from the K Zone drilling intersected high-grade mineralization between 300 – 700 m below surface and include 16.61 g/t Au over 3.7 m (UC11-268), 11.97 g/t Au over 1.8 m (UC11-265) and 10.10 g/t Au over 1.8 m (UC11-266). The zone remains open to depth, to the west and east. Table 1. Significant Assay Results from Upper Canada Drilling ProgramHole #Section (ft)From (m)To (m)Interval (m)Au (g/t)ZoneUC11-23869+00W220.7245.424.70.67NorthlandUC11-25255+00W11.912.80.911.55C477.6478.50.919.12596.8606.810.00.85802.4826.624.21.92including802.4804.62.212.63900.6901.50.910.34UC11-252W155+00W480.6481.61.021.19C497.7498.60.911.90598.0612.614.61.70791.5815.323.82.11including811.6814.42.811.65UC11-25355+00W1,007.61,015.88.22.40C1,007.61,009.41.85.651,029.61,034.14.51.44UC11-26570+00W29.671.642.00.74Northland151.2169.518.30.49602.9606.53.62.69801.3803.11.811.97K854.3860.76.41.24905.5919.213.70.51UC11-26672+00W174.0181.37.30.77Northland190.5196.96.40.57205.1216.111.00.50228.9237.18.20.57588.5617.829.30.64K775.1780.55.40.69845.5857.411.91.17871.1872.91.810.10UC11-26775+00W48.256.48.21.46Northland75.676.50.97.38116.7127.711.00.40185.3188.12.84.47560.2580.320.11.40K771.4793.321.90.47UC11-26875+00W301.4305.13.716.61KUC11-2892+00W12.921.99.02.12Brock Northincluding12.914.61.73.47and21.021.90.95.49UC11-2902+00W64.069.25.23.57Brock Northincluding68.169.21.110.0192.196.64.51.56including92.192.70.67.04UC11-2942+00W171.9181.39.40.83Brock East242.3246.94.62.19H,M&Q265.5269.64.14.84H,M&QUC11-2962+00W210.3225.815.51.03H,M+Qincluding225.0225.80.86.92257.2297.540.30.42324.6325.50.94.63UC11-2972+00W87.288.10.93.89Brock East149.6193.844.20.50H,M+Q235.6241.45.80.78UC11-2982+00E278.3299.521.21.54H,M+Q400.8408.17.31.01UC11-3002+00E401.8417.115.21.43Brock NorthUC11-30127+00W37.8129.291.40.61Upper Lincluding50.362.812.53.09Upper Lincluding50.351.81.512.98Upper LUC11-30328+00W91.7116.124.41.81Upper Lincluding107.0116.19.14.22Upper Lincluding107.0108.81.814.10257.2274.917.70.38UC11-30529+00W69.377.58.22.38Upper LUC11-30629+00W185.0294.4109.40.74Upper Lincluding185.0241.156.11.17Upper Lincluding198.7201.52.88.36UC11-312E34+00W214.2243.329.11.05Upper L314.3340.526.21.90UC11-31542+00W80.5101.521.02.02Upper Lincluding97.298.10.918.40Upper L150.9153.62.76.03including151.8152.70.916.41177.4178.30.919.57UC11-31742+00W83.287.84.612.51Upper Lincluding83.285.01.828.95Upper LUC11-32042+00W57.662.54.90.91109.9121.311.40.65175.8199.223.41.38Upper L231.6232.50.96.04UC11-3233+00W63.764.60.93.87Brock EastUC11-323E3+00W310.9312.11.24.59H,M+Q316.8340.123.31.72including316.8321.95.16.62UC11-3243+00W172.0187.715.70.57Brock East207.0235.928.90.55HM+Q392.9423.630.70.45UC11-32744+00W51.558.26.70.56Upper L76.979.22.32.0786.6101.214.62.39UC11-3483+00W68.376.17.83.09Brock North83.787.23.51.62UC11-3473+00W172.8180.07.21.93Brock NorthUC11-3493+00W28.035.17.12.01Brock NorthUC11-35139+00W89.3105.916.60.72Upper L301.7329.727.90.96including324.6329.75.12.07UC11-35239+00w123.4157.634.22.32Upper Lincluding123.4128.34.912.33UC11-35339-00W234.4258.223.81.86Upper Lincluding236.2243.57.34.78UC11-35439+00W82.0104.222.21.42Upper Lincluding82.091.49.42.49133.5138.14.61.03318.2328.09.81.03328.0330.62.6VoidStope330.6341.510.91.80UC11-354A39+00W82.091.19.10.94Upper L109.4114.04.63.85292.0295.03.0VoidStope295.0313.618.62.18including298.1299.00.911.46UC11-35539+00W93.3107.914.61.28385.2390.04.81.95390.0393.23.2VoidStope393.2420.627.41.58including403.2420.617.42.22including416.0417.91.917.25UC11-35662+00W174.9199.724.70.49Northland408.1414.56.45.67including408.1409.00.918.91UC11-35762+00W4.012.28.20.78Northland104.5106.41.83.99189.6190.50.93.79213.3225.211.90.78267.3271.03.729.11UC11-35862+00W28.644.215.62.15Northlandincluding41.542.40.916.75788.8790.61.85.19KUC11-35964+00W3.96.42.51.12Northland63.199.736.60.97Notes: A complete list of the assay results for this phase of drilling is available on the Company's website at www.queenston.ca. The mineralized intervals reported in this news release represent core length. Assay results for drill holes up to UC10-198 and infill to those reported in this news release were reported in previous news releases dated October 1, 2009, February 16, 2010, May 10, 2010, September 7, 2010, November 30, 2010, March 10, 2011 and June 7, 2011.DRILLING PROGRAMDrilling continues for the balance of this year and through 2012 with four rigs. One drill will continue to determine the continuity as well as the lateral and vertical extent of the C Zone. New assay results as well as historical data will continue to be integrated into the mine model to aid in updating the resource of the deep zones. The second drill will continue to target deeper portions of the Upper L Zone to determine the potential in developing an underground mineral resource that is amenable to bulk-mining. The third rig will continue to target the Brock North, H,M & Q Zones and the fourth rig will remain on the western portion of the property at the Northland and new K Zone. In 2012 the Company has an initial $5.5 million drilling budget planned for the Upper Canada property. 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 Canada project is supervised by Queenston's Senior Geologist, Frank Ploeger, and P.Geo. A detailed review of Queenston's QA/QC procedures is filed in the 2010 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 Senior Geologist and QP, Frank Ploeger, P.Geo.ABOUT QUEENSTONQueenston is a Canadian mineral exploration and development company with a primary focus on its holdings in the historic Kirkland Lake gold camp comprising 235 km² of prime exploration lands. The Company's assets include 6, 100% owned gold deposits that are various stages of exploration and development. The objective of the Company is to advance the flagship Upper Beaver project, towards feasibility and production. The project is currently being permitted for advanced exploration leading to new shaft development beginning in 2012. The Company is also very active in exploring and advancing five other 100% owned deposit that will provide additional feed for a central milling facility. The Company has cash and short-term investments of approximately $86 million, no debt and a fiscal 2012 exploration budget of $25 million.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